Eugene Melnyk, who owns The Ottawa Senators hockey team, wants to ice the board and replace it with his own nominees at the drugmaker’s upcoming annual meeting, according to The Canadian Press. The maneuvering comes after Biovail reported a fourth-quarter loss and announced a strategic review of its business. The loss was attributable, in part, to hefty charges due to competition from generics, particularly its version of Wellbutrin XL, and litigation charges.

“Beyond 2008, in the next two, three, four years, (we) see incredible growth,” Doug Squires, Biovail’s ceo, tells Reuters. “We’re approaching the point where the old Biovail is turning into the new Biovail.”

But Melnyk, who owns nearly 11.7 per cent of the stock and is considering a plan to take Biovail private, showed little faith in Squires’ plans. In a statement, he cites on-going dissatisfaction, unsatisfactory financial performance and a lack of confidence “that the strategic review that has been announced will bring about any meaningful improvement or enhance shareholder value,” the Press writes.

However, Melnyk doesn’t plan on joining Biovail’s board or management. That’s probably a good idea. You may recall that he retired from Biovail last June 30, after the Securities and Exchange Commission sent him, some other execs and the company Wells Notices about its intent to pursue enforcement action over securities trading. At the same time, he paid a $1 million fine and agreed not to serve as a director for one year after settling with the Ontario Securities Commission, which probed securities trading by several trusts Melnyk controlled.