one1badbilly your writing is the best among us so maybe you could write something up and then we send it to the SEC and/or media or even Bill Ackman. We could put "Carl Icahn" and " stealing" in the subject and that should attract enough attention. And I suggest we should include the following facts:
1, Carl Icahn first bought reported holdings of Enzn shares on 2008-03-14.
2, CEO George W. Hebard III. Mr. Hebard was appointed Interim Principal Executive Officer and Chief Operating Officer in May 2012. He joined Enzon as a director of the Company on February 27, 2012. From September 2011 to April 2012, Mr. Hebard was a Managing Director at Icahn Capital LP, the entity through which Carl C. Icahn manages investment funds.
3. On Dec 17, 2012, Enzon to Review Asset Sales, Sale of the Company.
4. On April 30, 2013, Enzon completed the sale of all of its right, title and interest in its Customized PEGylation Linker Technology platform and related assets to Belrose Pharma Inc. (“ Belrose ”) for only $800000. The assets sold include (i) intellectual property and know-how associated with the PEGylation platform (including certain patents), (ii) patents and know-how related to PEG-SN38, (iii) patents and know-how associated with certain of the Company’s internal clinical programs and (iv) certain related supplies and equipment.
5. According to bizapedia, Belrose Pharma Inc was registered by Harvard Business Services, Inc, an online business registration service company on 03/22/2013. It's obviously a shell company. See below for the details:
Company Name: BELROSE PHARMA INC.
Status: Unknown Filing Date: 03/22/2013
Entity Type: Corporation File Number: 5307972
Filing State: Delaware (DE)
Company Age: 2 Months
Harvard Business Services, Inc.
16192 Coastal Hwy
Lewes, DE 19958
Based on the above 5 facts, Carl Icahn is suspected to do a backdoor sale of Enzn's assets, which means he maybe stealing the assets of Enzn from other shareholders.
I doubt the SEC is going to do anything with this issue which is small potatoes for them. Frankly, they aren't about protecting the small investor and are mostly in the pockets of the big guys on Wall St. Remember Bernie made off with the money for a long time
Thanks for the summary. As most of us know there's a lot of prima facile evidence of maleficence here, it would/will be useful to catalog it and connect it and I will help do that when the time comes. At the moment I'm going to give it some time to see if any of the other insts join in a class action. My experience is that there is usually an announcement and invitation to join such actions fairly shortly after these type of truly outrageously stupid or self serving deals take place. I've been in phone contact with the sec since last week, and will continue to work that channel, I believe that the vast majority of gov emps are good, hard working, honest people (my experience over many years and flights down to DC). That said, I don't think they're a match for the ws crowd. If the other inst's don't step up to protecting their own interests, then I think we have to look to the dog eat dog solution, news hungry, ws bad guys ripe, media, 60 Minutes, Frontline, etc. to get some satisfaction, if not reversal in our fortunes. Anyway my two cents at the moment.