Episode 27 of the original animated 60's series! It's almost entirely remade from episode 25, with the excuse that Spidey is having a "flashback"... Bakshi and gang must have had some budget and deadline issues.
This is just basically a redone version of Menace from the Bottom of the World which in essence was a little better than this Molemen episode. From what I understand about these Bakshi episodes is that they basically ran out of money and had to do the best they could with a limited budget and story lines. I still prefer the Bakshi episodes as crude as some of them are to the 1st season.