Peggy, Mike and Laura are staying with their Aunt and Uncle - Harriet and Henry - while their eccentric father, Thaddeus (accompanied by photo journalist Charlotte Clancy) sails around the world. In the aftermath of an unexpected storm Thaddeus and Charlotte are presumed drowned. Uncle Henry and Aunt Harriet see this as a perfect opportunity for inheriting Thaddeus' estate. Frustrated by their devious plans, Henry and Harriet take it out on the children in their care - causing them to run away from their wicked Aunt and Uncle.