Pekka Rollins receives Kaz Brekker and the crew in his luxurious office above the Emerald Palace. From Pekka’s perspective, the group looks ragged and improbable: Nina is visibly weakened, Matthias is imposing, Kuwei looks too young to be the prized scientist, and Jesper is familiar as a reckless gambler whose loose talk once helped Pekka learn about Kaz’s mission to Fjerda.

Pekka recalls Kaz unlocking his Ice Court prison cell during the heist. Kaz had not freed Pekka out of kindness, only saying Pekka was not meant to die there and warning that Pekka would eventually pay. In the present, Kaz explains that Van Eck betrayed the crew, but Pekka advises Kaz to surrender Kuwei rather than challenge a merchant who could bring Kerch power down on the Barrel.

Kaz does not ask Pekka to fight. Kaz wants a fast message sent to the Ravkan capital and two hundred thousand kruge. Pekka refuses to give charity, so Kaz offers his shares in the Crow Club and Fifth Harbor, and Pekka accepts the profitable deal after recognizing the intensity of Kaz’s hatred for Van Eck.

After the papers are signed, Kaz asks whether Pekka remembers him. Pekka does not, and Kaz answers that Pekka should not remember him yet, hinting at a deeper, unresolved history between them. Pekka watches the crew leave and dismisses their chances against Van Eck, assuming the merchant will be prepared where the Ice Court was not.

Then Pekka discovers that Kaz has stolen Pekka’s watch, wallet, tie pin, lucky pendant, and shoe buckles during the meeting, replacing the watch with a turnip. The theft forces Pekka to reconsider Kaz’s danger: Pekka believes Van Eck may walk into Kaz’s trap, and if Van Eck does not kill Kaz, Pekka may have to do it himself.