A _____ Read and a _____ Call Lead to a Big Pot

Last night I went to play some 1-2 No Limit with a friend of mine. We headed out to Sunset Station and just happened to be seated when the jackpot was hit at another Station casino. With poker room attendance at a typically light Monday night level, the players' share was $615...so we each went away for the night with a nice little bonus. I also observed an interesting hand that I'll share with you:

My friend (we'll just call him Happy Donkey...his choice, not mine) and I were sitting at the same table and it was a very good game. There were several tight, conservative, rather predictable players and three loose, aggressive donkeys...perfect mixture. Anyway, it was my live $4 straddle and one of the conservative players made it $12 to go from early-middle position. Two LAP called from middle position and my friend, Happy Donkey, raised to $25 from the button. I mucked and the original raiser pushed all in for $252 total. The two LAP mucked and Happy Donkey called time and went into the tank. As my friend was contemplating what to do, I evaluated what I thought the all in pusher most likely held. I'll tell you next post of my conclusion. After thinking for around a minute, Happy Donkey called. Both players flipped over their hands and Happy Donkey showed the KQ of spades.

My question to you for today is to weigh in on the following: What do you think the original raiser had? Was Happy Donkey dominated, coin flipping, or in the lead? All things considered did he make a good call or a donkey move? Answers and outcome on the next post.