Among the Margush merchants there is a new rising star, unaffiliated with any of the standing merchant houses. His name is Nils Famatt and he has put out word via contacts in Acryn that he is seeking individuals to survey some land that he has recently purchased.
Meanwhile, rumour has it that the other houses are suspicious of the newcomer and would be willing to pay for some discreet individuals to join Famatt’s surveying team but report back to them.
The party meet Haydn on the road to Margush and head into the town to meet with Nils Famatt. Though they are wary of his motives and dislike the way he asks them to murder some spies from the merchant houses, they agree to search the bottom of his lake for the sunken treasure ship. They do, however, make a secret agreement with House Carxus after Twine sees that Famatt is wearing a mask like those worn by priests of the Jubilant Mask and is therefore likely a Serradic Spy.
They take transformation potions which give them gills and swim down into the lake where they meet a group of people covered entirely in scales from their heads to their fish tails; most are silver but some have tinges of green, blue, red or orange. They have gills, dorsal fins and webbed fingers. It turns out that the ancestors of these people were priests of the Lady of the Lake and that they are blessed to have these fishy forms to live beneath the surface. Henry defeats their champion, receiving a blessing of shark-like teeth, and they are taken to meet the Lady of the Lake. She asks them to retrieve the Blessed Trident of the Wizard-Queen from her sunken funeral ship to defend the lake from Famatt’s greed.
That’s when things become more complicated.
Twine uses his magic to take the trident from the Wizard-Queen. McWizard takes offence at the Wizard-Queen’s binding of souls to her service and so strikes her down and eats her.
Haldrad leads the party in defeating the Giant Nautilus – the hated enemy of the merpeople and the Lady of the Lake. Haldrad takes the shell back to the temple while the others use the inflatable buoy to mark the position of the wreck and are bemused when Famatt’s salvage team descends in a diving bell.
In an attempt to prevent the treasure being stolen, Twine begins a ritual to counter the ritual being used to raise the wreck by binding it to the lakebed. Haldrad returns and ends up climbing up the diving bell to the ship where he manages to unmask Nils Famatt, revealing him to be… someone from Margush that he doesn’t recognise. A fight ensues which ends in him diving overboard and shattering the diving bell.
Meanwhile the two rituals go off and the wreck raises up before being crushed flat with Twine inside. Once he is extracted by his friends, they spend some time working out what to do next as they fear they have angered everyone involved. They decide to send Haldrad back to the Lady of the Lake to check whether she’s angry enough to destroy Margush while Twine attempts to make peace with Famatt by repairing the diving bell.
Unfortunately, while Haldrad had deliberately gone slowly to the Lady so that she wouldn’t have time to do anything, he underestimated the speed she could travel using water currents and she arrives to stop the salvaging shortly after Twine finishes repairing the diving bell.
Chaos ensues. The mer-priest curses Haydn while McWizard and Haldrad take on the Lady. As the Lady is felled and McWizard and Haldrad feast on her essence, Haydn calls out for them to stop because he is “turning into an octopus” but they realise too late.
Hurriedly, Twine begins to construct an exoskeleton for Haydn before all his bones turn to cartilage and smashes the diving bell once again for the materials. He succeeds in binding plates of metal to Haydn’s body but with the diving bell destroyed for a second time and the Lady of the Lake literally having been eaten by the party, they decide the best course of action is to stuff as much treasure as they can into their pockets and run for it.
Back in Acryn, they sell the treasure, divvy up the proceeds and agree never to speak of it again.