A fogbound armada slips into Fabletown’s ruined harbor, and with it comes someone the revolution forgot to finish. Bluebeard, pirate-merchant and professional problem-solver, returns with an army of mercenaries, contraband, and a very clear opinion: chaos is bad for business. As his black flagship docks, the city above is cracking under Goldilocks’ rule. In the tunnels below, Snow, Bigsby, and Brannigan finally surface from hiding to confront an impossible question: when the tyrant is losing control, do you risk everything by sitting down with the man who profits from every regime? A whisper-bird, an invitation, and a meeting by the river force the resistance to weigh principle against survival.