The police are looking for a fence named Alex Hacker who's been spotted coming in and out of The Sanford Arms. They use Fred and Lamont's home to stakeout the Arms. Meanwhile, Fred has a crush on a new lady tenant.
Fred suffers amnesia after being bludgeoned with Esther's silver-plated Bible. Having looked death in the face, Fred wants to get his affairs in order and so prepares his last will and testament and summons his friends for its reading.
Fred and Lamont need to raise $4,000 by Friday or lose the Sanford Arms. Fred plans to parlay his $500 savings into the needed amount by playing poker, betting on horses and letting it ride in Las Vegas.
Aspiring songwriter Fred invites B.B. King to dinner, but panics upon reading in the blues legend's biography that the singer has sworn to get even with the man who long ago stole his St. Louis sweetheart "E.W.", a woman matching Elizabeth's description.