Enzon's motion for expedited proceedings in DellaCamera action denied

By Lisa Kerner

Charlotte, N.C., May 7 - DellaCamera Capital Management, LLC said the Delaware Court of Chancery has denied Enzon Pharmaceuticals, Inc.'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.

DellaCamera filed a preliminary consent solicitation statement with the Securities and Exchange Commission in its attempt to remove Enzon chief executive officer and president Jeffrey Buchalter.

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 has been actively seeking changes at the Bridgewater, N.J., biopharmaceutical company since January.

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