Bill and Lizzie have an engagement party, Reva is charged and Phillip's plan doesn't pan out.
Lizzie tells Bill to get dressed or they'll be late for their own engagement party. He admires her outfit and tells her that he wants to marry her tonight. He even gets down on his knee to ask her. She won't elope. Ashlee walks in and takes a picture of them. She's making their wedding album. Bill realizes that Doris will be at their party and she can perform their service.
James tells Daisy that what his father's doing for him is no big deal. After he hangs up on her, Phillip and Beth come in and tell him to get ready for his sister's party. He goes up to dress and Phillip tells Beth she doesn't understand how severe the situation is. Alan eavesdrops as Phillip explains that James seems to be trying to push him to sacrifice himself just to prove that he loves him. He's sure that something is seriously broken in their son and he doesn't know how to reach him.
As James flops on his bed, Alan walks in and asks him about Phillip's 'glorious sacrifice'. James admits that he's grateful since he can now start his new fund. He asks Alan if he's interested and grabs his cigar from him. He sits in the dining room and lights up. A business call comes in. As he talks money, Phillip stands in the doorway and eavesdrops. James tries to cover when his father catches him. "You do know that I love you, right?" Phillip asks. "Yep," James says, ducking out of the room.
Alan goes downstairs and offers to escort Beth to the party. She worries about James. Alan tells her that her son is smart and they need to stop underestimating him. After Alan leaves, Beth asks Phillip to leave with her. He's staying behind to talk to the SEC. James comes down the stairs and takes his mother to the party. Phillip makes the call.
At Company, Buzz and Frank are in their suits and tell Daisy that she's invited to the engagement part too. Daisy worries about her grandmother. Frank is called back to work. Ashlee rushes in looking for Bill and Lizzie. She's been documenting them so she can sell the pictures to the tabloids. She urges her friend to come to the party with her. Daisy says she might show up later.
Mallet searches Reva's car and finds a bloody piece of PVC pipe. Jeffrey begins arguing with him. Josh calls and Jeffrey admits that they might have a problem but he's working on it. He returns to arguing with Mallet. He lays out all of the evidence but Jeffrey thinks it's all been a little too easily put into his lap.
In the cells, the guard comes in and cuffs Reva before leading her out. "You can't be serious!" she barks. When she gets upstairs, Jeffrey tells her what the police found. They meet with the judge who explains that the evidence is satisfactory and the charge will be murder in the first degree. As she's led to processing, Josh asks if he can accompany her. Daisy runs in and they order her to go back to Company and get Reva some pie. Frank fingerprints Reva and tells her that he hopes she's not guilty. When he walks out, he and Mallet talk about how hard this case is. Mallet admits that this case is far from over. Jeffrey walks in after posting bail. He takes Reva home. Frank looks forward to a day when he doesn't have to arrest someone he knows. "Good luck in this town," Josh says. They decide to go drinking.
Matt and Rick are at Towers, wondering why they don't have women. Bill and Lizzie arrive and are greeted by their family. The Spauldings arrive. Alan tells his sister that it looks like they've been doomed to eat across the room from Billy for the rest of their lives.
Bill impatiently scans the crowd for Doris. Lizzie wanders over to her family. Lillian and Alex are chatting. Lillian thinks she and Buzz should have a double date with James and Daisy. Phillip arrives and Rick greets him. He slips off to talk to Beth and tells her that he did what he had to do. Daisy arrives and Ashlee begins gushing about how happy everyone is. Daisy wants to escape after she swipes a dessert.
Alan tells his son that he's heard about him taking the rap for James. "Jail is going to be tough but I'm confident you can handle it," Alan says. Ashlee calls the family together for a group portrait. The Lewis family comes up next.
James tells his mother that his father may be a stand up guy after all. He wanders over to Daisy and begins teasing her. Phillip comes to the front to toast to his daughter's engagement. Seeing the couple makes him feel young and hopeful. Everyone toasts and Lizzie thanks her father. Bill wants to announce that they are getting married as soon as Doris arrives. Before he can, the authorities come in and arrest him for securities fraud. Phillip stands up and tells them that the man they are looking for is actually his son, James.
Reva and Jeffrey go home. She cradles her baby. Jeffery tells her that it's clear that she's being set up.
Next on Guiding Light:
Natasha keeps the pressure on Cyrus.
Christina wants to talk about the money Remy made selling the diamond.
As Bill is arrested, Phillip tells his son to come clean.
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