Nucky survived the shooting with only a hole in his hand to show for it, leaving Jimmy sputtering in all directions as to what to do next. While he’s hollering at Capone on the phone, Angela overhears the part about having Nucky shot, which leads her to retreat to the beach and to her oh-right-I-remember lesbianism with a scandalous bathing-suit-wearer.
After Eli gets a visit from the Feds, Pa Thompson has a heart attack and dies. Nucky and Eli have a tense interaction before the wake, but Nucky only allows himself to break down when he’s all alone.
Later, Nucky takes a meeting with Arnold Rothstein and Johnny Torrio, where he confirms their respective suspicions about Luciano, Lansky, and Capone. So how will these old dogs deal with their young pups? Rothstein advises biding their time. On this advice, Nucky decides to abdicate his position as treasurer — though not before telling Chalky to carry out that black-workers strike he’s been threatening.
With Jimmy officially in power, he decides to celebrate. Mickey Doyle invites Manny Horvitz along, which annoys Jimmy since Manny keeps bringing up the money Jimmy owes him, not to mention how he’s not shy about expressing his disapproval for daddy’s-boy Jimmy trying to off Nucky just for the victory of it. Jimmy expresses his defiance by tossing Mickey off a balcony down through a table below.