Following Alex's implosion last week, there are only three episodes of Nikita left for the team to pull themselves together - and for the show to hopefully secure a fourth season from The CW. "High-Value Target" is not really the way to go about either of those things.
We're going to flashbacks yet again, as in 2005 Michael debriefs Nikita on the operation that we've already seen looks back at during season one, in which she took out the head of a major drug cartel. It turns out this is film that's being watched by an associate of said drug dealer, after still-evil Owen gave it to him. He's plotting to auction off the black box, which will of course cause untold chaos. Back at Division, Nikita, Ryan and Michael are trying to figure out how to stop the sale, but they're not getting anywhere. While Nikita remains the eternal optimist, "It might be time to think about our options," Michael admits.
Yet as if on cue, arms dealer Cyrus (Isaiah Mustafa, who last appeared in "Sideswipe") is back in the picture. He knows where the auction is going to happen - at the G20 economic summit taking place at a Toronto hotel that should look familiar to anyone who watched season one - and who some of the interested parties are. They'll need money to get into the game, and Alex has plenty of that, which she offers up saying that she owes it to the team. While Nikita doesn't want to believe that Owen's a lost cause, he walks into a hotel room where he's got Amanda chained to the bed. It's cringe-worthy. Worse is the fact that a bunch of armed Navy SEALs have given up waiting and decided to bust into Division. Really, Ryan Fletcher's life sucks right now.
This turn of events forces Nikita to tip her hand, telling the head SEAL to call the President and inform her of what they're doing. That then motivates Michael and Alex to accelerate their mission's timetable. Alex approaches a low-level diplomat from Turkey and offers to back his play for the black box with a cool two hundred million dollars. The President, who is conveniently at the G20 summit herself, subsequently approaches Nikita in full "do not want" mode. "Do you understand that if you fail, your friends back at the bunker will pay the price?" she queries, but decides to be helpful for the time being.
Thanks to the President, Nikita gets into the reception during which the auction is scheduled to occur. When she makes herself visible in hopes of flushing out Owen, she draws the attention of the dead cartel leader's associate, too. This means that while Nikita and Michael are confronting their former teammate, they're set upon by miscellaneous thugs, and Owen is able to escape. At least until Alex wants to strike up a conversation with him about dead significant others. Her attempt at persuading him to turn back from the dark side falls flat.