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oh boy. i wonder what she did.
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The owner was played by Richard Kline. The briefcase had been stolen. Punky tried to solve the mystery and finds that the guy's son stole it. He was going to hold it until the police gave up and then say he found it to be the hero and maybe get the recognition from his dad he's been wanting. For solving the case, the man gave Punky a pocket watch which, wouldn't you know it, is exactly what she wanted to get for Henry.