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Depicting Kermit the Frog as a mustachioed Broadway producer, the picture plays a key role in Kermit's plan to obtain backing for Manhattan Melodies. With help from Rizzo and the rats, he hangs among the other caricatures on the restaurant's wall, replacing that of Liza Minnelli. The plan is foiled when Ms. Minnelli herself enters the restaurant and discovers the switch.
The caricature can still be seen at Sardi's and is currently located on the upper level, right up the stairs on a column.