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The titled 2,1-benzazaphosphole (1) (i. e. ArP, where Ar=2-(DippN=CH)C6 H4 , Dipp=2,6-iPr2 C6 H3 ) showed a spectacular reactivity behaving both as a reactive heterodiene in hetero-Diels-Alder (DA) reactions or as a hidden phosphinidene in the coordination toward selected transition metals (TMs). Thus, 1 reacts with electron-deficient alkynes RC≡CR (R=CO2 Me, C5 F4 N) giving 1-phospha-1,4-dihydro-iminonaphthalenes 2 and 3, that undergo hydrogen migration producing 1-phosphanaphthalenes 4 and 5. Compound 1 is also able to activate the C=