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This particular episode of White Collar had a love theme, and mostly revolved around Peter and Elizabeth. Also in the episode there was a focus on Neal and Sarah's relationship. In addition, the overarching story of Neal and Peter's search for Ellen's hidden information was present.
The episode began with Peter at his home. He had planned a surprise vacation for him and Elizabeth. Before Peter left to say goodbye to Neal and headed off Jones stopped over. He brought information regarding Ellen’s old tax returns. The documentation seemed to reveal a connection to the Empire State Building (which is where the key lead Neal and Peter). Given the size of the building and no idea where to start Peter decided to get Neal to do the searching.
Peter, Neal and Elizabeth at Sarah's exhibit event. The exhibit was of Marie Antoinette's perfume. While there Peter told Neal that his reservation for his special get-away weekend for him and Elizabeth was a go, but the dog sitter candled. Neal offered to dog sit Peter's dog, Satchmo. As Peter and Elizabeth left, a burglary occurred.
Two individuals in masks, a man and a woman, took the perfume Neal and Sarah saw on the surveillance feed the robbery. Sarah was worried that the robbers wouldn't be able to get the glass perfume container open and might hurt people out of frustration. So she decided to break the glass. The two masked bandits took the perfume. They rushed out of the building to only find their get away car was blocked. In a panic the two carjacked and abducted Peter and Elizabeth. Elizabeth took off one of her earrings, threw it out the window as a clue for Neal.
The robbers were Nate “Oz” Osborn and his girlfriend Penny Chase. They took the Burkes back to their apartment. Turned out that Penny fell in love with Oz while he was in prison. She was a subscriber to Mugshot monthly and that how she found Oz. Oz was in prison for assaulting an officer (apparently it was a trumped up charge). Regardless, he escaped from prison. Since his escape the two had decided to prove their love by committing crimes. And because Oz wanted to keep his promises he had made to Penny in letters. The two were apparently stealing special items that were symbolized through Oz's letters.
When on his way to pick up Satchmo. Neal and Mozzie snooped and found the paperwork on Ellen. Which Peter intentional left of for Neal to find, he had created the whole plan and wanted Neal to sit for Satchmo so he would find the paperwork.
Back at the robbers apartment Oz returned ingredients for a romantic dinner and the Burke's personal effects from their car. Peter realized that his FBI badge was exposed in his coat pocket, and remembered his gun was in his bag. Elizabeth devised a plan to hid the badge and get Peter his gun. It ultimately failed, of course.
Elizabeth persuaded Oz of cutting her ties off so she can help him in the kitchen. Penny goes through Elizabeths bag and finds some dress she likes. Elizabeth goes over and puts her sweater over Peter’s jacket that had his badge, while she persuades Penny to try on the dress. Elizabeth and Oz pair off, while Peter did the the same with Penny. Here the insight into the genuine love of the robbers was revealed. Eventually Elizabeth slid Peters's bag with his gun toward him. And Penny showed the evidence of Oz's innocence to Elizabeth.
Diana found Elizabeth's earring. Neal with Diana figured out that something had happened to the Burkes. Jones and Diana found Peter’s car. Neal, Mozzie and Sarah read the prison exchange letters between Penny and Oz for clues. The letters revealed Oz and Penny’s next target.Neal, Mozzie, and Sarah noticed that the symbolic phrases told what the next item would be. Oz’s final target was a piece of the moon from a museum.
Peter repeatedly tried to convince Oz to turn himself in and let them go. However, Penny wanted to finish their last heist (Act 3, they call it), and then run away together. Peter badge was discovered of course. And Oz used Peter and his badge in order to gain entrance to the museum.
Neal and Sarah went to the museum. There plan was to steal the moon before Oz and use it to barter for the Burkes. As Neal and Sarah stole the moon rock Oz saw them on some security camera.
Oz, with Peter as a hostage confronted Neal and Sarah. Neal bluffed that Sarah would smash open the container the rock was in if they didn't get Peter. Oz lets Peter go.
Elizabeth and Penny are together in the security room still. Elizabeth took Penny's gun. Penny ran away to find Oz. They planned on going out in a blaze of gun fire because the FBI’s was on the scene. The Burkes talk Oz down and that their love is worth living for.
In the end, Elizabeth and Peter have a heart to heart at home. Elizabeth told Peter that she told Neal to lie. Peter revealed to Elizabeth that he wanted Neal to find the evidence paper. Neal and Mozzie figured out that the box is on the 50th floor of the Empire State Building.