Zapata majority shareholders sell off interest to Harbinger Capital

By Susanna Moon

Chicago, July 13 - Zapata Corp. investors led by Malcolm I. Glazer Family LP sold all their shares in the company on July 9, according to a schedule 13D/A filing with the Securities and Exchange Commission.

The investors sold the shares to Harbinger Capital Partners Master Fund I, LP, Global Opportunities Breakaway Ltd. and Harbinger Capital Partners Special Situations Fund, LP at $7.50 per share.

On June 19, investors led by Malcolm I. Glazer Family and including Avram Glazer said they agreed to sell their shares to Harbinger Capital at $7.50 per share. The investors beneficially owned 51.3% of the company's common stock.

As previously noted, 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 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.