Enzon shareholder DellaCamera opposed to company's filing of lawsuit

By Lisa Kerner

Charlotte, N.C., April 28 - Richard Mansouri, portfolio manager and head of research at DellaCamera Capital Management, LLC, believes it is "unconscionable" that the board of directors of Enzon Pharmaceuticals, Inc. permitted the company to file a lawsuit in Delaware Chancery Court.

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, according to a schedule 14A filed on Tuesday with the Securities and Exchange Commission.

DellaCamera filed a preliminary consent solicitation statement with the SEC in its attempt to have Enzon chief executive officer and president Jeffrey Buchalter removed.

Buchalter "has presided over numerous failed initiatives in his nearly four and one-half year tenure with Enzon, all while being compensated to an excessive degree," DellaCamera said in a statement released on Tuesday.

"We believe there is an immediate need for change and we are committed to aggressively pursuing stockholders' rights to bring tangible change to Enzon," the shareholder said.

According to Mansouri, Enzon's legal action is "legally flawed and a sign of desperation by Jeffrey Buchalter."

DellaCamera plans to "vigorously" defend itself and the rights of all stockholders.

Enzon said previously that during Buchalter's tenure, the company has reduced its overall debt balance to $250 million from $400 million and built an "innovative" oncology pipeline.

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

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