The episode begins with workers clearing up the wreckage after the explosion. Nucky's vision is blurry and he's got ringing in his ears from a concussion, according to the doctor checking him out. Nucky isn't taking his medication. His doctor tells him he needs bed rest. Nucky says to "call Eddie," but he means Eli. The doctor says a concussion can result in a "temporary lack of mental acuity". Margaret goes off to find Slater. Slater tells her it's Gyp Rosetti's doing. Slater explains that Nucky said no when Gyp wanted him to say yes. It's as simple as that, he claims. He starts to clarify, "When this is all sorted, you and I-" But Nucky walks in and interrupts.
Nucky says he has Impetigo, which isn't correct but he says that Dr. Surran "never gets anything right". Nucky wants to know what happened to the pony. Margaret explains they didn't buy one. Nucky is annoyed. He gets emotional, saying it's a shame that Emily won't get her pony. Margaret says that's not the primary concern right now. Nucky insists there should be a party. Margaret says it's already in the works and Nucky says they should "get started on that". He's clearly not understanding, what's going on. In Tabor Heights, the sheriff is reprimanding a local bootlegger for selling some booze on the side.
Everyone clears out when a caravan of cars carrying armed men shows up. Gyp emerges from one of them while Sheriff Ramsey runs to hide in his office and calls for Nucky. Gyp and four of his men kick through the sheriff's office door. Gyp gets a baton and the sheriff tries to remind Gyp that he's "flexible". "Not for much longer," Gyp says before beating the sheriff with the baton. Nucky tells the men to tell the press it was a gas leak that caused the explosion. Eli tells the men to have an inspector come out and certify the other gas lines on the boardwalk. Teddy walks into Nucky's office and says a man is on the phone.
It's "the gypsy," he says. It's Gyp. Gyp offers condolences from him and Joe Masseria. Slater asks if it was "him," and Nucky begins to throws things around all over the office. Eli holds him to stop him from doing any more damage and Nucky doesn't recognize Eli. Chalky tells Nucky he needs to get himself together. Nucky says Joe Masseria is backing Gyp Rosetti, "so I'll need to kill them both". Slater tells him Masseria "has an army," and Nucky says that's why they're going to need help. Gyp holds a big meeting. He's offering a monthly payment of $200 to each resident for all of them to keep doing what they do and keep quiet about Gyp and his associates' dealings.
Remus gets arrested for violation of the Volstead Act. Remus then, shouts “ Remus kept receipts" Esther Randolph emerges and asks, "What receipts?" "From Jess Smith," Remus says. "Daugherty's man" he adds "Then Randolph would be very interested in seeing them," Esther Randolph says. Eli's kids sit around a table in party hats for Emily's birthday. They're all waiting for Nucky, who finally shows up and and asks, "What's all this?" He says no one told him about the party, and Margaret reminds him that it was his idea. Nucky suddenly says, "No one got hurt, it was a gas leak!" Nucky tells Emily, "No matter what you hear, it was just an unfortunate" He doesn't finish the statement.
Nucky sees another flash of Billie's face and everything goes black. Margaret reports back to Slater that Nucky is resting. He suggests they could run off together, saying they're already thousands of miles from home, so "what's a few more?" Tommy walks through the halls of the brothel with a drawing in his hand. One of the girls asks if he's looking for his "pal," referring to Jospehine. She points him to the room where Josephine is "waiting" for him. He opens the door and sees Josephine having sex. She sees him and calls him "Chipmunk," as he runs away. Nucky wakes up and Margaret is sitting next to the bed. Eli walks in and tells Nucky they should have a discussion.
Nucky decides to take the meeting with Eli and Slater there, and he asks Margaret to stay, saying she belongs there with him. Slater tells Nucky "they've all confirmed for tonight except Torrio." Eli says it could "go either way," in terms of support for Nucky's proposal to kill Gyp and Masseria. Eli says that given Nucky's condition, it's not likely that they'll support him. Nucky insists that they'll all come and sit down, and "when the meeting's over, Joe Masseria will be a dead man. Gyp Rosetti won't have anyone to protect him," and he goes on to colorfully describe how he'll wear Gyp's "guts like a necktie". In the dark of night, men unload crates from boats on the shore. Gyp is watching it all unfold.
He explains the process to Masseria as they watch. He tells Gyp he created some problems for him with Nucky and Rothstein. Gyp says he got a tip they were both going to be in the same place and he had to move quickly, but Masseria says he didn't prepare properly. Masseria tells Gyp, "You problems are yours," and tells him to "see it through". Masseria tells Gyp that the men unloading the boats are loyal but unloading crates is all they're good for. He tells Gyp that he'll grow and learn and "maybe one day you make a good general". Nucky is getting ready for the big meeting and asks Eddie if he's ordered Rothstein's milk and cake, before noting that Rothstein eats like a child.
Nucky stands up to put his jacket on and suddenly runs to the toilet to vomit. Next to the toilet, Nucky finds the hummingbird earring that Billie was missing. He picks it up and sits down to stare at it. The men start to arrive at the Ritz for the meeting. Eddie brings Margaret back to Nucky's room, saying he was asking for her. Margaret walks in and feels Nucky's head. He's burning up. Margaret starts to prep Nucky. She asks if he can hear her, and he says yes. She tells him he knows who she is, and Nucky first says she's Margaret Schroeder. "Margaret Thompson," she says, correcting him. Nucky clarifies she's his wife. Then Margaret tells him he needs to get up attend to business.
Margaret escorts Nucky to the meeting and Slater tells him Torrio sends his regrets. Nucky is annoyed, but Slater reminds him the distance from Chicago makes it understandable. Nucky walks in and Slater closes the door behind, leaving Margaret outside in the hall but not before Margaret whispers to him that they'll leave "as soon as we're able". Nucky stands in front of the assembled group and tries to collect himself. He tells them he appreciates their attendance. He talks about the new and great opportunities coming in the future that he intends to share to all of their benefit. He struggles for a moment, but gets through his opening.
Frankie Yale points out that Nucky's "singing a different tune" than the last time they were all together. Waxey Gordon speaks up and says he has no beef with Rosetti and doesn't want to go looking for a fight. Peg-leg Lonergen says Nucky's beef with Rosetti is his own bad luck, and Nucky says, "Maybe next time it'll be yours, Mr. Lonergen, or Bill's or Frank's. And if you weren't already thinking that, you wouldn't have come here tonight". He says Masseria is backing Gyp Rosetti to steal what he's built and struggled for "on the steps of my own home. I'm going to fight him. I'm going to win. I need your help". Nucky says in exchange he'll be proud to call every one of them his partner.
There's silence. Rothstein finally breaks the silence, saying that "those present" accepted Nucky's invitation "out of respect for our past dealings and to show our genuine concern for your well being". Asked what that means by Nucky, Rothstein says, "It means everyone here wishes you all the luck in the world". Nucky asks if they aren't backing him, adding, "Is that what he persuaded you to do?" One voice says "it didn't take persuading". Rothstein goes on to say he warned Nucky, but he didn't listen. "Now look where we are," Rothstein adds. "What did you tell them?" Nucky asks Rothstein, but Meyer Lansky answers, "That business with you is more trouble than it's worth".
Nucky says he's letting emotions get in the way of sense, but Rothstein rhetorically asks, "Have you known that to be a habit of mine?" Rothstein leads all the men out of the room, saying there's no need to spend the night. As they walk out, Nucky says, "I won't forget this". As the sun rises on the Tabor Heights shore and men unload crates, Gyp Rosetti strides up to oversee the work. The episode ends at this point.