The [4 + 2]-photoadduct of naphthalene and 4-phenyl-4H-1,2,4-triazol-3,5-dione (PTAD) was subjected to a triplet-sensitized di-π-methane rearrangement. Hydrolysis of the resulting urazol 15 gave a stable semicarbazide 16 which by nickel-peroxide oxidation gave 1,2-diazabenzo[e]semibullvalene (10). At 40 °C, the latter decays in CHCl₃ solution to produce benzofulvene (2) as the principal product, accompanied by benzobenzvalene (1) and small amounts of naphthalene. This decay reaction is rationalized in terms of a 1,3-dipolar cycloreversion which is followed by denitrogenation to give indenyl carbene (19). The thermolysis of 1 in solution is believed to proceed via the same carbene. At present, these findings provide only a partial answer to the benzobenzvalene enigma (i.e., in solution at 150°, 1 gives 2, but in the gas-phase at 300°, 1 yields naphthalene). MeOH is shown to add readily to 10 in a homologous Michael addition.