Ups & Downs for Allergan; Devil of a Case; Augie on Ice

Last week had some wags wondering if Allergan CEO David Pyott might be forced into an error by spending too much on an acquisition in hopes of putting the Irvine-based drug maker out of reach of hostile pursuers Valeant Pharmaceuticals and New York hedge funder Bill Ackman. Then came reports that talks with one potential Allergan target, Salix Pharmaceuticals in Raleigh, N.C., had gone “dormant”—a turn of events that imparted some feeling that Pyott might have resisted another chunk of bait in the ongoing saga, avoiding a move that could have presented questions on whether he’s sacrificed his loyalty to shareholder value in favor of keeping Allergan independent … The week ended with word bubbling up through the New York Post that the would-be raiders had topped the 25% mark for approval among Allergan shareholders for a special meeting to consider their offer. That’s a win for Valeant and Ackerman, even considering that Allergan’s bylaws give it the right to a four-month delay just for the asking. Seems the market expected an OK on the special shareholders meeting, though, sending Allergan shares up steadily in the days prior. That put Allergan’s market value at around $49.3 billion by Friday. Valeant shares got a bump at week’s end that moved the value of its cash-and-stock bid up to about $50.4 billion. Compare that to an average of nine Allergan price targets compiled by the Business Journal that set the company’s implied value at $59.1 billion over the next year or so—plenty of grist for the mill of a shareholder’s meeting if and when it happens … Irvine-based Busch & Caspino won a devil of a case last week when it squared up against the leader of a Satanic group in possession of an allegedly ill-gotten consecrated host—a central part of the Roman Catholic Mass. The Satanists apparently planned to use it in denigrating fashion in a ritual booked for the Oklahoma City Music Hall. Michael Caspino took up the case for the Archdiocese of Oklahoma City, claiming that the Catholic Church has “dominion and control” over all consecrated hosts. The Satanists relented and returned the article in question, leading Caspino to wax effusive: “We stared down the devil and he blinked” … Corona del Mar resident Augie Nieto, chairman of the ALS Therapy Development Institute, didn’t blink when it came to the ALS Ice Bucket Challenge, which continues to raise millions for ALS research and is now bringing attention to the stories of thousands living with amyotrophic lateral sclerosis. Nieto was set for an icy bath on Aug. 24 on Balboa Island as the Insider went to press—and who’d have thought he’d be around to stand for such treatment when he was diagnosed with ALS nearly 10 years ago … Among other locals going the Ice Bucket route: Broadcom’s Scott McGregor; Kelley Blue Book’s Steve Lind; Jeff Coats at Autobytel; and Bob Gray and his colleagues at Bigrentz.com … Recent lineup changes in the local hospitality game: Dieter Hissin departs as GM of Island Hotel, where a search for his successor is under way … Ray Sanii moves up to senior manager with oversight of banquets and special events at Bistango, where Alex Gimenez arrives from the Pacific Club to assist in day-to-day management of the dining room … Thomas Lee joins Pacific Edge Hotel in Laguna Beach as GM … Eddie Garcia is the new executive chef at the Silver Trumpet Restaurant and Bar at the Wyndham Hotel in South Coast Metro.