DellaCamera asks for Enzon Pharmaceuticals directors to resign, gives board a vote of no confidence

By Lisa Kerner

Charlotte, N.C., May 1 - Enzon Pharmaceuticals, Inc. investor DellaCamera Capital Master Fund, Ltd. believes the company's stock is trading "at a substantial discount to its intrinsic value" and questioned why Enzon's board has not held chairman, president and chief executive officer Jeffrey H. Buchalter accountable given his "truly appalling" compensation.

As a result, DellaCamera said it has zero confidence in Enzon's board of directors.

The investor called for the resignations of compensation committee members Dr. Goran A. Ando, Rolf A. Classon and Victor P. Micati "for approving Mr. Buchalter's runaway compensation."

DellaCamera made the comments in a May 1 letter to Enzon's board. The letter was included as part of a schedule 13D filing with the Securities and Exchange Commission.

According to the investor, Buchalter received total compensation of $5.18 million in 2007, consisting of $773,558 in salary, $1.16 million in bonuses, $974,657 in stock awards, $2.14 million in option awards and $134,199 in other compensation.

DellaCamera said it is reviewing its voting alternatives with respect to all class III directors - Classon, Robert LeBuhn, Robert C. Salisbury - up for election at Enzon's annual meeting on May 22.

In February, DellaCamera entered into an agreement with Enzon providing for the addition of a new, independent member to the company's board of directors.

As a result, DellaCamera withdrew its notice of nomination of candidates dated Jan. 14, as well as its request to add such candidates to the board, a prior SEC filing stated.

It was previously reported that DellaCamera had nominated John (Jack) Geltosky, David Tendler and David Gale for election to Enzon's board.

In December, DellaCamera urged Enzon's board to review options to increase shareholder value.

DellaCamera beneficially owns 2,579,127 shares, or 5.8%, of the Bridgewater, N.J., biopharmaceutical company.

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