Pyott’s Long-Term Memory; Freedom’s Call on Kushner

David Pyott was graceful as ever during the Leaders & Legends luncheon hosted by the Irvine Chamber just a few days before Allergan shareholders approved the company’s $70-billion-plus sale to Actavis. Gracious has never meant dull with Pyott, though, and he showed the luncheon crowd at Andrei’s that the nearly year-long battle against would-be raider Valeant Pharmaceuticals—that eventually led to the Actavis deal—didn’t dull his sense of humor. He drew a hearty laugh with a story that went back to his days as a young executive for Sandoz Nutrition in Minneapolis, where he first “discovered my frozen face—and that was even before I discovered the benefits of Botox” … Pyott showed off another aspect of his memory, recalling that his experience with food products at Sandoz led some to tag him “Captain Ovaltine” when he arrived at Allergan in 1998. His eventual rise to long-held status as a globally respected CEO took the sting out of that one—but don’t bet on Pyott forgetting the scars from his bout with activist investor Bill Ackman, who joined with Valeant in last year’s hostile bid after managing to stay under the radar while acquiring nearly 10% of Allergan’s stock. Pyott has long suggested that Ackman was out of bounds in his maneuvering, and he didn’t back off during his luncheon remarks. “If that isn’t insider trading, then we need some new laws in this country,” said Pyott, who is believed by some observers to be “well down the road” in seeking just such changes from Congress (see related story, this page) … The Insider hears that the board of OC Register parent Freedom Communications deemed last week’s ouster of Aaron Kushner as chairman and CEO a necessary step in a bid to rebuild relationships with the daily’s vendors and creditors as it seeks a return to profitability. Seems performance and personality both played a part in Kushner wearing out his welcome. Kushner’s partner Eric Spitz, meanwhile, resigned as president of Freedom and assumed the post of chairman to go with an ownership stake in the company … A number of communities in Orange County lost a leader and friend with the recent passing of Lido Isle resident Allan Fainbarg at the age of 96. Start with the three listed by longtime PR man Martin Brower, who called Fainbarg “the most important Jewish citizen Orange County has ever had, a phenomenal businessman and a giant among philanthropists” in remarks to the Register. Irv Chase, a driving force behind the ongoing makeover of downtown Santa Ana, called Fainbarg his father-in-law. Ryan Chase, who’s spinning the trend forward with new flavors on Fourth Street, called him grandfather. Russ Fluter of Fluter Properties wasn’t family but got the benefit of the fatherly influence of Fainbarg as mentor and partner in various deals over many years. “He was humble and fair—a smart and positive influence on friends family, and associates who was unwavering in his support of many charities,” Fluter said … The recent passing of another OC giant, South Coast Plaza visionary Henry Segerstrom, continued to reverberate throughout world, with echoes aplenty in the pages of the Feb. 27 issue of WWD. The trade publication carried a special spread in Segerstrom’s honor, with four full pages of coverage of his career punctuated by full-page ads from Gucci, MaxMara, Nordstrom, Salvatore Ferragamo, and St. John.