A movie mogul in search of a tax shelter screens a space parody about a young woman, a mad scientist and a space monster.
Movie mogul J.P. Shelldrake discovers he's in desperate need of a tax write-off to keep the Internal Revenue Service off his back. Young writer, producer and director Stevie Horowitz walks in the studio with his homemade space parody "Lobster Man From Mars". What follows is one of the most bizarre and funny film within-a-film send-ups: Mars suffers from a severe air leakage, and the King of Mars sends the dreaded Lobster Man to Earth to steal its air. The Lobster Man's plot is foiled by a mad scientist, an army colonel, and a young and innocent woman. Shelldrake buys the movie, which makes a huge profit and sends Shelldrake to tax prison, with Stevie taking his place as the studio mogul.—<[email protected]>
Young movie writer, producer and director Stevie Horowitz eagerly awaits a meeting with Hollywood studio mogul J.P. Shelldrake. Shelldrake has been desperately searching for a way to avoid problems with the Internal Revenue Service and unpaid millions owed them in back taxes. His brilliant yet overpaid accountant devises a scheme that will allow the studio mogul to write off the expenses of his next movie release, but only once the movie is a box office flop. Armed with his foolproof plan, Shelldrake agrees to meet with Stevie and screen his B-movie space parody "Lobster Man from Mars" (financed by Stevie's prisoned con man Uncle Joey).
Inside Shelldrake's private screening room, the film within-a-film begins. They watch the weird plot unfold: Mars suffers from a severe air leakage. The King of Mars commands the dreaded Lobster Man and his assistant Mombo, a gorilla wearing a space helmet, to pilot his flying saucer to Earth then steal its air. Once landed, the Lobster Man wastes no time transforming hapless victims into smoking skeletons. On a lonely road, John and Mary, a young and innocent couple discovers the hiding place of the flying saucer in a dark and mysterious cave. They attempt to warn the authorities but they are ignored. Successfully contacting Professor Plocostomos, a plan is created to lure the Lobster Man to Mr. Throckmorton's Haunted House that just happens to be surrounded by hot springs.
Once lured, it's simply a matter of pushing the dreaded Lobster Man into the hot water where he will be boiled to death. However, the plan is interrupted by Colonel Ankrum and his troops. The house is shelled and destroyed, the Lobster Man flees to his cave, taking Mary with him. However, she manages to escape, but the Lobster Man follows. A wild chase ensues, but Professor Plocostomos uses the hot engine coolant from his overheated vehicle to drench Mombo, causing his foamy demise. The chase concludes in Yellowstone National Park where the dreaded Lobster Man is deceived into the Old Faithful Geyser and a steamy demise.
The screening of the B-movie space parody is over. Shelldrake cannot believe his good fortune to witness such a bad movie with potential to lose every cent in its distribution and promotion. He buys the production on the spot, but once released the movie becomes a success and makes a huge profit sending Shelldrake directly to tax prison, with Stevie taking his place as the studio's new boy wonder.
