SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

HIGHBRIDGE CAPITAL MANAGEMENT LLC

(Last)

(First)

(Middle)

9 WEST 57TH STREET

27TH FLOOR

(Street)

NEW YORK

10019

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
ENZON PHARMACEUTICALS INC [ ENZN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
04/10/2007

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Shs of com stock, $0.01 par value p/share ("Common Stock")	04/10/2007		P		10,253	A	$8.25	10,253	I⁽²⁾⁽³⁾	See footnotes⁽²⁾⁽³⁾
Common Stock	04/10/2007		J⁽¹⁾		10,253	D	$8.25	0	I⁽²⁾⁽³⁾	See footnotes⁽²⁾⁽³⁾
Common Stock	04/11/2007		P		400	A	$8.22	400	I⁽³⁾⁽⁴⁾	See footnotes⁽³⁾⁽⁴⁾
Common Stock	04/11/2007		P		2,390	A	$8.23	2,790	I⁽³⁾⁽⁵⁾	See footnotes⁽³⁾⁽⁵⁾
Common Stock	04/11/2007		P		3,300	A	$8.25	6,090	I⁽³⁾⁽⁶⁾	See footnotes⁽³⁾⁽⁶⁾
Common Stock	04/11/2007		P		500	A	$8.26	6,590	I⁽³⁾⁽⁷⁾	See footnotes⁽³⁾⁽⁷⁾
Common Stock	04/11/2007		P		700	A	$8.27	7,290	I⁽³⁾⁽⁸⁾	See footnotes⁽³⁾⁽⁸⁾
Common Stock	04/11/2007		P		2,710	A	$8.28	10,000	I⁽³⁾⁽⁹⁾	See footnotes⁽³⁾⁽⁹⁾
Common Stock	04/11/2007		J⁽¹⁾		2,710	D	$8.28	7,290	I⁽³⁾⁽⁹⁾	See footnotes⁽³⁾⁽⁹⁾
Common Stock	04/11/2007		J⁽¹⁾		700	D	$8.27	6,590	I⁽³⁾⁽⁸⁾	See footnotes⁽³⁾⁽⁸⁾
Common Stock	04/11/2007		J⁽¹⁾		500	D	$8.26	6,090	I⁽³⁾⁽⁷⁾	See footnotes⁽³⁾⁽⁷⁾
Common Stock	04/11/2007		J⁽¹⁾		3,300	D	$8.25	2,790	I⁽³⁾⁽⁶⁾	See footnotes⁽³⁾⁽⁶⁾
Common Stock	04/11/2007		J⁽¹⁾		2,390	D	$8.23	400	I⁽³⁾⁽⁵⁾	See footnotes⁽³⁾⁽⁵⁾
Common Stock	04/11/2007		J⁽¹⁾		400	D	$8.22	0	I⁽³⁾⁽⁴⁾	See footnotes⁽³⁾⁽⁴⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

1. Name and Address of Reporting Person^*

HIGHBRIDGE CAPITAL MANAGEMENT LLC

(Last)

(First)

(Middle)

9 WEST 57TH STREET

27TH FLOOR

(Street)

NEW YORK

10019

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Highbridge International LLC

(Last)

(First)

(Middle)

THE CAYMAN CORPORATE CENTRE, 4TH FLOOR

27 HOSPITAL ROAD

(Street)

GEORGE TOWN, GRAND CAYMAN

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Dubin Glenn

(Last)

(First)

(Middle)

C/O HIGHBRIDGE CAPITAL MANAGEMENT, LLC

9 WEST 57TH STREET, 27TH FLOOR

(Street)

NEW YORK

10019

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Swieca Henry

(Last)

(First)

(Middle)

C/O HIGHBRIDGE CAPITAL MANAGEMENT, LLC

9 WEST 57TH STREET, 27TH FLOOR

(Street)

NEW YORK

10019

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

Explanation of Responses:

1. Exempt transfer of shares to return shares borrowed in connection with short sales entered into prior to the time that the Reporting Persons became subject to the reporting requirements of Section 16.

2. 2,100 shares of Common Stock are attributable to Highbridge Convertible Arbitrage Master Fund, L.P. and 8,125 shares of Common Stock are attributable to Highbridge International LLC.

3. Highbridge Capital Management, LLC is the trading manager of Highbridge International LLC and Highbridge Convertible Arbitrage Master Fund, L.P. Glenn Dubin is a Co-Chief Executive Officer of Highbridge Capital Management, LLC. Henry Swieca is a Co-Chief Executive Officer of Highbridge Capital Management, LLC. Each of the Reporting Persons disclaims beneficial ownership of the shares of Common Stock to the extent such beneficial ownership exceeds such Reporting Person's pecuniary interest.

4. 84 shares of Common Stock are attributable to Highbridge Convertible Arbitrage Master Fund, L.P. and 316 shares of Common Stock are attributable to Highbridge International LLC.

5. 502 shares of Common Stock are attributable to Highbridge Convertible Arbitrage Master Fund, L.P. and 1,888 shares of Common Stock are attributable to Highbridge International LLC.

6. 693 shares of Common Stock are attributable to Highbridge Convertible Arbitrage Master Fund, L.P. and 2,607 shares of Common Stock are attributable to Highbridge International LLC.

7. 105 shares of Common Stock are attributable to Highbridge Convertible Arbitrage Master Fund, L.P. and 395 shares of Common Stock are attributable to Highbridge International LLC.

8. 147 shares of Common Stock are attributable to Highbridge Convertible Arbitrage Master Fund, L.P. and 553 shares of Common Stock are attributable to Highbridge International LLC.

9. 569 shares of Common Stock are attributable to Highbridge Convertible Arbitrage Master Fund, L.P. and 2,141 shares of Common Stock are attributable to Highbridge International LLC.

	HIGHBRIDGE CAPITAL MANAGEMENT, LLC, By: /s/ Carolyn Rubin, Managing Director	04/12/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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