Shareholder tries to oust Enzon's CEO

DellaCamera Capital Management and related entities, long-time, beneficial holders of approximately 8.2% of the shares of Enzon  Pharmaceuticals, have filed a preliminary consent solicitation statement  with the Securities and Exchange Commission seeking: to amend the  company's bylaws to allow shareholders to remove its chief executive  and/or president from all of such person's officer's positions; to  remove Jeffrey Buchalter, Enzon's current CEO and president, from such  positions; and to amend the firm's bylaws to allow the board to change  these shareholder adopted bylaws only by unanimous vote.

Richard Mansouri, portfolio manager and head of research at DellaCamera,  stated that the firm is seeking to Mr Buchalter "because we believe that  he is directly responsible for the massive destruction of shareholder  value that has occurred over his nearly four and one-half year tenure  with Enzon. Mr Buchalter has presided over an approximate 56% decline in  Enzon's stock price, which we believe is largely the result of numerous  failed initiatives and a severe lack of control over the company's R&D  expenditures, which have been spent on a number of high-risk projects  that we believe are much better suited for a larger pharmaceutical  company."

He continued: "with 2009 pre-R&D operating cash flow expected to be  between $80.0 million to $90.0 million, we firmly believe in the value  and significant cash flow generating potential of Enzon's specialty  pharmaceutical and royalty businesses, but we have seen little evidence  that Mr. Buchalter has deployed, or intends to deploy, this cash flow in  a manner that will benefit the shareholders."