Zapata majority shareholders to sell stake to Harbinger Capital

By Angela McDaniels

Tacoma, Wash., June 19 - Zapata Corp. investors led by Malcolm I. Glazer Family LP and including Avram Glazer agreed to sell all of their shares in the company to Harbinger Capital Partners Master Fund I, LP, Global Opportunities Breakaway Ltd. and Harbinger Capital Partners Special Situations Fund, LP.

The investors beneficially own 51.3% of the company's common stock. They will sell the stock to the Harbinger group for $7.50 per share, according to a schedule 13D/A filing with the Securities and Exchange Commission.

Malcolm Glazer is the company's former chairman of the board. Avram Glazer is Zapata's current chairman, president and chief executive officer.

The investors also granted Harbinger Capital Partners LLC a proxy to vote their common stock for the election of some individuals to Zapata's board of directors.

Zapata is based in Rochester, N.Y., and plans to acquire one or more operating businesses. Previously, the company operated as a processor of fish meal and fish oil products, but it does not currently have significant operations.

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