New York City, 1973. Together with his partners, Richie Finestra, president of American Century Records, is on the verge of selling his struggling company to German Polygram, in a deal that includes an impending distribution agreement with Led Zeppelin. But after a disastrous meeting, it's clear that the sale is in jeopardy.

At a record producers' banquet honoring Maury Gold, Richie is embarrassed when the emcee, rival record exec Jackie Jervis, makes a joke about the failed German Polygram deal. Later, Maury and mob cohort Corrado Galasso pay a visit to American Century to probe a detective's recent inquiry, and Joe Corso drops by to pitch Richie a demo by his banquet date, Nora.