Kendall manages his first real crisis as acting CEO: Waystar's stock slides toward the $130 covenant floor that would trigger immediate repayment of $3 billion in hidden debt, his call to the creditor bank collapses, and he ultimately secures a $4 billion lifeline from college friend Stewy Hosseini in exchange for voting stock and a board seat. Meanwhile Shiv, locked out of her father's recovery by Marcia, commissions a background check on her stepmother and forces her way upstairs to Logan — where his behavior reveals the extent of his neurological damage. The episode closes on Greg watching Stewy meet privately with Sandy Furness, Logan's longtime rival.

The episode establishes the central tension of Kendall's position: he holds the title of acting CEO but none of the authority, access, or information needed to actually run the company. E ...