Iris McKay arrives in town to discuss dissolving Dylan's trust fund with Jim. She's against the idea but Dylan and Jack lay the pressure on hard. Iris also takes time to meet with Brenda, who is depressed over losing both Dylan and Kelly. Meanwhile, David is offered a record deal with Icon Records, but the sleazy and debauched owner, Curtis Bray, will only give David a recording contract if he fires Steve. David decides to accept the deal, but Steve takes the news very badly and ends both his business and friendship with David. Elsewhere, Brandon is enjoying the high life, as he continues to place large bets.

In the wake of his father's death, Dylan grapples with his personal demons while trying to elude the reporters camping out on his lawn. Dylan eventually learns the shocking truth about his father and about his fiancee Christine. Kelly feels uncomfortable when Brenda invites Dylan to stay with the Walshes. David postpones a recording session at Icon Records to attend Jack McKay's funeral and arrives just in time to find Dylan about to take a drink. Meanwhile, Brandon's losing streak continues as his gambling addiction spirals out of control.