I see CLSN also has alleged securities violations ... (the Rosen Law Firm announces that it is investigating potential securities claims against Celsion Corp., CLSN) so thanks "chinaman", I went to the Rosen website, clicked on Report a Fraud and sent them these details:
Re: Enzon Pharmaceuticals Inc
Securities Fraud – openly and brazenly committed by a NASDAQ listed fully reporting company.
Enzon Pharmaceuticals Inc.
20 Kingsbridge Road
Piscataway, NJ 08854
Enzon's hedge fund driven management and board of directors has recently sold the company's IP and clinical developments consisting of over one hundred active US patents (and as many or more internationally), over twenty early drug candidates, multiple pipeline product candidates that have passed phase I and in some instances phase II clinical trials, all of which cost hundreds of millions of dollars to accomplish. They have sold all of this, to a two month old holding company, Belrose Pharma Inc., for less than one million dollars with virtually no explanation or accounting for how shareholders of Enzon will be compensated.
To elaborate, Enzon Pharmaceuticals just swindled shareholders out of their IP property, worth hundreds of millions of dollars.
Over a period of 20 years, this company developed a portfolio of medical IP, including their world-famous PEGylation process, variously valued in the press at $100m-$250. This valuation can be calculated by money invested, or value of its output (discounted income stream) - no matter, it's in that range.
About a year ago, many of the most famous names on Wall Street bought into Enzon: names such as Carl Icahn, Seth Klarman, Blackrock, and others. Unsatisfied with the management and the valuation, they wanted to sell the company to the highest bidder, and retained companies like Lazard to help them. In March, the company announced that the buyout efforts had failed. Almost all company employees had been terminated by this time, only 9 were left.
In April 2013, the IP assets mentioned above were sold to a company started up (registered) in March, expressly for this purpose. Company name is Belrose Pharmaceuticals, and the total price was $800,000. No proper explanation or explanatory press release has been forthcoming from Enzon BOD, just the barest bones of information contained in an 8-K.
By coincidence, Belrose is just down the road from Enzon, in the same area of NJ. No one knows who owns Belrose, but Enzon shareholders have no known or registered interest in this company (or do they - could one or more of the investors mentioned above have registered it either directly or indirectly?)
The company does not respond to emails or phone messages (no live answer). Please evaluate the situation and contact major and minor shareholders regarding their legal options.