What's Happening: DellaCamera Capital Management is soliciting consent from stockholders to get majority approval to amend Enzon bylaws to permit stockholders to remove chief executive officer Jeffrey H. Buchalter as CEO and president. DellaCamera is very unhappy with Buchalter's performance; it doesn't think that he has prudently managed the company's research-and-development expenditures. Presently, Buchalter can only be removed by the board -- the same board that paid him a $1.1 million bonus in 2008. To try to get control of the company's staggered board under current bylaws would take DellaCamera at least 18 months. DellaCamera should get support from many of the stockholders who are unhappy with Enzon's performance.

DellaCamera Capital Management wants Enzon to add former ImClone Systems board members Dr. Alexander J. Denner and Professor Richard C. Mulligan to its board. DellaCamera wants Enzon to hold its 2009 meeting in New York and to seek guidance from a new financial adviser. DellaCamera and affiliates own 3,446,558 shares (7.6%).

Enzon's board has nominated two candidates to run for election as Class I directors at the annual meeting. One is Alexander J. Denner, a managing director of entities affiliated with activist investor Carl Icahn. The other is Richard C. Mulligan, a professor of genetics at Harvard Medical School. Icahn recently suggested that the biopharmaceutical company consider spinning off certain assets, or selling the entire company. Icahn and his affiliates recently raised their holdings to about 3.52 million shares (7.83%) from 3.09 million (6.93%).

DellaCamera Capital Management sent a letter to Enzon, saying that it opposes the proposed spin-off of the Evivrus biopharmaceutical unit, which would hold substantially all of the assets of Enzon's research and development activities. Recently DellaCamera disclosed that it had engaged investment bank Moelis & Co. to explore alternatives for its investment in Enzon. DellaCamera holds 2,922,998 shares (6.5% of the total outstanding).

DellaCamera Capital Master Fund said it has engaged investment bank Moelis & Co. to explore alternatives for its investment in Enzon. The investor previously said it may consider a "public-consent solicitation" to amend the company's bylaws. It also called for Enzon to take certain actions to increase shareholder value, including looking at an $80 million share-repurchase program, monetizing a minimum of $70 million of the company's royalty streams, and soliciting bids for Enzon's marketed products and royalty segments. DellaCamera currently holds 3,553,558 shares (7.8%).

DellaCamera Capital Master Fund may consider a "public consent solicitation" to amend Enzon's bylaws to let shareholders have a stronger voice in overseeing the company. DellaCamera also urged Enzon to take certain actions to boost shareholder value, including looking at an $80 million share-repurchase program, monetizing a minimum of $70 million of its royalty streams and soliciting bids for Enzon's marketed products and royalty segments. DellaCamera owns 2,881,632 shares of Enzon (6.4% of the total outstanding).

DellaCamera Capital Master Fund wants Enzon to immediately engage an investment bank to explore strategic alternatives, and suggested its own adviser, Goldman Sachs, to explore options for ENZN's remaining commercial operations, including a sale of the commercial operations as a whole. DellaCamera believes the "cash-generating potential of these businesses coupled with the synergies that an acquirer could bring are significant." It also said Enzon's decision to spin off its biotech business into a separate company is "an encouraging first step towards creating value." DellaCamera holds 2,650,304 shares (5.9%).

In a letter to the biotech company's board, DellaCamera Capital Master Fund said it's unhappy with the compensation granted to Enzon Chairman and CEO Jeffrey Buchalter. The hedge fund also noted that it's reviewing its voting alternatives on three directors up for election at the company's May 22 annual meeting of shareholders. DellaCamera further called for the resignation of Goran A. Ando, Rolf A. Classon and Victor P. Micati, all members of Enzon's compensation committee. DellaCamera holds 2,579,127 shares (5.8%).

Activist investor Carl Icahn has suggested that the biopharmaceutical company consider spinning off certain assets or selling itself. Icahn would like management to review strategic transactions that could enhance shareholder value. His affiliates reported holding about 3.07 million shares (6.93%). Icahn has long exposure to an additional 3.55 million Enzon shares through swap agreements.

The DellaCamera Capital Master hedge fund said that it is nominating three candidates for election to Enzon's board: John Geltosky, David Tendler and David Gale. DellaCamera previously suggested that Enzon consider structural changes to increase shareholder value, such as a sale of its Abelcet product line. DellaCamera Capital currently holds 2,355,281 (5.3%).