Captain James Hook has finally escaped the clutches of the evil faerie, Peter Pan, to start his life over in the real world. Far away from the violence and excitement of Neverland, he finds himself without direction or purpose. Back in Neverland, Pan is at a loss. Without his rival to entertain him, the boredom of his eternal existence begins to gnaw at him. Meanwhile, one of the Lost Boys, Iggy, is forced into the position of de facto leader, in order to protect his adopted family from the wrath of their bored and cruel elfin keeper. As he grows closer to Peter, he begins to see the creature for what he truly is.