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The Colbys return from Denver to their home in Bel Air, California, where Jason Colby holds a press conference regarding the pipeline venture between his company, Colby Enterprises, and Denver-Carrington. Jason's wife, Sable, however, is upset that Jason's sister, Constance, has turned over her shares in the family company to her estranged nephew, Jeff, rather than to Jason and Sable's three children. Jason, meanwhile, shares a secret with Constance- he's dying. Later, Jason learns his business rival Zachary Powers is trying to muscle in on his deal with Denver-Carrington. Constance, meanwhile, contacts Jeff's estranged mother, Francesca, in London and asks her to reunite with the son she abandoned as a child and a reluctant Francesca agrees. Constance then pays a secret visit to her lover, a rancher named Hutch, while keeping her true identity a secret from him. Jeff arrives in California to claim his share of the family empire- and also to find his long-missing, presumed-dead ex-w

After Miles introduces his new bride ""Randall"" to the family, Jeff is stunned when Fallon doesn't recognize him. Battle lines are immediately drawn between Miles and Jeff after Jeff reveals Randall's true identity. Constance calls in a psychiatrist to treat Fallon, who suggests the family accept her as Randall and not force her memory. Jeff calls Fallon's father, Blake, who flies to California to see her. However, when Fallon doesn't recognize him either, Blake entrusts Jason and Constance with looking out for Fallon before returning to Denver. Jeff has a chilly reunion with his mother, Francesca, as he's still bitter over her abandonment of him as a child. Francesca then reunites with her sister Sable and, later, with Jason, with whom she was once close. Jason's business rival, Zachary Powers, conveniently runs into Sable twice and hits on her, but she rejects his advances. A dying Jason tries to resolve his conflict with son Miles, to no avail. Jeff gets to know ""Randall"" better, the