|1. Prepare popcorn according to package directions, then remove all unpopped kernels. Combine the popped corn and pretzels in a large bowl.|
2. Microwave the peanut butter and margarine in a small microwave-safe bowl on HIGH for 1 to 1-1/2 minutes or until melted; stir to blend. Drizzle mixture evenly over popcorn mixture and toss to coat.
3. Sprinkle confectioners' sugar over the popcorn mixture and toss to coat. Cool for 10 minutes before serving. Store the leftovers in a tightly sealed container.