File this under "Things I'm Stunned to Learn".
It seems that back in the mid 80s Cannon Films (best known for schlock of the Ninja and Chuck Norris variety) had the rights to Spider-Man and were planning to make a feature film. They even had a partial cast set which explains this strange (and until now unexplained) cover for Amazing Spider-Man # 262. It seems Marvel thought his sucker was going to really get made. So much work went into this abandoned project that they spent over $2 million before they stopped. Some of the names involved are incredible and the mind boggles at the idea of what might have been. Follow this link for some fascinating info and an interview with potential director Albert Pyun.