After a disastrous Cobblepot rally where Batman ruined the Penguin's speech by using recordings of his ranting while controlling the Batmobile, Shreck immediately began to distance himself from Penguin. Originally they planned to celebrate at his annual masquerade ball, due to the public's increased support after the successful frameup of Batman.
The Masquerade Ball
Quipping with Shreck
On the evening of December 21st, Bruce showed up to the party fashionably late without a mask. Shreck quickly approached him from behind to mock his aloofness, Bruce fired back pointing out that that his candidate had been exposed revealing his true colors. Ever arrogant and dismissive Max assured him that it doesn't matter who's mayor, they will always be in his pocket. Clearly no one else in attendance cared that he was such a strong supporter of Cobblepot, but city officials that had been known to stand up corruption like Commissioner Gordon and D.A. Harvey Dent were no shows. Bruce would never have considered showing up either but knew Selina Kyle would probably be there. Scanning the room for Selina he suddenly turned around to see her elegantly walking down the staircase, also without a costume.
A kiss under the mistletoe
The pair were immediately drawn to each other due to standing out like a sore thumb. Both curious as to why they showed up to the ball, Selina revealed that she came for Max. When Bruce wondered if the pair were romantically involved, she broke into manic laughter and pulled a silver Derringer from a garter on her right leg. Bruce was shocked to see the pistol in her hand, and Selina began to have an emotional breakdown full of anger and then sadness when he questioned her snap decision. Bruce began showering her with affection to calm her and as she looked upward she noticed hanging mistletoe above them. She began to quote what he said previously as Batman and Bruce answered with her retort a about a kiss being deadlier, both realized their alternate identities in that moment. The couple then decided to leave the party to talk more outside.
Penguin ruins the ball
Suddenly an explosion is let off in the center of the dance floor and innocent partygoers were thrown through the air. Penguin rose through the smoke, using the scissor lift on his duck vehicle in the sewer below. With him were four penguins with rockets on their backs seated in the vehicle. His intention was to ruin the party of the most privileged citizens by announcing that his gang was fanning out across town to kidnap and murder their first born sons. After hearing this Bruce quickly left to go into action as Batman while everyone else was still sluggishly recovering from the knockback. The Penguin then declared that he had personally come for "Gotham's favorite son" Chip Shreck. Strangely, no Shreck security guards were present to neutralize the threat. Roscoe Jenkins again tried in vein to negotiate with the terrorist threat and was quickly swatted away by Penguin. Shreck convinced the Penguin that he should be taken in his son's place, as he is the one who manipulated and betrayed him. The pair left the ball as the Duck lowered into the sewer, Max was seated next to the Penguin Commandos that pecked and squawked at him.
Behind the Scenes
The concept of Bruce Wayne showing up to a festive masquerade ball without a costume and dancing with Selina Kyle was used in The Dark Knight Rises.