Evil banker Rachel Bitterman forecloses on the Muppets' famous variety theater. But Bitterman's machinations take a back seat when apprentice guardian angel Daniel shows Kermit what conditions would have been had Kermit never existed. A Kermit-less world would have found Miss Piggy running a fraudulent psychic hotline, Fozzie Bear as a homeless derelict, and Sam the Eagle as a caged "rave" dancer. With showstopping numbers like Moulin Scrooge and parodies of many holiday films, this tale of fortune through friendship defines the true meaning of holiday spirit.

Special features: bloopers and deleted scenes; "Inside Pepe's Studio" featurette; Easter eggs; Muppet bios.