The Penguin steals a priceless folio of famous parasols from the Gotham City Library. He plans to wager the $10,000 earned from its ransom on a rigged horse race. Aided by his partner-in-crime Lola Lasagne, he disguises the favored entry Parasol as the unknown "Bumbershoot," then enters a painted glue factory horse as "Parasol". With everyone betting their money on the fake horse, it looks like the Penguin will make a fortune when the real Parasol wins the race.