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Garden State Hedge Backing Up Icahn
by Christopher Glynn ,Senior Reporter, February 10, 2009
A New Jersey hedge fund is seconding Carl Icahn in his call for a shakeup at a faltering drug company.
DellaCamera Capital Management, based in Bridgewater, N.J., is a 7% shareholder of Enzon Pharmaceuticals, which corporate raider Icahn has been battling since 2008.
Ichan is pushing to gain a presence on the Enzon board. Billionaire Icahn has also bashed Jeff Buchalter, chief executive officer of the company, for his salary.
For its part, DellaCamera Capital is also pressing the company to fire Wall Street firm Goldman Sachs as its financial adviser. The hedge fund firm is blaming Goldman Sachs for an ill advised convertible bond offering, supporting a spinoff, selling a business unit and presiding over a bungled Dutch auction.
Biotechnology is a big sector for Icahn. Aside from Enzon, he has agitated Mylan Laboratories to nix a deal for King Pharmaceuticals. He is the chairman of Imclone.
Lawyer Andrew Kurtz is the head of DCM. He worked for Guggenheim Capital, co-founded Spectrum Investment Partners and served as a portfolio manager for Elliott Management, the New York activist shareholder. In addition to Enzon, the hedge fund firm in 2009 has pressured Curagen Corp.
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