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MARIA BEESLEY, OFFICIAL REPORTER, RPR, RMR
SACV 14- 1214- DOC - 09/ 09/ 2014 - I TEM NO. 3
UNITED STATES DISTRICT COURT
CENTRAL DISTRICT OF CALIFORNIA
HONORABLE DAVID O. CARTER, JUDGE PRESIDING
CERTIFIED TRANSCRIPT
- - - - - - -
ALLERGAN I NC. , ET AL, )
)
Pl ai nt i f f ( s) , )
)
vs. ) No. SACV 14- 1214- DOC
) I TEM NO. 3
VALEANT PHARMACEUTI CALS )
I NTERNATI ONAL I NC. , ET AL, )
)
Def endant ( s) . )
_________________________________)



REPORTER' S TRANSCRI PT OF PROCEEDI NGS
MOTI ON FOR EXPEDI TED DI SCOVERY
SANTA ANA, CALI FORNI A
TUESDAY, SEPTEMBER 09, 2014



Maria Beesley, CSR, RPR, RMR
Of f i ci al Feder al Repor t er
Ronal d Reagan Feder al Bui l di ng, Room1- 053
411 West 4t h St r eet
Sant a Ana, Cal i f or ni a 92701
( 714) 564- 9259

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MARIA BEESLEY, OFFICIAL REPORTER, RPR, RMR
SACV 14- 1214- DOC - 09/ 09/ 2014 - I TEM NO. 3
APPEARANCES OF COUNSEL:
FOR THE PLAI NTI FF( S) : LATHAM & WATKI NS
BY: PETER WALD, ESQ.
505 MONTGOMERY STREET
SUI TE 2000
SAN FRANCI SCO, CALI FORNI A 94111
( 415) 391- 0600

LATHAM & WATKI NS
BY: MI CHELE J OHNSON, AAL
650 TOWN CENTER DRI VE
20TH FLOOR
COSTA MESA, CALI FORNI A 92626
( 714) 540- 1235

LATHAM & WATKI NS
BY: COLLEEN CARLTON SMI TH, ESQ.
12670 HI GH BLUFF DRI VE
SAN DI EGO, CALI FORNI A 92130
( 858) 523- 5400


FOR THE DEFENDANT( S) VALEANT PHARMACEUTI CALS:

SULLI VAN & CROMWELL
BY: BRI AN FRAWLEY, ESQ.
125 BROAD STREET
NEWYORK, NEWYORK 10004
( 212) 558- 4983


SULLI VAN & CROMWELL
BY: EDWARD J OHNSON, ESQ.
1888 CENTURY PARK EAST
21ST FLOOR
LOS ANGELES, CALI FORNI A 90067
( 310) 712- 6640

FOR THE DEFENDANT( S) PERSHI NG SQUARE:

KI RKLAND & ELLI S
BY: MARK HOLSCHER, ESQ.
MI CHAEL SHI PLEY, ESQ.
300 SOUTH HOPE STREET
LOS ANGELES, CALI FORNI A 90071
( 213) 680- 8190


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MARIA BEESLEY, OFFICIAL REPORTER, RPR, RMR
SACV 14- 1214- DOC - 09/ 09/ 2014 - I TEM NO. 3
SANTA ANA, CALIFORNIA, TUESDAY, SEPTEMBER 09, 2014
ITEM NO. 3
( 1: 03)
THE COURT: I want t o cal l t he Al l er gan mat t er , Al l er gan
ver sus Val eant .
Counsel , I have got about 15 mi nut es i n her e t o st ar t
wi t h you. Ot her wi se, we' r e goi ng t o be her e a whi l e. Let ' s see
i f we can cal l t he mat t er . I want t he mat t er of Al l er gan ver sus
Val eant Phar maceut i cal . I t ' s 14- 1214.
Counsel , I cer t ai nl y know you, but i f you woul d make
your appear ances, pl ease.
MR. WALD: Thank you, Your Honor . Good af t er noon.
Pet er Wal d of Lat ham& Wat ki ns f or t he pl ai nt i f f s.
MS. J OHNSON: Good af t er noon. Mi chel e J ohnson of Lat ham
& Wat ki ns f or t he pl ai nt i f f s as wel l .
THE COURT: Thank you.
MS. SMI TH: Good af t er noon, Your Honor . Col l een Smi t h
al so of Lat ham& Wat ki ns f or t he pl ai nt i f f .
THE COURT: Counsel .
MR. FRAWLEY: Good mor ni ng, Your Honor . Br i an Fr awl ey
f r omSul l i van & Cr omwel l f or Val eant , and Mr . Chai - Onn of Val eant
i s i n t he. . .
THE COURT: Thank you ver y much. Wel come.
MR. SHI PLEY: Good af t er noon, Your Honor . Mi chael
Shi pl ey f r omKi r kl and & El l i s f or Per shi ng Squar e. My par t ner
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MARIA BEESLEY, OFFICIAL REPORTER, RPR, RMR
SACV 14- 1214- DOC - 09/ 09/ 2014 - I TEM NO. 3
Mar k Hol scher i s - -
THE COURT: He i s pr obabl y her e. I saw hi mear l i er .
MR. SHI PLEY: I t hi nk he mi ght have been i n t he
bat hr oom.
THE COURT: Why don' t you have a seat and we' l l wai t .
That ' s not an i ssue.
MR. J OHNSON: Edwar d J ohnson, Sul l i van & Cr omwel l al so
f or Val eant .
THE COURT: Mr . J ohnson, my apol ogi es. Thank you.
MR. WALD: Your Honor , I negl ect ed t o i nt r oduce Mat t
Mal et t a who i s t he associ at e gener al counsel and cor por at e
secr et ar y of Al l er gan.
THE COURT: Si r , t hank you ver y much.
MR. HOLSCHER: Good af t er noon, Your Honor . Mar k
Hol scher of Ki r kl and El l i s her e f or Per shi ng Squar e.
THE COURT: Okay. Now, t he cour t i s goi ng t o br i ef l y
cal l your mat t er r i ght now and see wher e you st and f i r st bef or e I
st ar t i nt o t he i ssues you have r ai sed wi t h t he cour t . I have a
f ew moment s whi l e S&P i s out maki ng a cal l appar ent l y t o t he
Uni t ed St at es Tr easur y. So I want t o t ake t hi s oppor t uni t y f or a
f ew moment s t o t al k t o you r at her t han have you wai t because you
ar e t he second mat t er up her e, not t he f i r st mat t er t oday.
So your t hought s, counsel .
MR. WALD: Your Honor , t hank you. We have cont i nued t o
meet and conf er i ncl udi ng over t he l ast t hr ee hour s. And I
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MARIA BEESLEY, OFFICIAL REPORTER, RPR, RMR
SACV 14- 1214- DOC - 09/ 09/ 2014 - I TEM NO. 3
bel i eve, subj ect t o obvi ousl y t o t he cour t ' s r evi ew and appr oval ,
t hat we have now wor ked out t he l ast di f f er ences t hat r emai n
bet ween us and ar e i n posi t i on t o pr esent a pr oposal t o Your Honor
t hat woul d gover n t he t i mi ng of di scover y, t he t i mi ng of t he
pr el i mi nar y i nj unct i on hear i ng, obvi ousl y subj ect t o t he cour t ' s
avai l abi l i t y, and t he scope of di scover y.
THE COURT: Okay. And counsel , do you t hi nk you have
r esol ved t hi s as wel l ?
MR. HOLSCHER: I do, Your Honor .
THE COURT: I s i t wor t h t hen r eadi ng i nt o t he r ecor d?
MR. HOLSCHER: I bel i eve so, Your Honor .
THE COURT: You' l l f i nd I ' mver y def er ent i al when I have
excel l ent counsel l i ke I have wi t h bot h si des her e and you r each a
r esol ut i on. I t hi nk wi sdompr evai l s t hat t he cour t shoul d be
gui ded by counsel . Ot her wi se, I can t hr ow away t he ei ght pages.
MR. HOLSCHER: Can you gi ve al so a hi nt of how we di d?
THE COURT: Bot h si des di d equal l y wel l .
MR. HOLSCHER: The f i r st i t emi n t he st i pul at i on i s t hat
bot h si des agr ee i f we' r e ever on cal endar t he same t i me as
St andar d & Poor s, you' l l put our mat t er f i r st .
( LAUGHTER)
THE COURT: You want t o meet at 6: 00 o' cl ock i n t he
mor ni ng?
MR. HOLSCHER: I ' mt he onl y one who l i kes t hat . I ' ma
mor ni ng per son l i ke you.
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MARIA BEESLEY, OFFICIAL REPORTER, RPR, RMR
SACV 14- 1214- DOC - 09/ 09/ 2014 - I TEM NO. 3
But ser i ousl y, her e i s t he st i pul at i on. And counsel can
hel p me i f I don' t have i t exact l y r i ght . Bot h si des agr ee - - and
when I say bot h si des, Val eant and Per shi ng Squar e have been
t r eat ed as a si ngl e si de. So i t woul d be seven deposi t i ons f or
each si de, Your Honor . Of t hose deposi t i ons, f our or f i ve can be
of pr i nci pal s, whet her i t ' s Al l er gan, or Val eant , Per shi ng Squar e.
THE COURT: You ar e gi vi ng t hat l at i t ude of f our t o f i ve
t o each si de?
MR. HOLSCHER: Cor r ect , Your Honor . And t wo or t hr ee
can be of advi ser s. And I t hi nk on t hei r si de, advi ser s, Nomur a
woul d t echni cal l y not be an advi ser .
Al l er gan i s goi ng t o make f our speci f i c document
r equest s of t hi r d- par t y advi ser s and maybe possi bl y Nomur a.
Per shi ng Squar e and Val eant agr ee t o make f our or l ess. So f or
exampl e, i f Al l er gan wer e t o r educe t hei r r equest t o t hr ee, we
woul d be t hr ee or l ess. I f i t ' s f our , we' r e f our or l ess, Your
Honor .
We had, we bei ng Per shi ng squar e - -
THE COURT: And Val eant ?
MR. HOLSCHER: Yes. And Val eant , had pr evi ousl y
pr oduced t o Al l er gan t he document s we pr ovi ded t o t he SEC f or
t hei r i nf or mal r evi ew of t he 14e- 3 i ssues. We had pr ovi ded 67, 000
pages, I bel i eve. Per shi ng squar e pr ovi ded 67, 000, Val eant had
pr ovi ded 40, 000. Those document s had been pr oduced t o Al l er gan
al r eady, but t oday we have pr ovi ded t hem, t he sear ch t er ms and t he
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MARIA BEESLEY, OFFICIAL REPORTER, RPR, RMR
SACV 14- 1214- DOC - 09/ 09/ 2014 - I TEM NO. 3
cust odi ans t hat we agr eed upon wi t h t he SEC f or t hei r i nf or mal
r evi ew - -
THE COURT: Ar e you sat i sf i ed wi t h t he sear ch t er ms?
Somet i mes we get t he br eadt h, i t ' s j ust so bur densome.
MR. WALD: Yes, Your Honor . We ar e. We di d di scuss
t hi s wi t h counsel and I t hi nk we have i nsi ght now i nt o what was
done, and we' r e cont ent t o do t hat .
THE COURT: Then I won' t i nt er f er e.
MR. HOLSCHER: Per shi ng Squar e and Val eant have agr eed
t o move t he i nf or mal pr oduct i on whi ch an end dat e of May 2, 2014,
t o make t hat cur r ent t hr ough August 1, 2014. We have agr eed t o
make t he same pr i vi l ege cal l s and t he same cal l s f or t hi s
pr oduct i on as we di d wi t h t he SEC. I n ot her wor ds, consi st ent
r evi ew.
We ar e goi ng t o shor t l y, af t er t hi s hear i ng act ual l y,
pr oduce t o Al l er gan t he SEC i nf or mal r evi ew sear ch t er ms and
cust odi ans so t hey act ual l y have a copy of t hat t o ver i f y f or our
pr oduct i on.
THE COURT: " Shor t l y" meani ng?
MR. HOLSCHER: I woul d expect as soon as we get back t o
our of f i ces and j ust put t he conf i dent i al mar ki ng on i t .
Nei t her si de wi l l have t hi r d- par t y di scover y ot her t han
t he maxi mumof f our or l ess and t he t wo or t hr ee deposi t i ons.
Al l er gan wi l l r un a sear ch of f i ve of i t s cust odi ans f or a
par al l el per i od of t he r equest t hat ' s made of us wi t h mi r r or ed
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MARIA BEESLEY, OFFICIAL REPORTER, RPR, RMR
SACV 14- 1214- DOC - 09/ 09/ 2014 - I TEM NO. 3
t er ms. Essent i al l y par al l el t er ms.
I n ot her wor ds, i f you r equest t hat we pr oduce
document s, we' r e goi ng t o gi ve you essent i al l y a par al l el mi r r or
r equest , but onl y f i ve cust odi ans.
Our SEC pr oduct i on on t he Per shi ng Squar e si de I bel i eve
i ncl uded 11 cust odi ans i nt ended on goi ng f or war d. Val eant ' s
pr oduct i on i ncl uded 31 or 32. They' r e goi ng t o add f our t o
i ncl ude some i nt er nal cust odi ans.
Br i an, di d I get t hat r i ght ?
MR. FRAWLEY: Your Honor , Br i an Fr awl ey f r omSul l i van &
Cr omwel l .
J ust t o cl ar i f y, we' r e goi ng t o - - f or a subset of t he
t hose 31 cust odi ans, f or f our of t hemwe' r e goi ng t o go backwar ds
i n t i me t o J anuar y of 2013 and f or war d t o August 1 of 2014, as
Mr . Hol scher ment i oned and r un t he gamut of not j ust i nt er nal and
ext er nal communi cat i ons f or t hose f our . And we have 31 cust odi ans
we pr oduced t o t he SEC and i t was j ust ext er nal document s. Thank
you.
MR. HOLSCHER: Al l er gan has agr eed f or i t s - - t hey have
pr oduced r oughl y a l i t t l e over a t housand document s. Some of
t hose document s had r edact i ons t hat wer e, we bel i eve, done under
Del awar e l aw whi ch has some br oader pr i vi l eges. They have agr eed
t o pr oduce t o us, based onl y on t he Feder al Rul es of Ci vi l
Pr ocedur e, pr i vi l ege and t he l i ke, and t hey have agr eed t o
r epr oduce t he document s t hat wer e gi ven t o us i n t he l ast 10 days
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MARIA BEESLEY, OFFICIAL REPORTER, RPR, RMR
SACV 14- 1214- DOC - 09/ 09/ 2014 - I TEM NO. 3
wi t h onl y t he r edact i ons per mi t t ed under t he Feder al Ci vi l
Pr ocedur e. And on a goi ng- f or war d basi s we have t hat agr eement .
The par t i es ar e agr eei ng as t o exper t s t hat each si de
wi l l gi ve t he ot her a f ul some one- page document set t i ng out an
i dent i f i ed exper t and t hei r opi ni ons i n advance.
THE COURT: Si ze si x f ont ?
( LAUGHTER)
MR. HOLSCHER: I ' mt hi nki ng f l ash car ds, Your Honor .
Each si de wi l l do a f ul l page t hat wi l l i dent i f y t he
exper t t he subj ect mat t er and t he opi ni on. Wi t hi n 48 or 72 hour s
each si de can t hen - - l i ke st at e cour t , each si de can suppl ement
t he l i st , ei t her add exper t s or opi ni ons.
THE COURT: Okay.
MR. HOLSCHER: Wi t hi n 48 hour s of t hei r openi ng br i ef i ng
f i l ed wi t h t he exper t s, t hey' l l make t hei r exper t s avai l abl e f or
deposi t i on. Same f or our opposi t i on. So we f i l e t he opposi t i on,
i t has t he exper t decl ar at i on. Wi t hi n 48 hour s at a t i me
conveni ent t o t hem, st ar t i ng 48 hour s on, t hey can t hen depose t he
exper t . So t hey woul d get ear l y di scl osur e of t he exper t ' s
i dent i t y, t he ar eas of t est i mony. That ' s a mut ual exchange ear l y.
And t hen as soon as t hat decl ar at i on i s submi t t ed, wi t hi n 48 hour s
t hat exper t wi l l be avai l abl e f or deposi t i on.
THE COURT: Coul d you r epeat t hat t o me?
MR. HOLSCHER: Yes, Your Honor . Bot h si des ar e goi ng t o
exchange, I bel i eve i t ' s Sept ember 26, we wi l l exchange a f ul some
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MARIA BEESLEY, OFFICIAL REPORTER, RPR, RMR
SACV 14- 1214- DOC - 09/ 09/ 2014 - I TEM NO. 3
summar y of our r espect i ve exper t s' expect ed t est i mony ar eas and
opi ni ons. Wi t hi n 48 hour s of t hat exchange, bot h si des can t hen
suppl ement t hei r f i r st di scl osur es t o add ei t her exper t s or
addi t i onal opi ni ons.
THE COURT: Or addi t i onal exper t s?
MR. HOLSCHER: Cor r ect . Then when Al l er gan f i l es i t s
mot i on f or pr el i mi nar y i nj unct i on, t hei r f i r st br i ef , t hey wi l l
have exper t decl ar at i ons or opi ni on at t ached. Wi t hi n 48 hour s of
f i l i ng, t hey wi l l make t hei r exper t avai l abl e f or us t o depose.
THE COURT: 48 hour s bei ng def i ned as weekends al so?
MR. HOLSCHER: I t hi nk - -
THE COURT: I have seen t he game pl ayed and I know you
gent l emen won' t , but her e i s t he Fr i day f i l i ng. Remember , I came
f r omst at e cour t f or a l ong t i me. That was a f avor i t e t r i ck.
MR. HOLSCHER: I t hi nk Your Honor wi l l agr ee wi t h j ust
48 hour s, 48 hour s. And I t hi nk we' l l be abl e t o wor k t hr ough
t hese. Then when we f i l e our opposi t i on, t hey wi l l have 48
hour s - - 48 hour s t o f i l e our opposi t i on, our exper t s ar e open t o
be deposed.
THE COURT: Let me t al k t o you about t he deposi t i ons i n
j ust a moment af t er you f i ni sh.
MR. HOLSCHER: I bel i eve I sai d, Your Honor , was f i ve
hour s f or t he deposi t i ons, and t he par t i es agr eed not t o r epeat
t he quest i ons t hat wer e asked i n Del awar e. Ther e i s an ear l i er
Del awar e deposi t i on schedul ed t hat won' t be r epeat ed.
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MARIA BEESLEY, OFFICIAL REPORTER, RPR, RMR
SACV 14- 1214- DOC - 09/ 09/ 2014 - I TEM NO. 3
THE COURT: That hasn' t t aken pl ace yet .
MR. WALD: Cor r ect .
MR. HOLSCHER: The next t wo weeks I expect t he
deposi t i ons wi l l t ake pl ace i n Del awar e, Your Honor .
Wi t h r espect t o t he f i l i ng and t he hear i ng dat e, t hese
ar e suggest ed dat es because we don' t know Your Honor ' s schedul e.
I f I coul d j ust l et you know what our suggest ed r ange of dat es ar e
t o see i f t hat ' s agr eeabl e t o t he cour t .
THE COURT: I have got t o go back and get a cal endar i n
j ust a moment . Let ' s see what t he dat es ar e f i r st .
MR. HOLSCHER: Your Honor , I t hi nk what we have i n mi nd
i s Al l er gan t o f i l e i t s mot i on f or pr el i mi nar y i nj unct i on on or
about Oct ober 8.
THE COURT: Okay.
MR. HOLSCHER: That Per shi ng Squar e and Val eant ' s j oi nt
opposi t i on woul d be t he 20t h.
THE COURT: Okay.
MR. HOLSCHER: The r epl y br i ef woul d be Oct ober 27.
THE COURT: Al l r i ght .
MR. HOLSCHER: For r ef er ence, t hat ' s my bi r t hday, so
keep t hat i n mi nd. And t he hear i ng woul d be t he week of
November 3r d, what ever dat e was agr eeabl e. Our under st andi ng i s
t hat you don' t of t en want t o have t hese subst ant i ve mot i ons on
your cal endar t he day of t he 3r d, but t he week of t he 3r d i f Your
Honor had avai l abi l i t y, i f t hat wor ks.
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SACV 14- 1214- DOC - 09/ 09/ 2014 - I TEM NO. 3
THE COURT: I ' mnot avai l abl e. I ' mavai l abl e t he week
bef or e.
MR. WALD: Your Honor , ar e you avai l abl e t he week af t er ?
THE COURT: No. I ' l l t el l you exact l y what i s
happeni ng. I ' mdoi ng a count er t er r or i smpr ogr amdown i n Mal di ves.
I ' mcommi t t ed al r eady t o be down i n Sout h Asi a. So I know you ar e
t hi nki ng how j oyf ul i t woul d be t he l ast week i n Oct ober . Thank
you.
MR. HOLSCHER: I s November 3r d, I bel i eve t hat ' s t he
Monday - - i s t he Fr i day bef or e avai l abl e f or Your Honor , bef or e
November 3r d?
THE COURT: No, because I don' t know t he pl anned
schedul e. I f I go west , I l ose a day goi ng over . So I have t o
get on t he pl ane on Fr i day t o get t her e. And i f I ' mgoi ng east - -
no, I don' t want t o t ake t hat chance and di sappoi nt you by ki cki ng
i t . What ever dat e shoul d be a sol i d dat e f or me and a sol i d dat e
f or you.
MR. HOLSCHER: Woul d t hat Thur sday wor k, t he Thur sday
bef or e?
THE COURT: I don' t want t o t ake t hat chance. Wednesday
woul d wor k.
MR. WALD: And goi ng t he ot her way, and I know t hat ' s
pr obabl y l at er t han my f r i ends woul d l i ke t o see i t , but j ust on
t he ot her si de, what ' s t he f i r st day t hat you woul d be avai l abl e?
THE COURT: I have got t o get a cal endar , but I t hi nk, 01: 19
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J ul i e, I t hi nk t he week of t he 16t h t hr ough t he 20t h. But I have
got t o check a cal endar . Pl us, I don' t want you caught on a
cal endar l i ke t oday. I don' t t hi nk you want t o wai t unt i l
November . Why can' t we have i t on t he 28t h of Oct ober ?
MR. HOLSCHER: Your Honor , we coul d shor t en up our - -
maybe t hey can f i l e a coupl e days ear l i er . We' d have a l i t t l e
l ess f or opposi t i on. And Your Honor , I ' massumi ng, woul d want at
l east a week bet ween t he f i nal br i ef and t he hear i ng.
THE COURT: Yes.
MR. HOLSCHER: Why don' t we come back t o you wi t h a
schedul e. I t hi nk - -
THE COURT: I ' d l i ke t o have i t on t he 28t h i f I coul d.
That ' s not pr essi ng me. And I ' mnot pr essi ng you i n t er ms of
t i me. I hat e t i med mot i ons when you ar e wel l - pr epar ed and t he
cour t says you have got one hour each. I mean, you need t i me t o
ar gue t hat . And i t ' s i mpor t ant . Thi s coul d be t he bal l game.
So.
MR. WALD: Your Honor , i n t er ms of t he shape of t he
hear i ng j ust so we under st and what you have i n mi nd, f or - -
THE COURT: Not hi ng r i ght now. Wai t i ng f or your
gui dance.
MR. WALD: Okay. Woul d t he cour t be abl e t o set t he day
asi de? Woul d you expect t o set t he day asi de?
THE COURT: Remember , t hese ar e f i r st dat es. I haven' t
had t i me t o go back t o t al k t o J ul i e and Debbi e yet . I don' t
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know. I don' t know what ' s on my cal endar r i ght now. We' r e
t ossi ng out dat es. I ' mcar r yi ng 400 cases r i ght now. I don' t
know.
MR. WALD: We' l l gr ab t he 28t h, Your Honor , i f we can do
t hat . And i f we can have a l i t t l e bi t of t i me t hen t oday af t er
t hi s t o wor k out a r evi sed schedul e, I bel i eve we can pr esent Your
Honor wi t h a, not onl y a f ul l schedul e, but wi t h at l east our
vi ews on what ought t o happen on t he 28t h.
THE COURT: You don' t have t o do i t her e. As l ong as we
have an agr eement t hat ' s t he 28t h. And you can wor k ar ound t hat
i n your r espect i ve of f i ces. Ther e' s no r eason f or me t o put
pr essur e on you t o deci de t hat .
MR. HOLSCHER: We' l l pr ovi de Your Honor wi t h a
st i pul at i on. I t hi nk t he - - and I expect on t he 28t h i f i t goes
l at e, i f Your Honor i s amenabl e - -
THE COURT: I ' mamenabl e.
MR. HOLSCHER: We' ve been t ol d.
I t hi nk t he ot her i s - - t he l ast poi nt i s t hat t o ext end
our pr oduct i on t hr ough August 1 t akes us, bot h si des, t hr ough a
per i od wher e al l t he l aw f i r ms wer e i nvol ved f ai r l y ext ensi vel y.
Ther e i s an agr eement among t he f i r ms as of f i cer s of t he cour t ,
we' l l make t he same pr i vi l ege cal l s we made t o t he SEC. They have
al r eady seen our pr oduct i ons. They know t hat we t ur ned over many
of t hose document s. Nei t her si de can pr ovi de t he pr i vi l ege l ogs,
whi ch woul d be sever al hundr ed pages because a si gni f i cant
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SACV 14- 1214- DOC - 09/ 09/ 2014 - I TEM NO. 3
per cent age of t he document s i n t he August , J ul y/ August t i me per i od
ar e communi cat i ons wi t h counsel .
So bot h si des ar e agr eeabl e t hat we wi l l et hi cal l y make
t he cal l on pr i vi l ege. We' r e not goi ng t o have pr i vi l ege l og
l i t i gat i on. I f f or some r eason t her e i s an i ssue t hat comes up
wi t hout a pr i vi l ege l og, we' l l t r y and r esol ve i t i nf or mal l y.
The ot her quest i on we have f or Your Honor i s, t o t he
ext ent we have a di sagr eement on a di scover y i ssue i n t hi s compact
schedul e, how woul d you l i ke us t o deal wi t h i t ?
THE COURT: I want you t o come t o me. I t end not t o use
t he magi st r at e j udges because what happens i s you' l l t est t hem,
t hen t her e wi l l be a mot i on f or r econsi der at i on. I f I ' mdoi ng my
j ob cor r ect l y, I have t o pi ck i t up de novo anyway. So I want you
i n her e.
MR. HOLSCHER: Your Honor , woul d i t be okay wi t h Your
Honor i f we had t hose mot i ons t hat - - we wi l l be doi ng t hose
mot i ons i f t hey happen - - I hope t hey don' t - - pot ent i al l y on t he
same t r ack as deposi t i ons, exper t s, and ever yt hi ng. I t woul d be
appr opr i at e and per mi ssi bl e, f or exampl e, my co- counsel
Mr . Shi pl ey t o handl e i t i f I ' mdoi ng a deposi t i on and vi ce ver sa?
THE COURT: No.
MR. HOLSCHER: So you woul d want l ead counsel .
THE COURT: I t ' s t he r esponsi bi l i t y of l ead counsel .
Absol ut el y.
MR. HOLSCHER: Okay. 01: 24
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THE COURT: These ar e t oo i mpor t ant . These di scover y
mot i ons ar en' t r un- of - t he- mi l l di scover y mot i ons. And t hat ' s - -
you t wo ar e i n ar med conf l i ct r i ght now and you' r e on a r acet r ack.
Thi s case coul d r esol ve and pl ay i t sel f out i n a number of ways
wher e t he cour t never event ual l y even get s t o t r i al .
So t hese di scover y mot i ons and pr el i mi nar y i nj unct i on
become ext r aor di nar i l y i mpor t ant . I t coul d pl ay i t sel f out i n t he
mar ket pl ace, qui t e f r ankl y, bef or e you ever get t hi s case of f t he
gr ound.
MR. HOLSCHER: Thank you, Your Honor .
Now, wi t h r espect t o - - t he ent i r e per i od of di scover y
woul d cover not much l onger t han nor mal mot i on pr act i ce dat es. I
know Your Honor had gi ven us some gui dance t hat you wer e not
t hr i l l ed wi t h ex par t e f i l i ngs. How woul d you l i ke f or us t o
pr oceed t o t he ext ent we have a di scover y di sput e on t he expedi t ed
schedul e?
THE COURT: I f I can - - I hat e t o open up t he f eder al
cour t unl ess I ' mal r eady i n a compl ex l i t i gat i on t r i al . Let ' s say
I ' mi n t r i al f or t hr ee mont hs, et cet er a, Sat ur days and Sundays,
f ai r game. I want counsel i n di scussi ng t he evi dence so we' r e
pr epar ed f or Monday or Tuesday.
So I hat e t o spend t axpayer s' money j ust openi ng up t he
cour t . But I ' mcer t ai nl y avai l abl e t o you on weekends. And I
know t hat you ar e wor ki ng weekends anyway, f r ankl y. I t ' s not a
puni shment . I gi ve up mor e of my pr i vat e l i f e t o accommodat e you
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MARIA BEESLEY, OFFICIAL REPORTER, RPR, RMR
SACV 14- 1214- DOC - 09/ 09/ 2014 - I TEM NO. 3
t han you coul d possi bl y i magi ne. Not you speci f i cal l y, but
l i t i gant s.
Number t wo, usual l y you can get i nt o my cour t at
7: 00 o' cl ock i n t he mor ni ng and I can hear i t i f i t ' s an hour or
so. But I have got cr i mi nal mat t er s t hat I set at 7: 30. J ust so
you know t he r eason why, back i n Depar t ment 5 when I was
super vi si ng, we had 12, 000 def endant s a year and pr i vat e counsel .
I f I st ar t ed my cour t at 7: 30, you as pr i vat e counsel , as a
cr i mi nal pr act i t i oner coul d come i n, you coul d get your mat t er
r esol ved and you wer e of f t o f i ve di f f er ent cour t s wi t h j udges al l
anxi ous t o get ahol d of you.
I f you got t i ed up i n a mast er cal endar cour t , you
coul dn' t make a l i vi ng. So I get her e pr et t y ear l y by habi t .
Eveni ngs, i t depends. As l ong as I ' mnot gi vi ng a speech or i t ' s
not a bar f unct i on, et cet er a, you can come i n at 5: 30 or 6: 00.
But i t depends upon t he l engt h. I f you' r e goi ng t o t ake t hr ee or
f our hour s, t hen I need cour t hour s, but I need t o have not i ce so
I get my suppor t , my cour t r epor t er s i n and my cl er ks i n f or you.
So I ' mavai l abl e t o you weekends. I ' mavai l abl e t o you
f r om7: 00 o' cl ock i n t he mor ni ng. I ' mavai l abl e t o you af t er
5: 30, but you have got t o check and make sur e what I ' mdoi ng. I ' m
not avai l abl e t o you j ust because you' r e dr oppi ng by. I n ot her
wor ds, i f I have got anot her mat t er and we' r e i n t r i al or anot her
hear i ng, you don' t have pr ecedence. You j ust wai t . S&P
unf or t unat el y was up bef or e you, ot her wi se, S&P woul d be wai t i ng.
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MARIA BEESLEY, OFFICIAL REPORTER, RPR, RMR
SACV 14- 1214- DOC - 09/ 09/ 2014 - I TEM NO. 3
Okay?
MR. WALD: That al l makes per f ect sense, Your Honor .
What Mr . Hol scher and I have di scussed i s a pr ot ocol wher eby i f
t her e i s a di scover y di sput e, and I emphasi ze " i f " - -
THE COURT: 48 hour s t o me. Coul d be handwr i t t en f or
al l I car e. I don' t car e about t he f or mal i t y. I car e about
knowi ng enough about t he i ssue you' r e br i ngi ng bef or e me. I have
got t o do my own r esear ch anyway. Qui t e f r ankl y, a 25- page br i ef
mi ght hel p. Somet i mes i t ' s j ust what I cal l snooze r eadi ng. I t ' s
not hel pf ul at al l . But i f I can get you i n, hear t hat mot i on, et
cet er a. . .
MR. HOLSCHER: That ' s f i ne. We can wor k out - -
THE COURT: Coupl e pages.
MR. HOLSCHER: I t hi nk we' r e wor ki ng out a f i ve- page or
expedi t e f or Your Honor .
THE COURT: I ' ve got t o do t he r esear ch anyway
i ndependent of what ever you ar e submi t t i ng t o me. I j ust need t o
know why you ar e comi ng i n and be wel l enough pr epar ed t o l i st en
t o t he ver bal ar gument .
What you won' t get , t hough, i s you won' t get a t ent at i ve
under t hose ci r cumst ance. You won' t get my best t hought s because
I ' mst i l l st r uggl i ng at ni ght af t er cour t t o cat ch up what you
have submi t t ed. So you' l l come i n, you' l l ar gue, and t hen you' l l
get a r ul i ng. But hopef ul l y I ' l l be wi se enough wi t h t hat ki nd of
f i ve- page document or l ess t o know why you ar e her e.
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MR. HOLSCHER: The l ast i t emof our st i pul at i on I
bel i eve i s t hat t o t he ext ent t hat ei t her si de submi t s a
decl ar at i on i n t hei r pl eadi ngs - - so i t woul d be Al l er gan' s mot i on
f or pr el i mi nar y i nj unct i on, our opposi t i on. I don' t know i f t hi s
appl i es t o r epl y. I never t hought about i t .
THE COURT: You know, r epl i es, want t o hear a secr et
about r epl i es? Never mi nd.
MR. HOLSCHER: I f t her e i s a decl ar at i on t hat ' s f i l ed
f r oma per son who i s not deposed, t hen t he ot her si de, each si de
i s goi ng t o gi ve advance not i ce - - we' l l wor k out a dat e bef or e
t he f i l i ng - - advance not i ce, say we' r e goi ng t o be submi t t i ng
decl ar at i ons, so i t ' s not been deposed. And t her e wi l l be an
oppor t uni t y f or a - - and we' l l wor k out t he amount of hour s f or a
deposi t i on of t he decl ar ant .
So f or exampl e, i f ei t her si de - - we don' t want t o be i n
a si t uat i on wher e you depose a bunch of peopl e and t her e ar e f i ve
or si x ot her decl ar ant s who ar e new, t her e wi l l be an oppor t uni t y
f or ki nd of , al most l i ke we di d wi t h t he exper t s, ki nd of qui ck
deposi t i on af t er war ds. And we wi l l submi t t hat t o Your Honor i n a
st i pul at i on hopef ul l y t omor r ow wi t h t he r est of t he i t ems.
THE COURT: Li st en, t hat was - - can I ask you a coupl e
quest i ons?
Counsel , you want ed t o speak. I apol ogi ze.
MR. WALD: Not at al l , Your Honor . That ' s f i ne.
THE COURT: Fi r st of al l , how l ong woul d you l i ke? I ' m 01: 29
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SACV 14- 1214- DOC - 09/ 09/ 2014 - I TEM NO. 3
not f or ci ng you back t o your of f i ce, but I woul d l i ke t o see t hat
f r oma ver bal r eci t at i on i nt o an act ual document . And I don' t
car e whet her i t ' s t omor r ow or t he f ol l owi ng day.
MR. HOLSCHER: Tomor r ow mor ni ng, Your Honor . I t hi nk
t omor r ow bef or e noon you shoul d have a f i l ed - -
THE COURT: That ' s f ai r enough. I ' mnot goi ng t o set a
f ur t her dat e. Remember , wi t h me t he gl ass i s al ways hal f f ul l
wi t h counsel . I t ' s never hal f empt y unt i l pr oven di f f er ent l y.
And t he second t hi ng i s - - and I di dn' t get t hat f ar .
Tr ust me, I had ei ght or ni ne pages, we wer e goi ng t o spend a l ot
of t hought f ul t i me t oget her . Let me put t hat away and j ust t al k
t o you.
By t he way, I ' l l put t hi s on t he r ecor d: You t wo ar e
conduct i ng your sel f admi r abl y. Thank you. I t ' s a pl easur e havi ng
you her e. I t ' s not because you' ve agr eed or di sagr eed. I don' t
car e about t hat . That ' s t he adver sar y syst em. I t ' s j ust you' r e
bei ng - - but your cl i ent s don' t l i ke each ot her . Di d you not i ce
t hat ? Ther ef or e, somet i mes we' r e gui ded by our cl i ent s. So you
don' t put pr essur e on us as counsel and you haven' t st epped out of
char act er at al l .
But I expect war f ar e i n t hi s case. Sl ash- and- bur n. And
t he quest i on i s, do I need an i nt er medi ar y cal l ed a speci al mast er
or somebody pr esent - - now, hol d on. Ri ght now I don' t - - pr esent
at t he deposi t i on? And t he deposi t i ons, i f t hey' r e conduct ed i n
Los Angel es, i f t her e i s a pr obl em, I ' d r at her have you down her e
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sor t i ng out t he pr obl emt hat day, because what happens somet i mes
i s t hat t he quest i ons don' t get answer ed and you don' t get t he
r ul i ngs or some i ndi cat i on, you send t hat deponent away. Now t hat
deponent has t o come back af t er a whol e per i od of t i me t hat ' s
wast ed and we have a second deposi t i on. And now t he deponent i s
angr y, f el t i nconveni enced, f el t har assed, et cet er a.
I ' mnot sayi ng t hat t hat ' s goi ng t o happen, but I ' m
t r yi ng t o ant i ci pat e how do you get t hat i nf or mat i on t o one
anot her as qui ckl y as possi bl e. And I don' t know what you ar e
deal i ng wi t h out t her e. I don' t know t he ext ent of t he vi t r i ol i c
f eel i ng.
I ' mhappy t o i mpose one. And i f you t el l me not t o, I ' m
happy not t o. And I want you t o t al k t o your r espect i ve si des f or
j ust a moment . Because I ' mnot sur e who t hat speci al mast er woul d
be r i ght now. But I t hi nk you t wo ar e on t he f ast t r ack. Thi s i s
goi ng t o get r esol ved pr et t y qui ckl y i f not by t he cour t , but by
t he mar ket pl ace.
Remember , t hi s i s an of f er . You ar e much wi ser about
your r espect i ve case t han I am. So I ' mt aki ng gui dance f r ombot h
of you.
MR. HOLSCHER: Your Honor , I t hi nk at t hi s poi nt we' r e
comf or t abl e wi t hout a speci al mast er .
THE COURT: Then l et ' s l et i t pl ay out . Let ' s go
t hr ough t he i ni t i al i ssues and deposi t i ons. I f you have a
pr obl em, br i ng t hat t o my at t ent i on and we' l l wr est l e wi t h i t
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t hen. We don' t have t o f or esee al l t he di f f i cul t i es i f t hey don' t
occur . Okay? So we' l l wai t .
Wel l , t hen counsel , i s t her e anyt hi ng el se?
MR. WALD: Your Honor , i f I can j ust t ake a coupl e mor e
mi nut es of t he cour t ' s t i me. Some quest i ons had been r ai sed whi ch
I ' msur e Your Honor saw i n t he cor r espondence t hat you r evi ewed i n
connect i on wi t h t he mot i ons about t he scope of t he r el i ef t hat
we' r e seeki ng.
THE COURT: Scope of t he?
MR. WALD: Scope of t he r el i ef t hat we' r e seeki ng.
THE COURT: I had a l ot of quest i ons about t hat .
MR. WALD: Let me see i f I can addr ess t hem, Your Honor ,
at l east some of t hem.
As we di scussed wi t h opposi ng counsel t oday, t he
gr avamen, t he cent er of t he pr el i mi nar y i nj unct i on pr oceedi ng i s
t he 14e- 3 cl ai m.
THE COURT: We wer e goi ng t o spend a l ong t i me about t he
scope of t hat r el i ef t oday. I t seemed i nnocuous, br oad t o me. I
di dn' t t hi nk t hat you wer e not ent i t l ed t o i t , but I wasn' t
si gni ng of f on what I cal l a myst er y t our i n t er ms of br eadt h.
MR. WALD: Under st ood, Your Honor . Our submi ssi on I
t hi nk i s f ai r l y di r ect and st r ai ght f or war d on t hi s i ssue. I f we
per suade Your Honor t hat t her e i s a l i kel i hood of success on t he
mer i t s wi t h i r r epar abl e har m, t he r el i ef we wi l l be seeki ng i s an
i nj unct i on agai nst t he exer ci se of benef i ci al owner shi p r i ght s
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t hat woul d ot her wi se accr ue t o t he shar es t hat wer e pur chased by
Per shi ng Squar e Fund 1. And as Your Honor knows f r omr eadi ng t he
paper s, t hat ' s r oughl y 9. 7 per cent .
And as Your Honor i s pr obabl y al so awar e f r omt he
paper s, Val eant cont i nues t o del i ver ; Val eant and Per shi ng Squar e
cont i nue t o del i ver r equest s f or ms t o t he company. I ' mnot sur e
wher e t hey wi l l be mat hemat i cal l y by t he t i me t he pr el i mi nar y
i nj unct i on goes f or war d. I f t hey ar e bel ow 35 per cent such t hat
t he quar ant i ne, i f you wi l l , or t he st r i ppi ng away of t he
benef i ci al owner shi p r i ght s t hat Mr . Ackman' s shar es woul d r educe
t he number bel ow 25 per cent , t hen t hat woul d have cer t ai n
consequences.
I f t hey ar e at or above 35 per cent such t hat even i f you
agr eed wi t h us t hat Mr . Ackman' s shar es cannot be vot ed, t hey
woul d t heor et i cal l y st i l l have t he chance t o be above 25 per cent .
So t he second par t of our submi ssi on i s t hat t o t he
ext ent we ar e successf ul on t he 14e- 3 cl ai m, we bel i eve and we
woul d submi t t o you, Your Honor , and ar gue t hi s, t hat our cl ai ms
under 14a- 9 whi ch i s a di scl osur e st at ut e, whi ch woul d r equi r e
f ul l and f ai r di scl osur e i n t he seeki ng of t he r equest f or ms f or
t he speci al meet i ng and i n t he seeki ng of pr oxi es t o be vot ed at
t he speci al meet i ng, woul d have been obt ai ned t hr ough mat er i al
mi sr epr esent at i ons and omi ssi ons by def i ni t i on, because we wi l l
have demonst r at ed t hat t her e was a vi ol at i on of t he i nsi der
t r adi ng l aws, t he pr edi cat es f or whi ch wer e not di scl osed t o
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shar ehol der s.
Obvi ousl y I ' mnot aski ng Your Honor t o accept t hat . I ' m
j ust t r yi ng t o expl ai n our t heor y of t he case. I f we wer e
successf ul on t hat , t hen i n our vi ew t he 25 per cent woul d be
r educed bel ow 25 per cent .
Now, wi t h r espect t o t hose shar es, Your Honor - -
THE COURT: Whi ch woul d i nval i dat e t he shar ehol der
meet i ng. I t hi nk you have i t schedul ed i n December ?
MR. WALD: Cor r ect , Your Honor . December 18. The 14a- 9
cl ai ms, Your Honor - - and I ' msur e you' l l hear debat e about t hi s
so I want t o be st r ai ght f or war d wi t h t he cour t - - ar e
t heor et i cal l y subj ect t o bei ng cur ed because i t ' s a di scl osur e
st at ut e. And so, we' r e not sayi ng t hat t he di scl osur es coul d
never be cur ed. I t hi nk t hat ' s somet hi ng we woul d want t o t al k t o
Your Honor about .
THE COURT: I s t her e enough t i me t o cur e t hat dependi ng
upon t he def endant s, i f t hey r ecei ved an adver se r ul i ng, coul d
t hey have enough t i me t o cur e t hat bef or e t he - -
MR. WALD: St andi ng her e t oday, Your Honor , I don' t see
why t hey coul dn' t . I do t hi nk t hat shar ehol der s who wer e - -
THE COURT: What pr el i mi nar y i nj unct i on woul d I i ssue
concer ni ng t hat i ssue?
MR. WALD: Ri ght . And I t hi nk shar ehol der s who wer e
t hen pr oper l y i nf or med about what t hi s cour t ' s f i ndi ngs wer e woul d
t hen need t o make a second i nvest ment deci si on, i f you wi l l , Your
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Honor , a second vot i ng deci si on about whet her t o suppl y t he
r equest f or ms or whet her t o suppl y a pr oxy.
THE COURT: Let me ask what ki nd of r el i ef ar e you
aski ng f or , t hen? I n ot her wor ds, i f t hi s can be cur ed, i t ' s a
mat t er , once agai n as I sai d, t hi s coul d pl ay out i n t he
mar ket pl ace f ast er t han t he cour t .
MR. WALD: I f t hey don' t get above 35 per cent ,
Mr . Ackman' s shar es coul d not be cur ed. Those woul d have been
secur ed t hr ough, i f we pr evai l , a vi ol at i on of t he i nsi der t r adi ng
l aws. And t hose shar es ar e not avai l abl e. And so i f t hey f al l
bel ow 25 per cent , i t ' s game over i n t hat sense.
What I ' msayi ng i s i f t hey got above 35 per cent and we
wer e successf ul on Mr . Ackman' s cl ai m, on Mr . Ackman' s shar es, and
we wer e successf ul on t he 14a- 9 di scl osur e cl ai ms, we woul d - - you
can i magi ne scenar i os wher e t hey woul d be r educed bel ow 25 per cent
and t he speci al meet i ng coul d not go f or war d on t hat basi s.
Now, what we' r e sayi ng i s - -
THE COURT: I ' msor r y.
MR. WALD: Sur e.
THE COURT: Some per cent age of t hat coul d be cur ed. And
par t of t hat cur e woul d be r ai si ng i t back above t he 25 per cent .
So I ' mgoi ng t o come back t o my or i gi nal quest i on: Why woul d a
cour t be i ssui ng a br oad pr el i mi nar y i nj unct i on, i n a sense, whi ch
woul d t er mi nat e t hi s? Whi ch i s what I ' mr eal l y hear i ng you aski ng
when i t ' s pot ent i al l y cur abl e.
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MR. WALD: We don' t want you t o t er mi nat e anyt hi ng, Your
Honor . And we' r e not seeki ng t o t er mi nat e t he speci al meet i ng.
We' r e not aski ng you t o enj oi n t he speci al meet i ng. We' r e aski ng
you t o enj oi n Per shi ng Squar e Fund 1' s exer ci se of benef i ci al
owner shi p r i ght s, t ake out t he 9. 7.
THE COURT: At t hat speci al meet i ng?
MR. WALD: Cor r ect . Wel l , hi s shar es woul d no l onger
count t owar ds t he cal l i ng of t he speci al meet i ng, t owar ds t he 25
per cent .
THE COURT: We' r e mi xi ng and mat chi ng. Let ' s go back
agai n. Take t he cal l i ng. The f i r st ar gument - - or t he second
ar gument you pr oposed t o me i s r eal l y t he f i r st i ssue. And t hat
i s, t hat pot ent i al l y i s cur abl e and mi ght br i ng t he def endant s
above 25 per cent . Mi ght .
MR. WALD: Mi ght , Your Honor . And I - -
THE COURT: Hol d on. Hol d on si nce you ar e mi xi ng and
mat chi ng now. As t o t hat , I ' mnot cer t ai n what t he r emedy woul d
be si nce i t ' s cur abl e. And I don' t know i f I woul d be appr opr i at e
enj oi ni ng or st oppi ng a shar ehol der meet i ng on t hat basi s.
Number t wo, I don' t know what t he cur e per i od i s
of f hand. I don' t r emember . Dependi ng when t hi s occur r ed, I ' mnot
cer t ai n i f t hi s coul dn' t be cur ed t hr ee days bef or e t he meet i ng
and t he cour t has enj oi ned t hi s speci al meet i ng.
What I ' mwor r i ed about i s anyt hi ng t hat i s cur abl e t hat
pot ent i al l y r ai ses t hi s above 25 per cent . I t seems t o be t he
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cour t ' s i n a di f f i cul t posi t i on enj oi ni ng or del ayi ng, ei t her one.
MR. WALD: I ' msor r y f or t he conf usi on, Your Honor , but
t hi s i s ver y i mpor t ant t er r ai n and I ' mgl ad what t hat you ar e - -
THE COURT: I want you t o cor r ect me.
MR. WALD: We ar e not aski ng you t o enj oi n t he speci al
meet i ng. We ar e aski ng you t o enj oi n t he vot i ng of shar es. That
i nj unct i on wi t h r espect t o Per shi ng Squar e Fund 1 on t he one hand
and r equest s t hat have been submi t t ed on t he basi s of mi sl eadi ng
publ i c st at ement s on t he ot her hand, t he mat h t hat ' s i nher ent i n
t hose t wo bucket s coul d br i ng t hi s bel ow 25 per cent .
THE COURT: Whi ch means t hat t hose i n t he speci al
meet i ng - - t hi s i s a Cat ch- 22 - - ar e goi ng i n ci r cl es.
MR. WALD: Fai r enough, Your Honor . What I ' msayi ng i s
we' r e not aski ng you t o enj oi n t he speci al meet i ng.
THE COURT: The end r esul t woul d be - - wel l , t he cour t
woul dn' t have t o do a t hi ng i f t hat ' s t he case.
MR. WALD: Wel l , i f - -
THE COURT: I n ot her wor ds, why ar e you her e?
MR. WALD: Wel l , because - -
THE COURT: Ot her t han t o deci de t hat i ssue. I n ot her
wor ds, when you seek r el i ef , I don' t know what r el i ef r i ght now
you ar e aski ng f or because i f you dr op bel ow t he 25 per cent , i t
woul d seem, a f or t i or i , t hat r esol ves i t . Now t hey may come back
and cur e i t , but I don' t want t he cour t t o be i n a posi t i on of
gi vi ng ant i ci pat or y r ul i ngs or i nj unct i ons. So I ' mnot sur e what
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SACV 14- 1214- DOC - 09/ 09/ 2014 - I TEM NO. 3
you' r e aski ng.
MR. WALD: I t woul dn' t be ant i ci pat or y, Your Honor . You
woul d be r ul i ng on t he basi s of di scl osur es t hat t hey made and you
woul d be f i ndi ng t hat t hose di scl osur es wer e f aul t y. That t hey
vi ol at ed t he f eder al secur i t i es l aws. I f t hey want t o t hen
cor r ect t hose di scl osur es, t hey t hen need t o per suade t he
shar ehol der s t o r esubmi t t hei r r equest f or ms on t he basi s of - -
THE COURT: So l et me summar i ze. You ar e not aski ng i n
t hi s i nj unct i ve r el i ef f or ei t her del ay or , l et ' s say,
t er mi nat i on.
MR. WALD: That ' s cor r ect . We ar e aski ng f or r el i ef
wi t h r espect t o t he vot i ng. That ' s what we ar e aski ng f or , Your
Honor .
THE COURT: What I ' msayi ng t o you agai n and agai n i s
t he mar ket i s goi ng t o pl ay t hi s out . I f you ar e successf ul , t he
cour t i sn' t pr obabl y maki ng any f ur t her r ul i ngs because you ar e
not aski ng f or anyt hi ng. I t pl ays i t sel f out i n t he mar ket pl ace.
MR. WALD: We agr ee wi t h t hat , Your Honor .
THE COURT: They may be abl e t o cur e t hat .
MR. WALD: And i f t hey do, i f t hey cur e i t i n t he sense
of comi ng up wi t h a compl i ant di scl osur e, t hen t hey have t o
per suade shar ehol der s t o vot e.
THE COURT: I under st and.
MR. WALD: And t hey may not be abl e t o per suade
shar ehol der s t o vot e once t he t r ut h i s known. So i t does become
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SACV 14- 1214- DOC - 09/ 09/ 2014 - I TEM NO. 3
ver y i mpor t ant what t hi s cour t f i nds wi t h r espect t o t hat .
THE COURT: I under st and t hat .
MR. WALD: Thank you, Your Honor .
THE COURT: I t hought we st ar t ed about r el i ef , t hough.
I t hought t hat was what our conver sat i on was about , t he ext ent of
t he r el i ef t hat was bei ng r equest ed.
MR. HOLSCHER: Coul d I answer your quest i on, Your Honor ?
THE COURT: Pl ease.
MR. HOLSCHER: Ver y br i ef , Your Honor . Your quest i ons
ar e i nsi ght f ul because t hei r r equest s f or pr el i mi nar y i nj unct i on
r el i ef i s changi ng because when we f i r st wer e bef or e Your Honor ,
i t was wi l l we get t o 25 per cent . And no shar ehol der has ever
f i l l ed out t hose change of deeds, t wo year s of t r adi ng hi st or y and
any r el at i onshi p wi t h 30 phar maceut i cal compani es. And t hey wer e
sayi ng t hat t he Per shi ng Squar e 9. 7 per cent shoul d be i nval i dat ed.
What happened, Your Honor , i s we di dn' t j ust cl i mb t he 25 per cent
amount . We' r e about t o cl i mb t he 30 per cent amount .
So agai n, f r omour per spect i ve, t hei r cl ai mt hat somehow
Per shi ng Squar e and Val eant ar e f or ci ng a meet i ng t hat
shar ehol der s don' t want , t her e i s goi ng t o be anot her 25 per cent
who, we expect by t he end of t hi s week, wi l l have essent i al l y
changed t he r ecor d day of t hei r shar es - -
THE COURT: And i f t hat ' s t he case, f r omyour
per spect i ve don' t you have saf e heaven i n t he sense t hat you never
dr opped bel ow 25 per cent r egar dl ess of what t he cour t r ul es?
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SACV 14- 1214- DOC - 09/ 09/ 2014 - I TEM NO. 3
MR. HOLSCHER: What I bel i eve t hat counsel j ust sai d was
t hat t hey want t o t ake away our shar es and t he pr oxi es we
sol i ci t ed t o " l et peopl e st ar t over . " And of cour se wi t h t hi s
pr ocess i t t ake weeks and i t ' s har d t o st ar t over .
I don' t want t o devol ve i nt o t he mer i t s, Your Honor ,
ot her t han t o i ndi cat e t hat I bel i eve t her e ar e goi ng t o be
si gni f i cant quest i ons at t he hear i ng wi t h r espect t o t he scope of
t he r el i ef .
I ' l l r ai se one ot her i ssue, Your Honor , t hat ' s
pr ocedur al t hat you know i s at l east t her e. We have met and
conf er r ed pr el i mi nar i l y wi t h counsel f or Al l er gan. Ther e i s a
basi c st andi ng i ssue whi ch i s Al l er gan i s sayi ng Per shi ng Squar e
and Val eant we bel i eve, even t hough you f ol l owed al l t hose r ul es
wi t h al l t hese t op advi ser l aw f i r ms, t hat somehow even t hough you
ar e co- bi dder s, you had i nsi de i nf or mat i on. I won' t ar gue t hat
t oday.
They wer en' t t r ader s i n t hei r own st ock. They di dn' t
own t he st ock at t he t i me. Ther e i s a f undament al st andi ng i ssue
i n t he Ni nt h Ci r cui t whi ch essent i al l y i s, t o br i ng an i nsi der
t r adi ng cl ai m, unl ess you ar e t he gover nment , t her e needs t o be
t he cont empor aneous owner shi p of shar es. Hence, t hey' r e havi ng
someone f r omt hei r i n- house l egal depar t ment buy shar es and be one
of t he co- pl ai nt i f f s.
I don' t know i f we' r e goi ng t o br i ng i t as a summar y
j udgment mot i on or an opposi t i on t o our pr el i mi nar y i nj unct i on.
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MARIA BEESLEY, OFFICIAL REPORTER, RPR, RMR
SACV 14- 1214- DOC - 09/ 09/ 2014 - I TEM NO. 3
Ther e i s a Ni nt h Ci r cui t case on al l f our s t hat essent i al l y says,
not onl y i s t hi s i nj unct i ve r el i ef t hey' r e seeki ng never been
gr ant ed by any cour t , t her e' s no cour t t hat ' s ever f ound t hat t hey
act ual l y have st andi ng t o br i ng an i nsi der t r adi ng case wher e t hey
don' t own t he st ock.
And t he case, Your Honor , i s Brody 280 F. 3d 997, Ni nt h
Ci r cui t , 2002. We' r e ei t her goi ng t o br i ng t hat as a summar y
j udgment mot i on whi ch Mr . Shi pl ey i s bangi ng on me t o br i ng or
we' r e goi ng t o do i t i n our opposi t i on t o t he pr el i mi nar y
i nj unct i on. But I want you t o know as a pr ocedur al mat t er you' l l
see t hat i ssue.
THE COURT: Counsel ?
MR. WALD: Thank you, Your Honor . I wi l l say t wo
t hi ngs: One, we have met and conf er r ed wi t h Mr . Hol scher about
t hat . So what ever pr ocedur al r ubr i c i s appr opr i at e, t hat ' s f i ne.
On t he mer i t s, Your Honor , obvi ousl y t he cour t wi l l r ead
t he case. Ther e i s a si ngl e case. We bel i eve i t st ands f or a
di f f er ent pr oposi t i on, and t hat i s si mpl y t hat i n or der t o seek
damages i n your own r i der on behal f of your shar ehol der s, you
needed t o be a cont empor aneous t r ader . We do not bel i eve i t
st ands f or t he pr oposi t i on t hat t he i ssuer doesn' t have st andi ng
t o seek i nj unct i ve r el i ef wher e t her e has been a vi ol at i on of
14e- 3.
THE COURT: I ' mgl ad we di dn' t get i nt o t he mer i t s.
( LAUGHTER)
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SACV 14- 1214- DOC - 09/ 09/ 2014 - I TEM NO. 3
THE COURT: Let me ask you somet hi ng. Do you want t o
ar gue t hi s pr el i mi nar i l y t oday? You al r eady have, but I ' l l gi ve
you t he t i me t o ar gue i t pr el i mi nar i l y because i t ' s f asci nat i ng,
number one.
Number t wo, you ar e doi ng a gr eat j ob of educat i ng me
about what ' s goi ng t o happen on Oct ober 28. You have my
appr eci at i on. So i f you' d l i ke anot her t ur n at t he l ect er n, i t ' s
f asci nat i ng.
MR. HOLSCHER: We' r e done, Your Honor . I shoul d have
hel d back, and I apol ogi ze.
THE COURT: Not at al l . I n f act , qui t e t he opposi t e. I
t hi nk i t ' s a ver y good way t o st ar t pr epar i ng me. And I
appr eci at e i t f r ombot h your par t s. I don' t f i nd any f aul t wi t h
t hat at al l .
I n f act , I ' mgoi ng t o mi ss you when t hi s case over .
Oct ober 28?
MR. HOLSCHER: Yes, Your Honor .
THE COURT: You' l l set up a schedul e based ar ound t hat
dat e t hat bot h of you f i nd accept abl e t o each ot her . And be ki nd
t o each ot her as you can i n t er ms of any per sonal - -
MR. WALD: We wi l l absol ut el y do t hat , Your Honor .
THE COURT: I t hi nk you al r eady have. Gent l emen, I ' m
gl ad we coul d f i t you i n. Sor r y about t he del ay t oday. Not t hat
apol oget i c. Thank you.
MR. HOLSCHER: By noon t omor r ow we' l l be f i l i ng a 01: 48
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SACV 14- 1214- DOC - 09/ 09/ 2014 - I TEM NO. 3
st i pul at i on.
(Whereupon the proceedings were adjourned at 1:48.)

-oOo-

CERTIFICATE

I hereby certify that pursuant to Section 753, Title 28,
United States Code, the foregoing is a true and correct transcript
of the stenographically reported proceedings held in the
above-entitled matter.

Date: SEPTEMBER 10, 2014

/S/
______________________________
MARIA BEESLEY, RPR, RMR
OFFICIAL COURT REPORTER


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Maria Beesley
Digitally signed by Maria Beesley
DN: cn=Maria Beesley, o, ou,
email=amaria1957@yahoo.com, c=US
Date: 2014.09.10 12:26:52 -07'00'
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14e-3 [4] 6/22 22/16 23/17 31/23
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25 [2] 23/11 26/8
25 percent [14] 23/15 24/4 24/5 25/11 25/15
25/21 26/14 26/25 27/10 27/22 29/12 29/16
29/20 29/25
25-page [1] 18/8
26 [1] 9/25
27 [1] 11/18
28 [3] 32/6 32/16 33/8
280 [1] 31/6
28th [6] 13/4 13/12 14/4 14/8 14/10 14/14
3
30 [1] 29/14
30 percent [1] 29/17
300 [1] 2/23
31 [3] 8/7 8/13 8/16
310 [1] 2/20
32 [1] 8/7
35 percent [4] 23/8 23/13 25/7 25/12
391-0600 [1] 2/4
3rd [5] 11/22 11/24 11/24 12/9 12/11
4
40,000 [1] 6/24
400 [1] 14/2
411 [1] 1/22
415 [1] 2/4
48 [13] 9/10 9/14 9/17 9/18 9/21 10/2 10/8
10/10 10/16 10/16 10/17 10/18 18/5
4983 [1] 2/16
4th [1] 1/22
5
505 [1] 2/3
523-5400 [1] 2/11
540-1235 [1] 2/8
5400 [1] 2/11
558-4983 [1] 2/16
564-9259 [1] 1/23
5:30 [1] 17/21
5:30 or [1] 17/15
6
650 [1] 2/7
6640 [1] 2/20
67,000 [2] 6/22 6/23
680-8190 [1] 2/24
6:00 [2] 5/22 17/15
7
712-6640 [1] 2/20
714 [2] 1/23 2/8
72 [1] 9/10
753 [1] 33/8
7:00 o'clock [2] 17/4 17/20
7:30 [2] 17/5 17/8
8
8190 [1] 2/24
858 [1] 2/11
9
9.7 [1] 26/5
9.7 percent [2] 23/3 29/15
90067 [1] 2/19
90071 [1] 2/24
92130 [1] 2/11
9259 [1] 1/23
92626 [1] 2/8
92701 [1] 1/23
94111 [1] 2/4
997 [1] 31/6
A
AAL [1] 2/6
able [4] 10/16 13/22 28/19 28/24
about [24] 3/6 10/20 11/13 18/6 18/6 18/7 19/5
19/7 20/16 21/18 22/7 22/11 22/17 24/10 24/15
24/24 25/1 26/24 29/4 29/5 29/17 31/14 32/6
32/23
above [8] 23/13 23/15 25/7 25/12 25/21 26/14
26/25 33/11
above-entitled [1] 33/11
absolutely [2] 15/24 32/21
accept [1] 24/2
acceptable [1] 32/19
accommodate [1] 16/25
accrue [1] 23/1
Ackman's [5] 23/10 23/14 25/8 25/13 25/13
actual [1] 20/2
actually [3] 7/15 7/17 31/4
add [3] 8/7 9/12 10/3
additional [2] 10/4 10/5
address [1] 22/12
adjourned [1] 33/2
admirably [1] 20/14
advance [3] 9/5 19/10 19/11
adversary [1] 20/16
adverse [1] 24/17
adviser [2] 6/11 30/14
advisers [3] 6/10 6/10 6/13
after [7] 7/15 10/21 12/3 14/5 17/20 18/22 21/4
afternoon [5] 3/12 3/14 3/17 3/24 4/14
afterwards [1] 19/19
again [5] 25/5 26/11 28/14 28/14 29/18
against [1] 22/25
agree [5] 5/19 6/2 6/14 10/15 28/18
agreeable [3] 11/8 11/22 15/3
agreed [9] 7/1 7/9 7/11 8/19 8/22 8/24 10/23
20/15 23/14
agreeing [1] 9/3
agreement [3] 9/2 14/10 14/21
ahold [1] 17/11
AL [2] 1/6 1/9
all [15] 11/19 14/20 17/10 18/2 18/6 18/10
19/24 19/25 20/20 22/1 30/13 30/14 31/1 32/11
32/14
ALLERGAN [17] 1/6 3/4 3/4 3/8 4/12 6/6 6/12
6/15 6/21 6/24 7/16 7/24 8/19 10/6 11/12 30/11
30/12
Allergan's [1] 19/3
almost [1] 19/18
already [6] 6/25 12/6 14/23 16/18 32/2 32/22
also [5] 3/18 4/7 5/16 10/10 23/4
always [1] 20/7
am [1] 21/19
amenable [2] 14/15 14/16
among [1] 14/21
amount [3] 19/13 29/17 29/17
an [19] 4/6 6/11 7/10 9/4 10/24 14/10 14/21
15/5 17/4 19/12 19/17 20/2 20/22 21/18 22/24
24/17 30/19 30/25 31/4
ANA [3] 1/17 1/23 3/1
and [152]
ANGELES [3] 2/19 2/24 20/25
angry [1] 21/6
another [5] 17/23 17/23 21/9 29/20 32/7
answer [1] 29/7
answered [1] 21/2
anticipate [1] 21/8
anticipatory [2] 27/25 28/2
anxious [1] 17/11
any [5] 28/16 29/14 31/3 32/13 32/20
anything [4] 22/3 26/1 26/24 28/17
anyway [4] 15/13 16/24 18/8 18/16
apologetic [1] 32/24
apologies [1] 4/9
apologize [2] 19/23 32/10
apparently [1] 4/19
appearances [2] 2/1 3/11
applies [1] 19/5
appreciate [1] 32/13
appreciation [1] 32/7
appropriate [3] 15/19 26/18 31/15
approval [1] 5/1
are [54]
areas [2] 9/20 10/1
aren't [1] 16/2
argue [6] 13/16 18/23 23/18 30/15 32/2 32/3
argument [3] 18/19 26/11 26/12
armed [1] 16/3
around [2] 14/10 32/18
as [32] 3/15 5/8 5/19 6/4 7/13 7/20 7/20 8/14
9/3 9/21 9/21 10/10 14/9 14/9 14/21 15/18 17/8
17/8 17/14 17/14 20/19 21/9 21/9 22/14 23/2
23/4 25/5 26/17 30/24 31/7 31/10 32/20
Asia [1] 12/6
aside [2] 13/23 13/23
ask [3] 19/21 25/3 32/1
asked [1] 10/24
asking [14] 24/2 25/4 25/24 26/3 26/3 27/5 27/6
27/14 27/22 28/1 28/8 28/11 28/12 28/17
associate [1] 4/11
assuming [1] 13/7
at [25] 5/22 9/17 13/7 14/7 17/3 17/5 17/8 17/15
18/10 18/22 19/24 20/20 20/24 21/21 22/13
23/13 23/21 26/6 30/7 30/10 30/18 32/7 32/11
32/14 33/2
A
attached [1] 10/8
attention [1] 21/25
August [5] 7/11 8/14 14/19 15/1 15/1
August 1 [3] 7/11 8/14 14/19
availability [2] 5/6 11/25
available [14] 9/15 9/22 10/9 12/1 12/1 12/3
12/10 12/24 16/23 17/19 17/19 17/20 17/22
25/10
aware [1] 23/4
away [5] 5/15 20/11 21/3 23/9 30/2
B
back [12] 7/20 11/9 13/10 13/25 17/6 20/1 21/4
25/21 25/22 26/10 27/23 32/10
backwards [1] 8/13
ball [1] 13/16
banging [1] 31/8
bar [1] 17/15
based [2] 8/23 32/18
basic [1] 30/12
basis [6] 9/2 25/16 26/19 27/8 28/3 28/7
bathroom [1] 4/4
be [68]
because [18] 4/21 11/6 12/12 14/25 15/11 17/22
18/21 20/15 21/1 21/14 23/23 24/12 27/19 27/22
28/16 29/10 29/11 32/3
become [2] 16/7 28/25
been [11] 4/3 6/3 6/24 14/17 19/12 22/5 23/22
25/8 27/8 31/2 31/22
Beesley [2] 1/21 33/16
before [13] 4/17 12/2 12/10 12/10 12/19 16/8
17/25 18/7 19/10 20/5 24/18 26/22 29/11
behalf [1] 31/19
being [5] 6/18 10/10 20/17 24/12 29/6
believe [16] 5/1 5/11 6/23 8/5 8/21 9/25 10/22
12/9 14/6 19/2 23/17 30/1 30/6 30/13 31/17
31/20
below [8] 23/8 23/11 24/5 25/11 25/15 27/10
27/22 29/25
beneficial [3] 22/25 23/10 26/4
best [1] 18/21
between [2] 5/3 13/8
bidders [1] 30/15
birthday [1] 11/20
bit [1] 14/5
BLUFF [1] 2/10
both [12] 5/13 5/17 5/19 6/2 6/3 9/24 10/2
14/19 15/3 21/19 32/13 32/19
breadth [2] 7/4 22/20
BRIAN [4] 2/14 3/20 8/9 8/10
brief [5] 10/7 11/18 13/8 18/8 29/9
briefing [1] 9/14
briefly [1] 4/16
bring [8] 21/25 26/13 27/10 30/19 30/24 31/4
31/7 31/8
bringing [1] 18/7
broad [3] 2/15 22/18 25/23
broader [1] 8/22
Brody [1] 31/6
buckets [1] 27/10
Building [1] 1/22
bunch [1] 19/16
burdensome [1] 7/4
burn [1] 20/21
but [29] 3/10 6/1 6/25 8/4 10/13 11/24 12/23
12/25 13/1 14/7 16/23 17/1 17/5 17/16 17/17
17/21 18/10 18/24 20/1 20/17 20/21 21/7 21/15
21/16 22/19 27/2 27/24 31/10 32/2
buy [1] 30/22
by [20] 2/2 2/6 2/10 2/14 2/18 2/22 5/15 12/15
17/13 17/22 20/13 20/18 21/16 21/16 23/1 23/7
23/23 29/21 31/3 32/25
C
calendar [8] 5/19 11/9 11/24 12/25 13/2 13/3
14/1 17/12
CALIFORNIA [9] 1/2 1/17 1/23 2/4 2/8 2/11
2/19 2/24 3/1
call [7] 3/4 3/8 4/17 4/19 15/4 18/9 22/20
called [1] 20/22
calling [2] 26/8 26/11
calls [3] 7/12 7/12 14/22
came [1] 10/13
can [28] 3/8 5/15 5/16 6/1 6/5 6/10 9/11 9/11
9/18 10/2 13/6 14/4 14/5 14/6 14/10 14/24
16/17 17/3 17/4 17/15 18/10 18/12 19/21 22/4
22/12 25/4 25/15 32/20
can't [1] 13/4
cannot [1] 23/14
cards [1] 9/8
care [5] 18/6 18/6 18/6 20/3 20/16
CARLTON [1] 2/10
carrying [1] 14/2
CARTER [1] 1/3
case [13] 16/4 16/8 20/21 21/19 24/3 27/16
29/23 31/1 31/4 31/6 31/17 31/17 32/15
cases [1] 14/2
catch [2] 18/22 27/12
Catch-22 [1] 27/12
caught [1] 13/2
center [2] 2/7 22/15
CENTRAL [1] 1/2
CENTURY [1] 2/18
certain [3] 23/11 26/17 26/22
certainly [2] 3/10 16/23
CERTIFICATE [1] 33/6
CERTIFIED [1] 1/4
certify [1] 33/8
cetera [4] 16/19 17/15 18/11 21/6
Chai [1] 3/21
chance [3] 12/15 12/20 23/15
change [1] 29/13
changed [1] 29/22
changing [1] 29/11
character [1] 20/20
check [2] 13/2 17/21
circles [1] 27/12
Circuit [3] 30/19 31/1 31/7
circumstance [1] 18/21
Civil [2] 8/23 9/1
claim [5] 22/16 23/17 25/13 29/18 30/20
claims [3] 23/18 24/10 25/14
clarify [1] 8/12
clerks [1] 17/18
clients [2] 20/17 20/18
climb [2] 29/16 29/17
co [3] 15/19 30/15 30/23
co-bidders [1] 30/15
co-counsel [1] 15/19
co-plaintiffs [1] 30/23
Code [1] 33/9
COLLEEN [2] 2/10 3/17
come [8] 13/10 15/10 17/9 17/15 18/23 21/4
25/22 27/23
comes [1] 15/5
comfortable [1] 21/22
coming [2] 18/18 28/21
committed [1] 12/6
communications [2] 8/16 15/2
compact [1] 15/8
companies [1] 29/14
company [1] 23/6
complex [1] 16/18
compliant [1] 28/21
concerning [1] 24/22
conducted [1] 20/24
conducting [1] 20/14
confer [1] 4/25
conferred [2] 30/11 31/14
confidential [1] 7/21
conflict [1] 16/3
confusion [1] 27/2
connection [1] 22/7
consequences [1] 23/12
consistent [1] 7/13
contemporaneous [2] 30/21 31/20
content [1] 7/7
continue [1] 23/6
continued [1] 4/24
continues [1] 23/5
convenient [1] 9/18
conversation [1] 29/5
copy [1] 7/17
corporate [1] 4/11
correct [9] 6/9 10/6 11/2 24/9 26/7 27/4 28/6
28/11 33/9
correctly [1] 15/13
correspondence [1] 22/6
COSTA [1] 2/8
could [20] 9/23 11/7 13/5 13/12 13/16 16/4 16/7
17/1 17/9 17/9 18/5 24/13 24/17 25/5 25/8
25/16 25/20 27/10 29/7 32/23
couldn't [3] 17/13 24/20 26/22
counsel [26] 2/1 3/6 3/10 3/19 4/11 4/23 5/7
5/13 5/15 6/1 7/6 15/2 15/19 15/22 15/23 16/20
17/7 17/8 19/23 20/8 20/19 22/3 22/14 30/1
30/11 31/12
count [1] 26/8
counterterrorism [1] 12/5
couple [4] 13/6 18/13 19/21 22/4
course [1] 30/3
court [33] 1/1 4/16 4/18 5/14 9/11 10/14 11/8
13/15 13/22 14/21 16/5 16/18 16/23 17/3 17/8
17/12 17/17 17/18 18/22 21/16 24/11 25/6 25/23
26/23 27/15 27/24 28/16 29/1 29/25 31/3 31/3
31/16 33/16
court's [5] 5/1 5/5 22/5 24/24 27/1
courts [1] 17/10
cover [1] 16/12
criminal [2] 17/5 17/9
CROMWELL [5] 2/14 2/17 3/21 4/7 8/11
CSR [1] 1/21
curable [4] 25/25 26/13 26/18 26/24
cure [7] 24/16 24/18 25/21 26/20 27/24 28/19
28/20
cured [6] 24/12 24/14 25/4 25/8 25/20 26/22
current [1] 7/11
custodians [8] 7/1 7/17 7/24 8/4 8/6 8/8 8/13
8/16
D
damages [1] 31/19
date [10] 7/10 11/5 11/22 12/16 12/16 12/16
19/10 20/7 32/19 33/13
dates [6] 11/6 11/7 11/10 13/24 14/2 16/12
DAVID [1] 1/3
day [8] 11/24 12/13 12/24 13/22 13/23 20/3
21/1 29/22
days [3] 8/25 13/6 26/22
de [1] 15/13
deal [1] 15/9
dealing [1] 21/10
debate [1] 24/10
Debbie [1] 13/25
December [2] 24/8 24/9
December 18 [1] 24/9
decide [2] 14/12 27/20
decision [2] 24/25 25/1
declarant [1] 19/14
declarants [1] 19/17
D
declaration [4] 9/17 9/21 19/3 19/8
declarations [2] 10/8 19/12
deeds [1] 29/13
Defendant [3] 1/10 2/13 2/21
defendants [3] 17/7 24/17 26/13
deferential [1] 5/12
defined [1] 10/10
definition [1] 23/23
Delaware [4] 8/22 10/24 10/25 11/4
delay [2] 28/9 32/23
delaying [1] 27/1
deliver [2] 23/5 23/6
demonstrated [1] 23/24
department [2] 17/6 30/22
depending [2] 24/16 26/21
depends [2] 17/14 17/16
deponent [3] 21/3 21/4 21/5
depose [3] 9/18 10/9 19/16
deposed [3] 10/19 19/9 19/12
deposition [8] 9/16 9/22 10/25 15/20 19/14
19/19 20/24 21/5
depositions [9] 6/4 6/5 7/23 10/20 10/23 11/4
15/18 20/24 21/24
devolve [1] 30/5
did [7] 5/16 5/17 7/5 7/13 8/9 19/18 20/17
didn't [5] 20/9 22/19 29/16 30/17 31/24
DIEGO [1] 2/11
differences [1] 5/2
different [2] 17/10 31/18
differently [1] 20/8
difficult [1] 27/1
difficulties [1] 22/1
direct [1] 22/22
disagreed [1] 20/15
disagreement [1] 15/8
disappoint [1] 12/15
disclosed [1] 23/25
disclosure [6] 9/19 23/19 23/20 24/12 25/14
28/21
disclosures [5] 10/3 24/13 28/3 28/4 28/6
discovery [11] 1/16 5/4 5/6 7/22 15/8 16/1 16/2
16/6 16/11 16/15 18/4
discuss [1] 7/5
discussed [2] 18/3 22/14
discussing [1] 16/20
dispute [2] 16/15 18/4
DISTRICT [2] 1/1 1/2
do [17] 5/7 5/9 7/7 9/9 14/4 14/9 18/8 18/16
20/22 21/8 24/20 27/16 28/20 31/9 31/20 32/1
32/21
DOC [1] 1/8
document [4] 6/12 9/4 18/25 20/2
documents [9] 6/21 6/24 8/3 8/17 8/20 8/21
8/25 14/24 15/1
does [1] 28/25
doesn't [1] 31/21
doing [6] 12/5 15/12 15/16 15/20 17/21 32/5
don't [44]
done [3] 7/7 8/21 32/9
down [3] 12/5 12/6 20/25
DRIVE [2] 2/7 2/10
drop [1] 27/22
dropped [1] 29/25
dropping [1] 17/22
E
each [11] 6/5 6/8 9/3 9/9 9/11 9/11 13/15 19/9
20/17 32/19 32/20
earlier [3] 4/2 10/24 13/6
early [3] 9/19 9/20 17/13
east [2] 2/18 12/14
educating [1] 32/5
EDWARD [2] 2/18 4/7
eight [2] 5/15 20/10
either [7] 9/12 10/3 19/2 19/15 27/1 28/9 31/7
ELLIS [3] 2/22 3/25 4/15
else [1] 22/3
emphasize [1] 18/4
empty [1] 20/8
end [3] 7/10 27/15 29/21
enjoin [5] 26/3 26/4 27/5 27/6 27/14
enjoined [1] 26/23
enjoining [2] 26/19 27/1
enough [7] 18/7 18/18 18/24 20/6 24/16 24/18
27/13
entire [1] 16/11
entitled [2] 22/19 33/11
equally [1] 5/17
ESQ [6] 2/2 2/10 2/14 2/18 2/22 2/23
essentially [5] 8/1 8/3 29/21 30/19 31/1
et [6] 1/6 1/9 16/19 17/15 18/10 21/6
ethically [1] 15/3
even [4] 16/5 23/13 30/13 30/14
Evenings [1] 17/14
eventually [1] 16/5
ever [4] 5/19 16/8 29/12 31/3
everything [1] 15/18
evidence [1] 16/20
ex [1] 16/14
exactly [2] 6/2 12/4
example [3] 6/15 15/19 19/15
excellent [1] 5/13
exchange [4] 9/20 9/25 9/25 10/2
exercise [2] 22/25 26/4
expect [6] 7/20 11/3 13/23 14/14 20/21 29/21
expected [1] 10/1
expedite [1] 18/15
expedited [2] 1/16 16/15
expert [7] 9/5 9/10 9/17 9/19 9/22 10/8 10/9
expert's [1] 9/19
experts [9] 9/3 9/12 9/15 9/15 10/3 10/5 10/18
15/18 19/18
experts' [1] 10/1
explain [1] 24/3
extend [1] 14/18
extensively [1] 14/20
extent [6] 15/8 16/15 19/2 21/10 23/17 29/5
external [2] 8/16 8/17
extraordinarily [1] 16/7
F
F.3d [1] 31/6
fact [2] 32/11 32/15
fair [4] 16/20 20/6 23/20 27/13
fairly [2] 14/20 22/22
fall [1] 25/10
far [1] 20/9
fascinating [2] 32/3 32/8
fast [1] 21/15
faster [1] 25/6
fault [1] 32/13
faulty [1] 28/4
favorite [1] 10/14
federal [6] 1/21 1/22 8/23 9/1 16/17 28/5
feeling [1] 21/11
felt [2] 21/6 21/6
few [2] 4/19 4/21
file [5] 9/16 10/17 10/18 11/12 13/6
filed [3] 9/15 19/8 20/5
files [1] 10/6
filing [5] 10/9 10/13 11/5 19/11 32/25
filings [1] 16/14
filled [1] 29/13
final [1] 13/8
find [3] 5/12 32/13 32/19
finding [1] 28/4
findings [1] 24/24
finds [1] 29/1
fine [3] 18/12 19/24 31/15
finish [1] 10/21
firms [3] 14/20 14/21 30/14
first [13] 4/17 4/22 5/18 5/20 10/3 10/7 11/10
12/24 13/24 19/25 26/11 26/12 29/11
fit [1] 32/23
five [9] 6/5 6/7 7/24 8/4 10/22 17/10 18/14
18/25 19/16
five-page [2] 18/14 18/25
flash [1] 9/8
FLOOR [2] 2/7 2/19
followed [1] 30/13
following [1] 20/3
font [1] 9/6
for [68]
forcing [2] 20/1 29/19
foregoing [1] 33/9
foresee [1] 22/1
formality [1] 18/6
forms [4] 23/6 23/20 25/2 28/7
fortiori [1] 27/23
forward [5] 8/6 8/14 9/2 23/8 25/16
found [1] 31/3
four [11] 6/5 6/7 6/12 6/14 6/16 6/16 7/23 8/7
8/13 8/16 17/17
fours [1] 31/1
FRANCISCO [1] 2/4
frankly [3] 16/8 16/24 18/8
FRAWLEY [3] 2/14 3/20 8/10
Friday [3] 10/13 12/10 12/14
friends [1] 12/23
from [14] 3/21 3/25 8/10 10/14 17/20 19/9 20/2
21/19 23/2 23/4 29/18 29/23 30/22 32/13
full [4] 9/9 14/7 20/7 23/20
fulsome [2] 9/4 9/25
function [1] 17/15
Fund [3] 23/2 26/4 27/7
fundamental [1] 30/18
further [2] 20/7 28/16
G
game [4] 10/12 13/16 16/20 25/11
gamut [1] 8/15
general [1] 4/11
gentlemen [2] 10/13 32/22
get [27] 7/4 7/20 8/9 9/19 11/9 12/14 12/14
12/25 16/8 17/3 17/9 17/11 17/13 17/18 18/10
18/20 18/20 18/21 18/24 20/9 21/2 21/2 21/8
21/16 25/7 29/12 31/24
gets [1] 16/5
give [6] 5/16 8/3 9/4 16/25 19/10 32/2
given [2] 8/25 16/13
giving [3] 6/7 17/14 27/25
glad [3] 27/3 31/24 32/23
glass [1] 20/7
go [7] 8/13 11/9 12/13 13/25 21/23 25/16 26/10
goes [2] 14/14 23/8
going [33] 3/7 4/16 6/12 7/15 8/3 8/6 8/7 8/12
8/13 9/2 9/24 12/13 12/14 12/22 15/4 17/16
19/10 19/11 20/6 20/10 21/7 21/16 22/17 25/22
27/12 28/15 29/20 30/6 30/24 31/7 31/9 32/6
32/15
going-forward [1] 9/2
good [7] 3/12 3/14 3/17 3/20 3/24 4/14 32/12
got [12] 3/6 11/9 12/25 13/2 13/15 17/5 17/12
17/21 17/23 18/8 18/16 25/12
govern [1] 5/4
government [1] 30/20
grab [1] 14/4
granted [1] 31/3
gravamen [1] 22/15
great [1] 32/5
G
ground [1] 16/9
guidance [3] 13/21 16/13 21/19
guided [2] 5/15 20/18
H
habit [1] 17/13
had [15] 6/18 6/20 6/22 6/23 6/24 8/21 11/25
13/25 15/16 16/13 17/7 20/10 22/5 22/11 30/15
half [2] 20/7 20/8
hand [2] 27/7 27/9
handle [1] 15/20
handwritten [1] 18/5
happen [4] 14/8 15/17 21/7 32/6
happened [1] 29/16
happening [1] 12/5
happens [2] 15/11 21/1
happy [2] 21/12 21/13
harassed [1] 21/6
hard [1] 30/4
harm [1] 22/24
has [7] 8/19 8/22 9/17 21/4 26/23 29/12 31/22
hasn't [1] 11/1
hate [3] 13/14 16/17 16/22
have [80]
haven't [2] 13/24 20/19
having [2] 20/14 30/21
he [2] 4/2 4/3
hear [4] 17/4 18/10 19/6 24/10
hearing [9] 5/5 7/15 11/5 11/21 13/8 13/19
17/24 25/24 30/7
heaven [1] 29/24
held [2] 32/10 33/10
help [2] 6/2 18/9
helpful [1] 18/10
Hence [1] 30/21
here [16] 3/6 3/7 4/2 4/15 4/22 5/13 6/1 10/13
14/9 15/14 17/13 18/25 20/15 20/25 24/19 27/18
hereby [1] 33/8
HIGH [1] 2/10
him [1] 4/2
hint [1] 5/16
his [1] 26/7
history [1] 29/13
hold [3] 20/23 26/16 26/16
HOLSCHER [6] 2/22 4/1 4/15 8/15 18/3 31/14
Honor [77]
Honor's [1] 11/6
HONORABLE [1] 1/3
hope [2] 2/23 15/17
hopefully [2] 18/24 19/20
hour [2] 13/15 17/4
hours [18] 4/25 9/10 9/14 9/17 9/18 9/21 10/2
10/8 10/10 10/16 10/16 10/18 10/18 10/23 17/17
17/17 18/5 19/13
house [1] 30/22
how [6] 5/16 12/7 15/9 16/14 19/25 21/8
hundred [1] 14/25
I
I'd [2] 13/12 20/25
I'll [5] 12/4 18/24 20/13 30/9 32/2
I'm [53]
I've [1] 18/16
identified [1] 9/5
identify [1] 9/9
identity [1] 9/20
if [68]
imagine [2] 17/1 25/15
important [5] 13/16 16/1 16/7 27/3 29/1
impose [1] 21/12
in [84]
in-house [1] 30/22
INC [2] 1/6 1/9
include [1] 8/8
included [2] 8/6 8/7
including [1] 4/25
inconvenienced [1] 21/6
independent [1] 18/17
indicate [1] 30/6
indication [1] 21/3
informal [4] 6/22 7/1 7/10 7/16
informally [1] 15/6
information [2] 21/8 30/15
informed [1] 24/24
inherent [1] 27/9
initial [1] 21/24
injunction [14] 5/5 10/7 11/12 16/6 19/4 22/15
22/25 23/8 24/21 25/23 27/7 29/10 30/25 31/10
injunctions [1] 27/25
injunctive [3] 28/9 31/2 31/22
innocuous [1] 22/18
inside [1] 30/15
insider [4] 23/24 25/9 30/19 31/4
insight [1] 7/6
insightful [1] 29/10
intended [1] 8/6
interfere [1] 7/8
intermediary [1] 20/22
internal [2] 8/8 8/15
INTERNATIONAL [1] 1/9
into [7] 4/18 5/10 7/6 17/3 20/2 30/5 31/24
introduce [1] 4/10
invalidate [1] 24/7
invalidated [1] 29/15
investment [1] 24/25
involved [1] 14/20
irreparable [1] 22/24
is [81]
isn't [1] 28/16
issue [13] 4/6 15/5 15/8 18/7 22/22 24/21 24/22
26/12 27/20 30/9 30/12 30/18 31/11
issuer [1] 31/21
issues [3] 4/18 6/22 21/24
issuing [1] 25/23
it [47]
it's [27] 3/9 6/6 6/16 7/4 9/25 13/16 15/23 16/24
17/4 17/14 18/9 18/9 19/12 20/3 20/8 20/14
20/15 20/16 24/12 25/4 25/11 25/25 26/18 30/4
32/3 32/7 32/12
item [4] 1/8 3/2 5/18 19/1
items [1] 19/20
its [4] 7/24 8/19 10/6 11/12
itself [3] 16/4 16/7 28/17
J
January [1] 8/14
job [2] 15/13 32/5
JOHNSON [5] 2/6 2/18 3/14 4/7 4/9
joint [1] 11/15
joyful [1] 12/7
JUDGE [1] 1/3
judges [2] 15/11 17/10
judgment [2] 30/25 31/8
Julie [2] 13/1 13/25
July [1] 15/1
July/August [1] 15/1
just [24] 7/4 7/21 8/12 8/15 8/17 10/15 10/21
11/7 11/10 12/23 13/19 16/22 17/5 17/22 17/24
18/9 18/17 20/11 20/16 21/14 22/4 24/3 29/16
30/1
K
keep [1] 11/21
kicking [1] 12/15
kind [5] 18/24 19/18 19/18 25/3 32/19
KIRKLAND [3] 2/22 3/25 4/15
know [26] 3/10 10/12 11/6 11/7 12/6 12/12
12/22 14/1 14/1 14/3 14/23 16/13 16/24 17/6
18/18 18/25 19/4 19/6 21/9 21/10 26/18 26/20
27/21 30/10 30/24 31/10
knowing [1] 18/7
known [1] 28/25
knows [1] 23/2
L
last [6] 4/25 5/2 8/25 12/7 14/18 19/1
late [1] 14/15
later [1] 12/23
LATHAM [6] 2/2 2/6 2/9 3/13 3/14 3/18
latitude [1] 6/7
LAUGHTER [3] 5/21 9/7 31/25
law [3] 8/22 14/20 30/14
laws [3] 23/25 25/10 28/5
lead [2] 15/22 15/23
least [4] 13/8 14/7 22/13 30/10
lectern [1] 32/7
legal [1] 30/22
length [1] 17/16
less [6] 6/14 6/16 6/16 7/23 13/7 18/25
let [9] 10/20 11/7 20/11 21/23 22/12 25/3 28/8
30/3 32/1
let's [7] 3/7 11/10 16/18 21/23 21/23 26/10 28/9
life [1] 16/25
like [14] 5/13 5/25 8/24 9/11 12/23 13/3 13/12
15/9 16/14 19/18 19/25 20/1 20/17 32/7
likelihood [1] 22/23
likes [1] 5/24
list [1] 9/12
listen [2] 18/18 19/21
litigants [1] 17/2
litigation [2] 15/5 16/18
little [3] 8/20 13/6 14/5
living [1] 17/13
log [2] 15/4 15/6
logs [1] 14/24
long [5] 10/14 14/9 17/14 19/25 22/17
longer [2] 16/12 26/7
LOS [3] 2/19 2/24 20/25
lose [1] 12/13
lot [2] 20/10 22/11
M
made [3] 7/25 14/22 28/3
magistrate [1] 15/11
make [12] 3/10 6/12 6/14 7/11 7/12 9/15 10/9
14/22 15/3 17/13 17/21 24/25
makes [1] 18/2
making [2] 4/19 28/16
Maldives [1] 12/5
Maletta [1] 4/11
many [1] 14/23
Maria [2] 1/21 33/16
MARK [3] 2/22 4/1 4/14
market [1] 28/15
marketplace [4] 16/8 21/17 25/6 28/17
marking [1] 7/21
master [4] 17/12 20/22 21/14 21/22
matching [2] 26/10 26/17
material [1] 23/22
math [1] 27/9
mathematically [1] 23/7
Matt [1] 4/10
matter [13] 3/4 3/8 3/8 4/17 4/22 4/22 5/20
9/10 17/9 17/23 25/5 31/10 33/11
matters [1] 17/5
maximum [1] 7/23
may [4] 7/10 27/23 28/19 28/24
May 2 [1] 7/10
maybe [2] 6/13 13/6
me [24] 6/2 9/23 10/20 12/16 13/13 14/11 15/10
M
me... [17] 18/5 18/7 18/17 20/7 20/10 20/11
21/12 22/12 22/18 25/3 26/12 27/4 28/8 31/8
32/1 32/5 32/12
mean [1] 13/15
meaning [1] 7/19
means [1] 27/11
meet [2] 4/25 5/22
meeting [15] 23/21 23/22 24/8 25/16 26/2 26/3
26/6 26/8 26/19 26/22 26/23 27/6 27/12 27/14
29/19
mentioned [1] 8/15
merits [4] 22/24 30/5 31/16 31/24
MESA [1] 2/8
met [2] 30/10 31/14
MICHAEL [2] 2/23 3/24
MICHELE [2] 2/6 3/14
might [5] 4/3 18/9 26/13 26/14 26/15
mill [1] 16/2
mind [4] 11/11 11/21 13/19 19/7
minutes [2] 3/6 22/5
mirror [1] 8/3
mirrored [1] 7/25
misleading [1] 27/8
misrepresentations [1] 23/23
miss [1] 32/15
mixing [2] 26/10 26/16
moment [3] 10/21 11/10 21/14
moments [2] 4/19 4/21
Monday [2] 12/10 16/21
money [1] 16/22
MONTGOMERY [1] 2/3
months [1] 16/19
more [2] 16/25 22/4
morning [6] 3/20 5/23 5/25 17/4 17/20 20/4
motion [9] 1/16 10/7 11/12 15/12 16/12 18/10
19/3 30/25 31/8
motions [8] 11/23 13/14 15/16 15/17 16/2 16/2
16/6 22/7
move [1] 7/10
Mr [1] 4/9
Mr. [11] 3/21 8/15 15/20 18/3 23/10 23/14 25/8
25/13 25/13 31/8 31/14
Mr. Ackman's [5] 23/10 23/14 25/8 25/13
25/13
Mr. Chai-Onn [1] 3/21
Mr. Holscher [3] 8/15 18/3 31/14
Mr. Shipley [2] 15/20 31/8
much [4] 3/23 4/13 16/12 21/18
mutual [1] 9/20
my [18] 3/25 4/9 11/20 12/23 14/1 15/12 15/19
16/25 17/3 17/8 17/18 17/18 17/18 18/8 18/21
21/25 25/22 32/6
mystery [1] 22/20
N
need [7] 13/15 17/17 17/17 18/17 20/22 24/25
28/6
needed [1] 31/20
needs [1] 30/20
neglected [1] 4/10
Neither [2] 7/22 14/24
never [7] 16/5 19/5 19/7 20/8 24/14 29/24 31/2
new [3] 2/15 2/15 19/17
next [1] 11/3
night [1] 18/22
nine [1] 20/10
Ninth [3] 30/19 31/1 31/6
no [11] 1/8 1/8 3/2 12/4 12/12 12/15 14/11
15/21 26/7 29/12 31/3
Nomura [2] 6/10 6/13
noon [2] 20/5 32/25
normal [1] 16/12
not [52]
Nothing [1] 13/20
notice [4] 17/17 19/10 19/11 20/17
November [4] 11/22 12/9 12/11 13/4
November 3rd [3] 11/22 12/9 12/11
novo [1] 15/13
now [19] 4/16 4/17 5/2 7/6 13/20 14/1 14/2 16/3
16/11 20/23 20/23 21/3 21/5 21/15 24/6 25/17
26/17 27/21 27/23
number [6] 16/4 17/3 23/11 26/20 32/4 32/5
O
o'clock [3] 5/22 17/4 17/20
obtained [1] 23/22
obviously [4] 5/1 5/5 24/2 31/16
occur [1] 22/2
occurred [1] 26/21
October [6] 11/13 11/18 12/7 13/4 32/6 32/16
October 27 [1] 11/18
October 28 [2] 32/6 32/16
October 8 [1] 11/13
of [119]
off [3] 16/8 17/10 22/20
offer [1] 21/18
offhand [1] 26/21
office [1] 20/1
officers [1] 14/21
offices [2] 7/21 14/11
Official [2] 1/21 33/16
often [1] 11/23
okay [10] 4/16 5/7 9/13 11/14 11/17 13/22
15/15 15/25 18/1 22/2
omissions [1] 23/23
on [53]
once [2] 25/5 28/25
one [11] 5/24 9/4 13/15 21/8 21/12 27/1 27/7
30/9 30/22 31/14 32/4
one-page [1] 9/4
only [6] 5/24 8/4 8/23 9/1 14/7 31/2
Onn [1] 3/21
oOo [1] 33/4
open [2] 10/18 16/17
opening [2] 9/14 16/22
opinion [2] 9/10 10/8
opinions [4] 9/5 9/12 10/2 10/4
opportunity [3] 4/20 19/13 19/17
opposing [1] 22/14
opposite [1] 32/11
opposition [9] 9/16 9/16 10/17 10/18 11/16
13/7 19/4 30/25 31/9
or [39]
order [1] 31/18
original [1] 25/22
other [21] 7/13 7/22 8/2 9/4 12/22 12/24 14/18
15/7 17/22 19/9 19/17 20/17 25/4 27/9 27/18
27/20 27/20 30/6 30/9 32/19 32/20
otherwise [4] 3/7 5/15 17/25 23/1
ought [1] 14/8
our [28] 5/20 7/17 7/21 8/5 9/16 10/1 10/17
10/18 10/18 11/7 11/22 13/5 14/7 14/19 14/23
19/1 19/4 20/18 22/21 23/16 23/18 24/3 24/4
29/5 29/18 30/2 30/25 31/9
out [20] 4/19 5/2 9/4 14/2 14/6 16/4 16/7 18/12
18/14 19/10 19/13 20/19 21/1 21/10 21/23 25/5
26/5 28/15 28/17 29/13
over [8] 4/25 8/20 12/13 14/23 25/11 30/3 30/4
32/15
own [5] 18/8 30/17 30/18 31/5 31/19
ownership [4] 22/25 23/10 26/5 30/21
P
page [5] 9/4 9/9 18/8 18/14 18/25
pages [5] 5/15 6/23 14/25 18/13 20/10
papers [2] 23/3 23/5
parallel [3] 7/25 8/1 8/3
PARK [1] 2/18
part [2] 23/16 25/21
parte [1] 16/14
parties [2] 9/3 10/23
partner [1] 3/25
parts [1] 32/13
party [2] 6/13 7/22
people [2] 19/16 30/3
percent [23] 23/3 23/8 23/11 23/13 23/15 24/4
24/5 25/7 25/11 25/12 25/15 25/21 26/9 26/14
26/25 27/10 27/22 29/12 29/15 29/16 29/17
29/20 29/25
percentage [2] 15/1 25/20
perfect [1] 18/2
period [6] 7/25 14/20 15/1 16/11 21/4 26/20
permissible [1] 15/19
permitted [1] 9/1
PERSHING [18] 2/21 3/25 4/15 6/3 6/6 6/14
6/18 6/23 7/9 8/5 11/15 23/2 23/5 26/4 27/7
29/15 29/19 30/12
person [2] 5/25 19/9
personal [1] 32/20
perspective [2] 29/18 29/24
persuade [4] 22/23 28/6 28/22 28/24
PETER [2] 2/2 3/13
pharmaceutical [2] 3/9 29/14
PHARMACEUTICALS [2] 1/9 2/13
pick [1] 15/13
place [2] 11/1 11/4
plaintiff [3] 1/7 2/2 3/18
plaintiffs [3] 3/13 3/15 30/23
plane [1] 12/14
planned [1] 12/12
play [5] 16/4 16/7 21/23 25/5 28/15
played [1] 10/12
plays [1] 28/17
pleadings [1] 19/3
please [2] 3/11 29/8
pleasure [1] 20/14
Plus [1] 13/2
point [2] 14/18 21/21
Poors [1] 5/20
position [3] 5/3 27/1 27/24
possible [1] 21/9
possibly [2] 6/13 17/1
potentially [4] 15/17 25/25 26/13 26/25
practice [1] 16/12
practitioner [1] 17/9
precedence [1] 17/24
predicates [1] 23/25
preliminarily [3] 30/11 32/2 32/3
preliminary [12] 5/5 10/7 11/12 16/6 19/4
22/15 23/7 24/21 25/23 29/10 30/25 31/9
prepared [3] 13/14 16/21 18/18
preparing [1] 32/12
present [4] 5/3 14/6 20/23 20/23
PRESIDING [1] 1/3
pressing [2] 13/13 13/13
pressure [2] 14/12 20/19
pretty [2] 17/13 21/16
prevail [1] 25/9
prevails [1] 5/14
previously [1] 6/20
principals [1] 6/6
private [3] 16/25 17/7 17/8
privilege [7] 7/12 8/24 14/22 14/24 15/4 15/4
15/6
privileges [1] 8/22
probably [4] 4/2 12/23 23/4 28/16
problem [3] 20/25 21/1 21/25
procedural [3] 30/10 31/10 31/15
Procedure [2] 8/24 9/2
proceed [1] 16/15
P
proceeding [1] 22/15
proceedings [3] 1/15 33/2 33/10
process [1] 30/4
produce [3] 7/16 8/2 8/23
produced [4] 6/21 6/24 8/17 8/20
production [6] 7/10 7/13 7/18 8/5 8/7 14/19
productions [1] 14/23
program [1] 12/5
properly [1] 24/24
proposal [1] 5/3
proposed [1] 26/12
proposition [2] 31/18 31/21
protocol [1] 18/3
proven [1] 20/8
provide [2] 14/13 14/24
provided [5] 6/21 6/22 6/23 6/24 6/25
proxies [2] 23/21 30/2
proxy [1] 25/2
public [1] 27/9
punishment [1] 16/25
purchased [1] 23/1
pursuant [1] 33/8
put [6] 5/20 7/21 14/11 20/11 20/13 20/19
Q
quarantine [1] 23/9
question [4] 15/7 20/22 25/22 29/7
questions [7] 10/24 19/22 21/2 22/5 22/11 29/9
30/7
quick [1] 19/18
quickly [2] 21/9 21/16
quite [3] 16/8 18/8 32/11
R
racetrack [1] 16/3
raise [1] 30/9
raised [2] 4/18 22/5
raises [1] 26/25
raising [1] 25/21
range [1] 11/7
rather [2] 4/21 20/25
reach [1] 5/13
read [1] 31/16
reading [3] 5/10 18/9 23/2
Reagan [1] 1/22
really [2] 25/24 26/12
reason [3] 14/11 15/5 17/6
received [1] 24/17
recitation [1] 20/2
reconsideration [1] 15/12
record [3] 5/10 20/13 29/22
redactions [2] 8/21 9/1
reduce [2] 6/15 23/10
reduced [2] 24/5 25/15
reference [1] 11/20
regardless [1] 29/25
relationship [1] 29/14
relief [15] 22/7 22/10 22/18 22/24 25/3 27/21
27/21 28/9 28/11 29/4 29/6 29/11 30/8 31/2
31/22
remain [1] 5/2
remedy [1] 26/17
remember [5] 10/13 13/24 20/7 21/18 26/21
repeat [2] 9/23 10/23
repeated [1] 10/25
replies [2] 19/6 19/7
reply [2] 11/18 19/5
reported [1] 33/10
Reporter [2] 1/21 33/16
REPORTER'S [1] 1/15
reporters [1] 17/18
reproduce [1] 8/25
request [7] 6/15 7/25 8/2 8/4 23/20 25/2 28/7
requested [1] 29/6
requests [4] 6/13 23/6 27/8 29/10
require [1] 23/19
research [2] 18/8 18/16
resolution [1] 5/14
resolve [2] 15/6 16/4
resolved [3] 5/8 17/10 21/16
resolves [1] 27/23
respect [7] 11/5 16/11 24/6 27/7 28/12 29/1
30/7
respective [4] 10/1 14/11 21/13 21/19
responsibility [1] 15/23
rest [1] 19/20
resubmit [1] 28/7
result [1] 27/15
review [5] 5/1 6/22 7/2 7/14 7/16
reviewed [1] 22/6
revised [1] 14/6
rider [1] 31/19
right [12] 4/17 6/2 8/9 11/19 13/20 14/1 14/2
16/3 20/23 21/15 24/23 27/21
rights [3] 22/25 23/10 26/5
RMR [2] 1/21 33/16
Ronald [1] 1/22
Room [1] 1/22
roughly [2] 8/20 23/3
RPR [2] 1/21 33/16
rubric [1] 31/15
rules [3] 8/23 29/25 30/13
ruling [3] 18/24 24/17 28/3
rulings [3] 21/3 27/25 28/16
run [3] 7/24 8/15 16/2
run-of-the-mill [1] 16/2
S
SACV [1] 1/8
safe [1] 29/24
said [3] 10/22 25/5 30/1
same [6] 5/19 7/12 7/12 9/16 14/22 15/18
SAN [2] 2/4 2/11
SANTA [3] 1/17 1/23 3/1
satisfied [1] 7/3
Saturdays [1] 16/19
saw [2] 4/2 22/6
say [5] 6/3 16/18 19/11 28/9 31/13
saying [8] 21/7 24/13 25/12 25/17 27/13 28/14
29/15 30/12
says [2] 13/15 31/1
scenarios [1] 25/15
schedule [8] 11/6 12/13 13/11 14/6 14/7 15/9
16/16 32/18
scheduled [2] 10/25 24/8
scope [6] 5/6 22/7 22/9 22/10 22/18 30/7
search [4] 6/25 7/3 7/16 7/24
seat [1] 4/5
SEC [7] 6/21 7/1 7/13 7/16 8/5 8/17 14/22
second [7] 4/22 20/9 21/5 23/16 24/25 25/1
26/11
secret [1] 19/6
secretary [1] 4/12
Section [1] 33/8
secured [1] 25/9
securities [1] 28/5
see [9] 3/7 4/17 11/8 11/10 12/23 20/1 22/12
24/19 31/11
seek [3] 27/21 31/18 31/22
seeking [7] 22/8 22/10 22/24 23/20 23/21 26/2
31/2
seem [1] 27/23
seemed [1] 22/18
seems [1] 26/25
seen [2] 10/12 14/23
send [1] 21/3
sense [5] 18/2 25/11 25/23 28/20 29/24
SEPTEMBER [4] 1/18 3/1 9/25 33/13
SEPTEMBER 09 [2] 1/18 3/1
seriously [1] 6/1
set [5] 13/22 13/23 17/5 20/6 32/18
setting [1] 9/4
seven [1] 6/4
several [1] 14/25
shape [1] 13/18
shareholder [3] 24/7 26/19 29/12
shareholders [8] 24/1 24/20 24/23 28/7 28/22
28/25 29/20 31/19
shares [13] 23/1 23/10 23/14 24/6 25/8 25/10
25/13 26/7 27/6 29/22 30/2 30/21 30/22
SHIPLEY [4] 2/23 3/25 15/20 31/8
shorten [1] 13/5
shortly [2] 7/15 7/19
should [5] 5/14 12/16 20/5 29/15 32/9
side [16] 6/4 6/5 6/8 6/10 7/22 8/5 9/3 9/9 9/11
9/11 12/24 14/24 19/2 19/9 19/9 19/15
sides [10] 5/13 5/17 5/19 6/2 6/3 9/24 10/2
14/19 15/3 21/13
significant [2] 14/25 30/7
signing [1] 22/20
simply [1] 31/18
since [2] 26/16 26/18
single [2] 6/4 31/17
Sir [1] 4/13
situation [1] 19/16
six [2] 9/6 19/17
Size [1] 9/6
Slash [1] 20/21
Slash-and-burn [1] 20/21
SMITH [2] 2/10 3/17
snooze [1] 18/9
so [43]
solicited [1] 30/3
solid [2] 12/16 12/16
some [9] 8/8 8/20 8/22 15/5 16/13 21/3 22/5
22/13 25/20
somebody [1] 20/23
somehow [2] 29/18 30/14
someone [1] 30/22
something [2] 24/14 32/1
sometimes [4] 7/4 18/9 20/18 21/1
soon [2] 7/20 9/21
sorry [3] 25/18 27/2 32/23
sorting [1] 21/1
SOUTH [2] 2/23 12/6
speak [1] 19/23
special [14] 20/22 21/14 21/22 23/21 23/22
25/16 26/2 26/3 26/6 26/8 26/23 27/5 27/11
27/14
specific [1] 6/12
specifically [1] 17/1
speech [1] 17/14
spend [3] 16/22 20/10 22/17
square [18] 2/21 3/25 4/15 6/3 6/6 6/14 6/18
6/23 7/9 8/5 11/15 23/2 23/5 26/4 27/7 29/15
29/19 30/12
stand [1] 4/17
Standard [1] 5/20
standing [5] 24/19 30/12 30/18 31/4 31/21
stands [2] 31/17 31/21
start [5] 3/6 4/18 30/3 30/4 32/12
started [2] 17/8 29/4
starting [1] 9/18
state [2] 9/11 10/14
statements [1] 27/9
STATES [3] 1/1 4/20 33/9
statute [2] 23/19 24/13
stenographically [1] 33/10
stepped [1] 20/19
still [2] 18/22 23/15
S
stipulation [6] 5/18 6/1 14/14 19/1 19/20 33/1
stock [3] 30/17 30/18 31/5
stopping [1] 26/19
straightforward [2] 22/22 24/11
Street [4] 1/22 2/3 2/15 2/23
stripping [1] 23/9
struggling [1] 18/22
subject [4] 5/1 5/5 9/10 24/12
submission [2] 22/21 23/16
submit [2] 19/19 23/18
submits [1] 19/2
submitted [3] 9/21 18/23 27/8
submitting [2] 18/17 19/11
subset [1] 8/12
substantive [1] 11/23
success [1] 22/23
successful [5] 23/17 24/4 25/13 25/14 28/15
such [2] 23/8 23/13
suggested [2] 11/6 11/7
SUITE [1] 2/3
SULLIVAN [5] 2/14 2/17 3/21 4/7 8/10
summarize [1] 28/8
summary [3] 10/1 30/24 31/7
Sundays [1] 16/19
supervising [1] 17/7
supplement [2] 9/11 10/3
supply [2] 25/1 25/2
support [1] 17/18
sure [7] 17/21 21/14 22/6 23/6 24/10 25/19
27/25
system [1] 20/16
T
take [10] 4/20 11/4 12/15 12/20 17/16 22/4 26/5
26/11 30/2 30/4
taken [1] 11/1
takes [1] 14/19
taking [1] 21/19
talk [6] 4/21 10/20 13/25 20/11 21/13 24/14
taxpayers' [1] 16/22
technically [1] 6/11
tell [2] 12/4 21/12
tend [1] 15/10
tentative [1] 18/20
terminate [3] 25/24 26/1 26/2
termination [1] 28/10
terms [9] 6/25 7/3 7/16 8/1 8/1 13/13 13/18
22/20 32/20
terrain [1] 27/3
test [1] 15/11
testimony [2] 9/20 10/1
than [9] 4/21 7/22 12/23 16/12 17/1 21/19 25/6
27/20 30/6
thank [13] 3/12 3/16 3/23 4/9 4/13 4/24 8/17
12/7 16/10 20/14 29/3 31/13 32/24
that [140]
that's [27] 4/6 7/25 9/20 11/8 11/20 12/9 12/22
13/13 14/10 16/2 18/12 19/8 19/24 20/6 20/16
21/4 21/7 23/3 24/14 27/9 27/16 28/11 28/12
29/23 30/9 31/3 31/15
the [316]
their [17] 6/10 6/15 6/22 7/1 9/5 9/14 9/15 10/3
10/7 10/9 19/3 28/7 29/10 29/18 29/22 30/17
30/22
them [6] 6/25 8/13 9/18 15/11 22/12 22/13
then [24] 5/10 7/8 9/11 9/18 9/21 10/2 10/6
10/17 14/5 15/12 17/17 18/23 19/9 21/23 22/1
22/3 23/11 24/4 24/24 24/25 25/4 28/5 28/6
28/21
theoretically [2] 23/15 24/12
theory [1] 24/3
there [25] 10/24 12/14 14/21 15/5 15/12 18/4
19/8 19/12 19/16 19/17 20/25 21/10 22/3 22/23
23/24 24/16 29/20 30/6 30/10 30/11 30/18 30/20
31/1 31/17 31/22
there's [2] 14/11 31/3
Therefore [1] 20/18
these [8] 10/17 11/5 11/23 13/24 16/1 16/1 16/6
30/14
they [42]
they'll [1] 9/15
they're [4] 8/7 20/24 30/21 31/2
thing [2] 20/9 27/16
things [1] 31/14
think [27] 4/3 5/7 5/14 6/10 7/6 10/11 10/15
10/16 11/11 12/25 13/1 13/3 13/11 14/14 14/18
18/14 20/4 21/15 21/21 22/19 22/22 24/8 24/14
24/20 24/23 32/12 32/22
thinking [2] 9/8 12/7
third [2] 6/13 7/22
third-party [2] 6/13 7/22
this [38]
those [18] 6/5 6/24 8/13 8/16 8/21 14/24 15/16
15/16 18/21 24/6 25/8 25/10 27/10 27/11 28/4
28/6 29/13 30/13
though [4] 18/20 29/4 30/13 30/14
thought [3] 19/5 29/4 29/5
thoughtful [1] 20/11
thoughts [2] 4/23 18/21
thousand [1] 8/20
three [8] 4/25 6/9 6/15 6/16 7/23 16/19 17/16
26/22
thrilled [1] 16/14
through [8] 7/11 10/16 13/1 14/19 14/19 21/24
23/22 25/9
throw [1] 5/15
Thursday [2] 12/18 12/18
tied [1] 17/12
time [18] 5/19 8/14 9/17 10/14 13/14 13/15
13/25 14/5 15/1 20/11 21/4 22/5 22/17 23/7
24/16 24/18 30/18 32/3
timed [1] 13/14
timing [2] 5/4 5/4
Title [1] 33/8
to [230]
today [10] 4/22 6/25 13/3 14/5 22/14 22/18
24/19 30/16 32/2 32/23
together [1] 20/11
told [1] 14/17
tomorrow [5] 19/20 20/3 20/4 20/5 32/25
too [1] 16/1
top [1] 30/14
tossing [1] 14/2
tour [1] 22/20
towards [2] 26/8 26/8
TOWN [1] 2/7
track [2] 15/18 21/15
trader [1] 31/20
traders [1] 30/17
trading [5] 23/25 25/9 29/13 30/20 31/4
transcript [3] 1/4 1/15 33/9
Treasury [1] 4/20
treated [1] 6/4
trial [4] 16/5 16/18 16/19 17/23
trick [1] 10/14
true [1] 33/9
Trust [1] 20/10
truth [1] 28/25
try [1] 15/6
trying [2] 21/8 24/3
TUESDAY [3] 1/18 3/1 16/21
turn [1] 32/7
turned [1] 14/23
two [12] 6/9 7/23 11/3 16/3 17/3 20/13 21/15
26/20 27/10 29/13 31/13 32/5
U
under [4] 8/21 9/1 18/21 23/19
understand [3] 13/19 28/23 29/2
understanding [1] 11/22
Understood [1] 22/21
unfortunately [1] 17/25
UNITED [3] 1/1 4/20 33/9
unless [2] 16/18 30/20
until [2] 13/3 20/8
up [12] 4/22 13/5 15/5 15/13 16/17 16/22 16/25
17/12 17/25 18/22 28/21 32/18
upon [3] 7/1 17/16 24/17
us [11] 5/3 7/25 8/23 8/25 10/9 14/19 15/9
16/13 16/14 20/19 23/14
use [1] 15/10
usually [1] 17/3
V
VALEANT [18] 1/9 2/13 3/5 3/9 3/21 3/21 4/8
6/3 6/6 6/14 6/19 6/20 6/23 7/9 23/5 23/5 29/19
30/13
Valeant's [2] 8/6 11/15
verbal [2] 18/19 20/2
verify [1] 7/17
versa [1] 15/20
versus [2] 3/5 3/8
very [7] 3/23 4/13 5/12 27/3 29/1 29/9 32/12
vice [1] 15/20
view [1] 24/4
views [1] 14/8
violated [1] 28/5
violation [3] 23/24 25/9 31/22
vitriolic [1] 21/10
vote [2] 28/22 28/25
voted [2] 23/14 23/21
voting [3] 25/1 27/6 28/12
vs [1] 1/8
W
wait [5] 4/5 4/21 13/3 17/24 22/2
waiting [2] 13/20 17/25
WALD [2] 2/2 3/13
want [28] 3/4 3/8 4/20 5/22 11/23 12/15 12/20
13/2 13/3 13/7 15/10 15/13 15/22 16/20 19/6
19/15 21/13 24/11 24/14 26/1 27/4 27/24 28/5
29/20 30/2 30/5 31/10 32/1
wanted [1] 19/23
warfare [1] 20/21
was [14] 7/6 8/17 10/14 10/22 11/22 17/6 17/25
19/21 23/24 29/5 29/5 29/6 29/12 30/1
wasn't [1] 22/19
wasted [1] 21/5
WATKINS [6] 2/2 2/6 2/9 3/13 3/15 3/18
way [3] 12/22 20/13 32/12
ways [1] 16/4
we [87]
We'd [1] 13/6
we'll [11] 4/5 10/16 14/4 14/13 14/22 15/6
19/10 19/13 21/25 22/2 32/25
we're [29] 3/7 5/19 6/16 7/7 8/3 8/12 8/13 14/1
15/4 16/20 17/23 18/14 19/11 20/18 21/21 22/8
22/10 24/13 25/17 26/2 26/3 26/3 26/10 27/14
29/17 30/24 31/7 31/9 32/9
We've [1] 14/17
Wednesday [1] 12/20
week [8] 11/21 11/24 12/1 12/3 12/7 13/1 13/8
29/21
weekends [4] 10/10 16/23 16/24 17/19
weeks [2] 11/3 30/4
Welcome [1] 3/23
well [10] 3/15 5/8 5/17 13/14 18/18 22/3 26/7
27/15 27/17 27/19
well-prepared [1] 13/14
W
were [22] 6/15 8/21 8/25 10/24 14/20 16/13
17/10 20/10 22/17 22/19 23/1 23/25 24/3 24/20
24/23 24/24 25/13 25/14 28/4 29/11 29/14 33/2
weren't [1] 30/17
west [2] 1/22 12/13
what [36]
what's [3] 12/24 14/1 32/6
whatever [4] 11/22 12/16 18/17 31/15
when [11] 5/12 6/3 10/6 10/17 13/14 17/6 25/25
26/21 27/21 29/11 32/15
where [8] 4/17 14/20 16/5 19/16 23/7 25/15
31/4 31/22
whereby [1] 18/3
Whereupon [1] 33/2
whether [4] 6/6 20/3 25/1 25/2
which [14] 7/10 8/22 14/25 22/5 23/19 23/19
23/25 24/7 25/23 25/24 27/11 30/12 30/19 31/8
while [2] 3/7 4/19
who [8] 4/11 5/24 19/9 19/17 21/14 24/20 24/23
29/21
whole [1] 21/4
why [9] 4/5 13/4 13/10 17/6 18/18 18/25 24/20
25/22 27/18
will [28] 7/22 7/24 9/4 9/9 9/9 9/22 9/25 10/7
10/9 10/15 10/17 11/4 15/3 15/12 15/16 19/12
19/17 19/19 22/24 23/7 23/9 23/23 24/25 29/12
29/21 31/13 31/16 32/21
wisdom [1] 5/14
wise [1] 18/24
wiser [1] 21/18
with [47]
within [6] 9/10 9/14 9/17 9/21 10/2 10/8
without [2] 15/6 21/22
won't [7] 7/8 10/13 10/25 18/20 18/20 18/21
30/15
words [6] 7/13 8/2 17/23 25/4 27/18 27/21
work [8] 10/16 12/18 12/21 14/6 14/10 18/12
19/10 19/13
worked [1] 5/2
working [2] 16/24 18/14
works [1] 11/25
worried [1] 26/24
worth [1] 5/10
would [55]
wouldn't [2] 27/16 28/2
wrestle [1] 21/25
Y
year [1] 17/7
years [1] 29/13
Yes [5] 6/20 7/5 9/24 13/9 32/17
yet [2] 11/1 13/25
YORK [2] 2/15 2/15
you [169]
you'd [1] 32/7
you'll [9] 5/12 5/20 15/11 18/23 18/23 18/23
24/10 31/10 32/18
you're [6] 16/3 17/16 17/22 18/7 20/16 28/1
you've [1] 20/15
your [95]
yourself [1] 20/14