- Jerry tries to buy his watch back from Uncle Leo, who found it in the garbage, having been thrown there by Jerry. George tries to resurrect the fledgling NBC deal, while Elaine plans a break up from her psychotherapist with Kramer's help.
- Realizing that his uncle Leo now owns the watch he threw away, Jerry tries to buy it back from him. Leo drives a hard bargain however. Jerry also gets a date with the waitress at a restaurant but begins to wonder what he's done when he hears her laugh. George's effort at negotiating a better deal with NBC goes sour when Susan tells him they're not interested. Elaine is desperate to break with her psychiatrist boyfriend and gets Kramer to pose as her new love interest. It doesn't exactly go as planned.—garykmcd
- Jerry has dinner with his parents and Uncle Leo. Leo claims that he found the watch in a dumpster & got it fixed in a day. Morty can't see why one jeweler would fix one watch in a day and then tell another guy that it takes a week to fix a similar watch. Jerry had claimed his watch is gone for repairs, when in fact he threw in a dumpster, where Leo picked it up.
Susan tells George that the NBC president Russell Dalrymple (Bob Balaban), has refused to negotiate and has taken back the offer. Susan says that Russell has 500 shows to pick from and was not OK to pay 2 guys with no idea and no experience, any more money. George claims that he had nothing to do with it, as it is Jerry who handles the business end of things. George claims he is just the creative writer for the show. George is surprised that Russell did not make a counteroffer and simply decided to the cancel the entire show. George loses it and begs Susan for another meeting with Russell. George gets Russell Dalrymple's address and tries to get the pilot reinstated. George interrupts Russell's meal with his wife and he is not amused. Russell says that he already made a deal with another writing team. George starts dropping the price. George succeeds -- at a price ($8000) lower than Russell's original offer.
Elaine uses Kramer as "her boyfriend" in trying to fool her psychiatrist, Dr. Reston, who she was dating. Reston wants to speak to Kramer, so Elaine prepares Kramer. Kramer agrees to the call, but asks all sorts of details such as if they have been intimate, and how often do they do it (Elaine says 5 times a week). Kramer speaks to Reston over phone & tells him that he loves Elaine, but Reston wants to meet Kramer in person. Elaine takes Kramer to Reston's office & waits outside. Outside her psychiatrist's office, Elaine meets "Crazy" Joe Davola, whom she begins to date.
Meanwhile Kramer spends time with Reston and agrees that Elaine is better off with Reston than with himself. After Kramer leaves Reston's office, Joe goes in and tells Reston that he loves Elaine.
After dinner, Morty insists that he will pay the bill and won't allow Jerry to pay. Jerry goes to the bathroom with Leo. The issue is that Morty does not have any money and promises to mail a check to the restaurant from Florida. The restaurant refuses to get involved in Morty's family issues.
Jerry tries to buy back the watch from Uncle Leo. Jerry agrees to pay $350 for the watch (The watch cost $60 and Leo paid $40 to get it fixed), which is pure gouging, but is in trouble when Morty sees Jerry paying Leo for the watch. Morty finds out the truth but is not upset with Jerry. Jerry gifts Morty a new wallet. Jerry hasn't told Morty that he put $400 in the wallet he gave him. As soon as Jerry goes, Morty throws away the wallet in the garbage bin as it is made of Velcro (which he hates). Leo picks up the wallet, not knowing that Morty threw it there just moments ago.
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