Subject: Enzo Stock Plummets on Debt News
Date: Published: 12/10/91 (28 lines)
Source:  Wall Street Journal.  Copyright Dow Jones & Co. Inc. 

    Abreast of the Market:
    Industrial Stocks Are Down 14.75
    As IBM Leads Blue Chips Lower
    ----
    By Robert Steiner
    Staff Reporter of The Wall Street Journal

    The American Stock Exchange Market Value index fell 2.04
 to 370.59.  The most active stock was Enzo Biochem, which
 plummeted 2 1/2 to 5 3/8 on volume of more than 1.1 million
 shares.  This week's Barron's said Enzo -- whose shares soared
 425% upon news that a unit had introduced to the research
 market a DNA probe test for the detection of the virus that
 causes AIDS -- has since April been in default on some $29.9
 million in 9% convertible debt, issued in 1986 by Drexel
 Burnham Lambert.  Enzo told Barron's that all of the
 bondholders have to go along with the company's announced
 plan to issue new debt to replace the old.  However, only 86%
 are signed on board, and if the rest don't follow suit, the
 company will proceed with a prepackaged bankruptcy.

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