On the way to Warsaw after a crude oil fraud in southern Poland, conman Adam Deren meets singer Liza. He decides to invest his money in a venture deemed to be a failure - a small cabaret where Liza could perform.

The revue theater "Red Mill" is in crisis, the owner has no money to pay the salaries of the employees. When the bailiff hands the director an order to seize the theater's assets, an elegant gentleman engineer Fred Kampinos unexpectedly appears and offers his help.