Enzon shareholder preps for solicitation to remove company's CEO

By Lisa Kerner

Charlotte, N.C., June 17 - DellaCamera Capital Management, LLC said it believes more than half of Enzon Pharmaceuticals, Inc.'s shareholders attended DellaCamera's town hall meeting on June 10.

"We continue to believe that pursuing a consent solicitation to remove CEO and president Jeffrey H. Buchalter will benefit all Enzon shareholders, and we remain committed to acting swiftly to ensure that further shareholder value is not destroyed," Richard Mansouri, portfolio manager and head of research at DellaCamera, said in a news release.

DellaCamera said it demanded a list of Enzon shareholders from the company on June 8 and will file its definitive consent solicitation materials with the Securities and Exchange Commission.

In May, the Delaware Court of Chancery denied Enzon's motion to expedite proceedings in Enzon's lawsuit against DellaCamera.

As previously reported, Enzon filed the lawsuit against members of the DellaCamera Group seeking, among other things, a declaration that the DellaCamera consent solicitation is unlawful and invalid under Delaware law.

The court ordered that if DellaCamera's stockholder proposals are adopted, they will not be implemented or affect Buchalter's employment until the Court of Chancery rules on the validity of the proposals in an expedited proceeding, which was a condition of the court's denial of Enzon's motion.

DellaCamera, with an 8.3% stake in Enzon, has been actively seeking changes at the Bridgewater, N.J., biopharmaceutical company since January.

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