So, he changes the shoes into a gold colored ribbon and ties it to his belt. Fulla catches Loki as he's walking away from her chambers and demands to know what he's doing there. Loki smiles and says feigning innocence that he wanted to give her this ribbon he found. Holding up the ribbon he changed her shoes into
Fulla give him a 'yeah right' look and goes into her chamber. She notices immediately that her favorite pair of shoes are gone.
She comes out and starts demanding that Loki give them back. Loki again feigns innocence and Frigga's attention is caught by Fulla getting angrier by the passing second. Fulla pokes Loki in the chest and says "I know you took them, now where are they. What did you do with them?"
Loki grins like the smart ass he is, waves the ribbon and says "In a very safe place." Fulla looks around the hall. notes that some of the weaving supplies look like they've been messed with. So she begins tearing her way through the pile of equipment as Loki sneaks off to her chambers and returns the shoes.
As Fulla is going through everything and basically muttering every single insult she can think of with regards to Loki, Odin was in on the joke and able to see through the magic. So Odin is there, beginning to guffaw as his wife is getting exasperated with Fulla rearranging all of the weaving equipment.
Loki walks up behind Fulla and taps her on the shoulder. he then mildly suggests that she try looking in her chambers again. Fulla glares at him. Frigga tells her to go look and immediately put Loki to work fixing the mess made by Fulla. When Fulla finds the shoes, she lets out this furious shriek and Loki says 'Gotta go.' and bolts out of there as Odin damn near pisses himself laughing and Frigga looks like she's ready to throttle the two of them.
I woke to the sound of Odin laughing and watching the door into Odin's hall swinging shut as Loki pelted it out of there.