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Mr. Olympus was a reclusive and nefarious criminal mastermind who owned and operated Olympus Gold. He mostly spent his time in his cavern lair, attended by his two trusted henchmen Omar and Mr. Smith. Although he had vast amounts of money and power, he was always looking for more. To this end, he hired a low-ranking official at the US Army's Energy Research Laboratory, Mr. Stallwood, to act as his spy and find inventions and ideas for him to steal.
Mr. Olympus is very arrogant and greedy. He looked on almost everyone else besides himself as being foolish and useless. His taste in fashion ran towards leather business suits and turtlenecks, and in both his office and limo he kept a vase of beautiful red roses, the only decoration in the otherwise stark environments.
Despite the fact, he operates his own gold, he was always looking for more, having his spy, Mr. Stallwood, to sneak into the US Army's Energy Research Laboratory to find inventions and/or ideas for him to steal. Having heard of Jake's collar, Mr. Olympus would go to no ends to achieve it, stating having that collar, he would control of the universe.
When the Army obtained a flying saucer, Stallwood learned that its pilot was an alien cat. The cat, named "Jake" by ERL scientist Dr. Frank Wilson, possessed a magic collar that allowed him to levitate objects and people and perform other amazing feats. When Olympus learned of the collar, he dreamed of reverse-engineering it and harnessing its power. He thought he could revolutionize transportation with it, starting on Earth and eventually expanding into outer space.
He flew in his private Gazelle helicopter with Stallwood and his henchmen to an airfield near the Army base where Jake's ship was being kept. He abducted Wilson's girlfriend Liz and his neighbor Link in his limousine. He let Link go, to give Dr. Wilson and Jake an ultimatum - the collar for Liz. What no one knew was that Olympus planned to kill Liz anyway so she wouldn't tell the police about Stallwood's involvement.
The meeting was to take place at the airfield. Olympus and his men waited in the Gazelle with Liz in the backseat. At first, everything seemed to be going as planned, as Wilson and Link arrived with Jake for the exchange. However, the Army and the police led by General Stilton arrived and Olympus, panicking, ordered Omar to take off. The Gazelle took flight and it seemed as if the evildoers were going to get away with Liz.
However, Jake used his collar to levitate an old biplane so he and Wilson could pursue Olympus. A fierce aerial chase ensued. Olympus shrewdly noted that he had the advantage - Wilson and Jake could do nothing without risking Liz, so he had Omar go on the offensive and he tried to use the Gazelle's runners to force the biplane down. Attempting to help, Stallwood grabbed a flare pistol, but accidentally shot the helicopter's controls. It would now only fly straight ahead without turning or going up or down, until the fuel ran out.
At Smith's insistence, Olympus, Smith and Omar jumped out wearing parachutes. Stallwood and Liz didn't have any, and Stallwood held onto Olympus as his employer as they went into freefall. This left it up to Wilson and Jake to save Liz from the pilotless copter, which they did. As for Olympus, Stallwood and the others, they wound up stuck in a tree, hanging by their parachutes.