Nolan comes home and immediately checks his spy camera on his laptop. He sees Tyler at his computer pulling out the shredded speech. Nolan zooms in on it and is able to read Lydia's exposé. Nolan's like, "Oh shit."
There's a boring investor study session going on between Daniel and Emanda on her couch. Daniel is reciting facts about potential investors and seems to be doing a good job. Emanda asks why Daniel's never tried to ask for her business. He figures he's protecting her since he's not sure if he'd even be good at it yet. Emanda excuses herself to take a phone call from Nolan. Oh-em-gee, it's multiple code reds, Nolan declares. He explains that Tyler, "The Talented Mr. Hamptons" (hehe), has reconstructed the speech "The Unbreakable Lydia Davis" intended to give to expose the Graysons at the Open Arms benefit. Emanda can't believe this slipped past her and Nolan. They were kind of busy that night, Nolan points out. There's another concern. It seems Tyler also searched for info on David Clarke. This means there's a chance he might start sniffing on her trail. Nolan mentions off-hand that all of this is in addition to Tyler trying to extort $20 million from him. Emanda gets the idea that Nolan should go ahead and invest in Tyler. She can't do it herself because she wouldn't be able to explain that to Daniel since they're in direct competition. The plan is to defund the deal before it goes through. Emanda is panicking a bit. She tells Nolan she shouldn't have trusted him to take down Tyler. He insists he can handle him. "Then handle him," Emanda hangs up. She walks over to her porch railing in distress and runs her hand over the etched infinity X infinity on the post (fantastic manicure, by the way). She pulls out her phone and scrolls through her contacts, stopping at the bottom where there is a listing that simply reads "X." She selects that contact and puts the phone to her ear. A man answers on the other end. She simply says, "It's Emily Thorne. I need to see you."
Poor Porter Bar. It's morning and Jack leads Amily past Declan while he is setting up to open the bar. Jack asks if he can handle opening the bar himself because he and Amily are off to go for a sail. He stops to ask Dec what Victoria wanted and says she scares the pants off of him. Dec relates that he didn't have pants on last night when he saw Mrs. Grayson. Jack thinks about it for a second and decides he doesn't want to hear about his little brother being pantsless with an ice queen and suggests they talk about it later. He and Amily exit. Dec gets a call from Charlotte asking if her mom came to see him last night. She asks what she said to him. Dec just says they really need to talk. Charlotte instantly gets the "he's going to dump me" look on her face.