The Tinkerer’s is upgrading Killer Shrike’s armor. Spider-Man finds out.
He does some punching, but after Shrike takes his upgraded stuff without paying for it, Tinkerer turns on him and shuts it down. Shrike is captured, Tinkerer escapes.
This is also the first appearance of “Professor” Evan Swann. He was working at ESU, and let Tinkerer use his lab after the evil scientist learned that Swann had falsified his academic records. Turns out, Swann was brilliant but never went to school.