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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 		 
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
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 NY 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)
04/09/2007
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)
Code V Amount (A) or (D) Price
Shs of com stock, $0.01 par value p/share ("Common Stock") 04/09/2007 P 11,300 A $8.2 11,300 I(2)(3) See Footnotes(2)(3)
Common Stock 04/09/2007 P 34,000 A $8.25 45,300 I(3)(4) See Footnotes(3)(4)
Common Stock 04/09/2007 J(1) 34,000 D $8.25 11,300 I(3)(4) See Footnotes(3)(4)
Common Stock 04/09/2007 J(1) 11,300 D $8.2 0 I(2)(3) See Footnotes(2)(3)
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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
HIGHBRIDGE CAPITAL MANAGEMENT LLC
(Last) (First) (Middle)
9 WEST 57TH STREET
27TH FLOOR
(Street)
NEW YORK NY 10019
(City) (State) (Zip)
1. Name and Address of Reporting Person*
Highbridge International LLC
(Last) (First) (Middle)
9 WEST 57TH STREET, 27TH FLOOR
(Street)
NEW YORK NY 10019
(City) (State) (Zip)
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 NY 10019
(City) (State) (Zip)
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 NY 10019
(City) (State) (Zip)
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. 2,594 shares of Common Stock are attributable to Highbridge Convertible Arbitrage Master Fund, L.P. and 8,706 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. 7,806 shares of Common Stock are attributable to Highbridge Convertible Arbitrage Master Fund, L.P. and 26,194 shares of Common Stock are attributable to Highbridge International LLC.
Highbridge Capital Management, LLC, /s/ Carolyn Rubin, Managing Director 04/11/2007
** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
                             Joint Filer Information

NAME: Highbridge International LLC
- ----

ADDRESS:  The Cayman Corporate Centre, 4th Floor
- -------
                27 Hospital Road
                George Town, Grand Cayman
                Cayman Islands, British West Indies

DESIGNATED FILER: Highbridge Capital Management, LLC
- ----------------

ISSUER: Enzon Pharmaceuticals, Inc.
- ------

DATE OF EVENT REQUIRING STATEMENT: April 9, 2007
- ---------------------------------

SIGNATURE:  HIGHBRIDGE INTERNATIONAL LLC
- ---------

            By: Highbridge Capital Management, LLC
                its Trading Manager

            By: /s/ Carolyn Rubin
            ---------------------------------
            Name: Carolyn Rubin
            Title: Managing Director





                             Joint Filer Information

NAME: Highbridge Convertible Arbitrage Master Fund, L.P.
- ----

ADDRESS:   c/o Highbridge Capital Management, LLC
- -------
                 9 West 57th Street, 27th Floor
                 New York, New York 10019

DESIGNATED FILER: Highbridge Capital Management, LLC
- ----------------

ISSUER: Enzon Pharmaceuticals, Inc.
- ------

DATE OF EVENT REQUIRING STATEMENT: April 9, 2007
- ---------------------------------

SIGNATURE:  HIGHBRIDGE CONVERTIBLE ARBITRAGE MASTER FUND, L.P.
- ---------

            By: Highbridge Capital Management, LLC
                its Trading Manager

            By: /s/ Carolyn Rubin
            ---------------------------------
            Name: Carolyn Rubin
            Title: Managing Director





                             Joint Filer Information

NAME: Glenn Dubin

ADDRESS:   c/o Highbridge Capital Management, LLC
- -------
                 9 West 57th Street, 27th Floor
                 New York, New York 10019

DESIGNATED FILER: Highbridge Capital Management, LLC
- ----------------

ISSUER: Enzon Pharmaceuticals, Inc.
- ------

DATE OF EVENT REQUIRING STATEMENT: April 9, 2007
- ---------------------------------

SIGNATURE:
- ---------
            /s/ Glenn Dubin
            ---------------------------------
            GLENN DUBIN





                             Joint Filer Information

NAME: Henry Swieca

ADDRESS:   c/o Highbridge Capital Management, LLC
- -------
                 9 West 57th Street, 27th Floor
                 New York, New York 10019

DESIGNATED FILER: Highbridge Capital Management, LLC
- ----------------

ISSUER: Enzon Pharmaceuticals, Inc.
- ------

DATE OF EVENT REQUIRING STATEMENT: April 9, 2007
- ---------------------------------

SIGNATURE:
- ---------
            /s/ Henry Swieca
            ---------------------------------
            HENRY SWIECA