This week on The Bold and the Beautiful, the power struggles of Los Angeles go airborne—literally. Billionaire Bill Spencer’s helicopter crash sets off more than just a physical disaster; it unravels the fragile threads of control holding Spencer Publications together. Surviving the crash but suffering severe amnesia, Bill wakes up in a mental time warp—believing he’s still married to Katie Logan and running a modest company far removed from the corporate giant it’s become.

With 15 years of memory wiped clean, Bill is ripe for manipulation—and someone seizes that chance. Sheila Carter, long thought to be out of the picture, returns in disguise as a top-tier memory expert. Claiming she can help Bill recover, she instead manipulates his fragile mental state, feeding him false narratives that alienate him from his family and co-workers. As she weaves her web, she convinces Bill that she’s the only one he can trust.

Meanwhile, Liam pounces on the opportunity to claim power. With Brooke’s support, he steps in as interim CEO, insisting it’s all for the good of the family business. But behind the concern lies ambition, and Liam’s swift moves start drawing suspicion. Tensions build within the Spencer empire, and all eyes are on Bill—who no longer remembers the empire he built or the people who once mattered most.

Katie refuses to stand by. She connects with Ridge Forrester—an unlikely ally given their history—and together they begin digging into Bill’s past, hoping to resurface fragments of the real man buried beneath Sheila’s manipulation. A dramatic intervention involving their son Will begins to break through Bill’s mental haze. When Sheila overplays her hand by referencing a false memory, Bill catches her lie—and everything comes crashing down.

Sheila is exposed and arrested, but the war is far from over. Bill’s memory returns in full, and with it, his fury. He takes back control of Spencer Publications, revokes Sheila’s access, fires Liam, and restores the company’s leadership. But behind his regained composure lies deep insecurity. Sheila may have been caught, but the seeds she planted continue to grow.

One of those seeds? A flash drive filled with forged documents and audio files—proof of betrayal that never happened but will still sow division. Sheila’s final revenge is in motion, and it hits hard. The media turns on Spencer. Trust inside the company erodes. And just when Bill thought he had reclaimed everything, the company begins to splinter from within.

At the center stands Hope Logan—calm, calculating, and holding enough power to tip the balance. In a private meeting with Liam, Bill, and Katie, she issues an ultimatum: fix the company in 72 hours or watch her vote to liquidate it. With enemies lurking and allies wavering, the future of Spencer Publications hangs by a thread.

And from her cell, Sheila watches—because sometimes destruction doesn’t need violence. Just one more lie.