Penguin, Mr Freeze and Alfred's old school friend search for a rare umbrella that is the key to a valuable treasure.
Tropes for this episode include:
- Awesome, but Impractical: As Penguin points out, Mr. Freeze turning all the surrounding water to ice caused the loss of the treasure, building up pressure of outside water until it destroyed the ship. While certainly cooler than Penguin going with a diving suit, it stopped all three parties from obtaining even a scrap of treasure.
- Evil Former Friend: Downplayed with Ewan. He's kind of a jerk and wants the treasure for himself, but he's not exactly evil.
- Evil Versus Evil: Mr. Freeze and Penguin compete to get the long lost treasure from the British Royal Family.
- The Help Helping Themselves: Discussed. Alfred's friend Algy notes a silver serving platter in Wayne Manor and jokes about Alfred lining his pockets, implying that Bruce would be too rich to notice anything missing. Alfred immediately retorts that he would never steal anything from Bruce.
- No MacGuffin, No Winner: In the climax of the episode, the water that Freeze had kept at bay rushes back in, scattering the treasure across the depths of Gotham Harbor.
- Treasure Hunt Episode: A three-way race between Penguin, Mr. Freeze, and Alfred's old school friend Ewan, with Batman and Alfred caught in the middle.
