At the office, E.L. is inspecting some stolen watches a friend, Racetrack Richard Rollin, has brought in for him. While Racetrack talks about a crooked horse betting scheme he was involved in, E.L. picks the wristwatch he wants and bargains him down. While Racetrack wraps it and gives him a phony sales slip, E.L. nervously checks the time and looks out the window. Once Racetrack leaves, E.L. puts up a sign and tapes helium balloons to the floor. When Lionel returns from his karate class, he discovers that E.L. has thrown him a one-man birthday surprise party. E.L. gives him the wristwatch as a present. Lionel thinks that it's hot, but E.L. convinces him otherwise with the fake sales slip. ..Read the full recap
Lionel: And listen, you know, something else. About that watch.
E.L.: Yeah, about the watch...
Lionel: I knew it was hot.
E.L.: You did?
Lionel: You don't spell "Sachs" S-A-X. That's what it said on the sales slip.
Lionel: E.L., something is--is going on here. We don't know exactly what that is, but, uh, there's a rude equation. We're in the possession of some correlative facts.
E.L.: Facts? You want some facts? I'll give you facts. Fact: we're hot enough to fry eggs on. Fact: I'm about to get my parole violated. Fact: you're about to be arraigned for receiving stolen goods. Fact: we're wanted for murder. Fact: we''re wanted for evading arrest. Fact: we're wanted for grand theft ambulance!
Lionel: If there is any such charge, I think it's simply grand theft auto.
E.L.: I stand corrected.