Varga announces to Sy and Emmit that they will be doubling the company within the next few months, growing rapidly. Sy is nervous about doing this to line their pockets and about the IRS investigation. Varga assures him that the IRS issue is taken care of. Meemo goes in in a suit and with a briefcase to meet with the IRS guy, posing as the company's lawyer and convincing him using legalese to back off.
Nikki explains to Ray what happened to her. They go to get payback on the men (Varga's men) who beat her, following them in their car from Stussy Lots to the mysterious truck where Varga is apparently living and conducting his operations. Ray and Nikki see Varga; Nikki thinks he may be the head honcho. Ray is ready to attack them, but Nikki stops him.
Back at their apartment, Ray tries to convince Nikki to go to the hospital for her injuries. She refuses, noting that the police might be after her for the Maurice thing and that Varga's men might be keeping their eye on hospitals. She deduces that Emmit must be in shady business (possibly involuntary) with these men, correctly guessing that Emmit borrowed from a "private equity" broker and got in bed with bad guys.
Winnie and Gloria show up at Stussy together to question Emmit. Varga squeezes himself into the meeting, refusing to give his name or what capacity he works at the company in. Gloria explains that they believe the traffic accident with Ray and the murder of Ennis Stussy might be connected. Gloria pushes Emmit on whether there is a feud between Ray and Emmit, insinuating that Ray may have meant to rob Emmit, shocking Emmit. Varga keeps trying to divert attention and then essentially forces them out.
Later, Varga tries to search for Gloria Burgle online, but of course she has no online presence. Similarly, he finds that the Eden Valley PD has no internet. He instructs Yuri to go pick up the file on Ennis Stussy, quietly/not making a scene. He sends Meemo to go kill Ray and Nikki.
The police come by to pick up Nikki and Ray. They decide to skip down, quickly packing up and leaving, going to stay in a motel that takes cash. Meemo follows them from a distance to the motel. Ray realizes he forgot the getaway money and goes back to the apartment to get it alone. Meemo lies in wait outside the room as Ray leaves.
Ray gets back to his apartment to get the money and finds Emmit (who cosigned the mortgage and thus has a key) waiting there for him. Emmit tells him he's doing feuding and tries to give Ray back the stamp. Ray gets upset at the insinuation that Emmit is "giving" him the stamp, believing it his to begin with. He tries to force the stamp back at Emmit, who refuses to take it. They argue and shove the framed stamp back and forth until finally, in a freak accident, Emmit accidentally causes the glass to break over Ray's head, piercing his artery and causing him to bleed out when he pulls out the chunk of glass. Ray quickly dies as a horrified Emmit watches impotently.
Emmit quickly calls Varga, telling him there's been an accident. Varga comes quickly to help clean it up.
Nikki returns to the motel room from getting more ice. Meemo lies in wait for her in the bathroom. She goes in and carefully checks the room for intruders, finding no one. Meemo is gone.
As it turns out, Meemo was summoned to Ray's by Varga just in the nick of time, to help clean up the mess of Ray's accidental murder. Varga deduces a plan, instructing Meemo to take the frame and stamp but leave the glass. He coordinates with Emmit to have an alibi, going in the backdoor of a restaurant he's meeting Sy at so it seems as if he's been there the whole time. He tells Emmit that the story will be that Ray was abusing Nikki, beating her, so she killed him and fled.
On her way home, Gloria turns around and radios to St. Cloud Metro for Winnie to meet her at Ray's apartment. She heads there.