Blake (Hogan) is a mean millionaire. In typical movie cliche style he bangs his head and now becomes a good guy in his amnesiac state. No one recognises him despite the fact he made his money selling best selling health supplements with his face plastered all over them! Plus the fact Hulk Hogan isn't exactly the most inconspicuous looking person in the world. As Blake banged his head wearing a Santa outfit for reasons he thinks he really is Father Christmas.
Meanwhile, another rich evil man called Ebner Frost (Ed Begley Jr) wants to close down an orphanage so he can get his hands on highly volatile crystals in catacombs below the orphanage. Blake, who by now has regained his memory, and also reveals he was at the orphanage as a child, becomes a good guy (yay!) and battles Frost and his collection of goons (which includes Brutus Beefcake as a "sumo lab assistant" - what?)
So, a very strange film indeed. Quite terrible in terms of story and plot too, some of the action scenes are well done - if rather inexplicable. The comedy though, which the film really should have more of, is lacking badly - apart from the unintentional of course.