The Penguin kidnaps Alfred Pennyworth after luring him to a phony fish store selling cut-rate caviar. Alfred is then brainwashed by the pudgy purveyor of perfidy in preparation for his plan to rob The Multimillionaires' Annual Award Dinner. Since Alfred is arranging the dinner, he's one of the few people with information on the dinner's secret location and which bathing beauty will be chosen to accept the award money for this year's honoured charity. Before he can be missed, Alf is returned home without the slightest idea of what has transpired, but Batman and Robin are puzzled by his given to nervous tics.
Later, a fishook which had fallen out of Alfred's morning coat appears inside one of the canapes the butler prepared for the buffet before the awards. The hook tips off The Caped Crusader that The Penguin's hideout is on a fishing pier owned by the bird under the moniker of Knott A. Fish ("not a fish," get it?! Never mind.). The Penguin and his Finks capture The Dynamic Duo and places them inside a vaccum tank filled with balloons for a trap that will take Batman and Robin's breath away--literally! As the air is slowly sucked out of the room, the baloons begin to break; The Dynamic Duo will become a Doomed Duo once the final balloon has burst!