ROCHESTER, N.Y.--(BUSINESS WIRE)--Jul. 9, 2009--
Zapata Corporation (NYSE: ZAP) announced today that at its 2009 Annual
Meeting of Stockholders held on July 9, 2009, the Company’s stockholders
reelected Avram A. Glazer and elected Philip A. Falcone and Corrine J.
Glass as Class II directors of the Company’s Board of Directors and
ratified the appointment of Deloitte & Touche LLP as the Company’s
independent registered public accounting firm for the 2009 fiscal year.
Final voting results will be included in a Form 8-K to be filed by the
Company.
In addition, following the Annual Meeting the transactions contemplated
by the Share Purchase Agreement, dated June 17, 2009, were completed. As
part of those transactions, each of Avram A. Glazer, Edward S. Glazer,
Darcie S. Glazer and Bryan G. Glazer resigned as directors of the
Company and Avram A. Glazer resigned from his positions as Chairman of
the Board, President and Chief Executive Officer of the Company. The
remaining directors appointed Lawrence M. Clark, Jr. and Peter A. Jenson
to fill two of the vacancies on the Company’s Board of Directors created
by these resignations, elected Mr. Falcone to fill the positions of
Chairman of the Board and President and Chief Executive Officer and
elected Mr. Jenson as Secretary of the Company.
Philip A. Falcone, age 46, is Chief Investment Officer and Chief
Executive Officer of Harbinger Capital Partners. Mr. Falcone formed
Harbinger Capital Partners in 2001, and oversees its investment and
business functions. Mr. Falcone has over two decades of experience in
leveraged finance, distressed debt and special situations. Prior to
joining Harbinger Capital Partners, Mr. Falcone served as Head of High
Yield trading for Barclay’s Capital. From 1998 to 2000, he managed
Barclays trading operations, including trading distressed and special
situations, managing risk exposure of the desk and overseeing the desk
trading and analytical team. Mr. Falcone began his career in 1985,
trading high yield and distressed securities at Kidder, Peabody & Co.
Mr. Falcone received an A.B. in Economics from Harvard University.
Lawrence M. Clark, Jr., age 38, is a Managing Director and Director of
Investments of Harbinger Capital Partners LLC and is responsible for
investments in metals, mining, industrials and retail companies, among
other sectors. Mr. Clark has served in that position since January 2006
and prior to that was a vice president from October 2002. Prior to
joining Harbinger Capital Partners and from April 2001, Mr. Clark was a
Distressed Debt and Special Situations Research Analyst at Satellite
Asset Management, L.P., where he covered financially stressed and
distressed industrial, cyclical and energy companies. He has actively
participated in several financial restructurings in official and
unofficial capacities as both a secured and an unsecured creditor. Prior
to moving to the buy side, he was a Vice President in the Distressed
Debt and High Yield Research Department at Lazard Freres & Co., LLC from
April 2000 to April 2001 and an Associate in Credit Suisse First
Boston’s High Yield Research Group from April 1998 through April 2000.
Mr. Clark started his investing career as a Junior Analyst in the
Corporate Bond Research Department of Salomon Brothers from April 1997
though April 1998. Prior to commencing his career as an investment
analyst, he was employed by the Prudential Insurance Company of America
from June 1993. Mr. Clark received an MBA from New York University’s
Stern School of Business and a B.S. in Finance from Villanova
University. He has completed Levels I and II of the Chartered Financial
Analyst designation program.
Peter A. Jenson, age 44, is a Managing Director and Chief Operating
Officer of Harbinger Capital Partners LLC. Mr. Jenson is responsible for
all operational activities of the funds and management companies
including, trade operations, portfolio accounting, valuation, treasury
and portfolio financing, legal and compliance, information technology,
administration and human resources. Prior to joining Harbinger Capital
Partners in 2009, Mr. Jenson held similar senior executive positions
where he was responsible for finance and administration activities at
Citadel Investment Group and Constellation Commodity Group. Mr. Jenson
was a Partner at PricewaterhouseCoopers LLP where he was responsible for
attestation and consulting activities across a broad spectrum of
financial services clients including commercial and international banks,
trading organizations and investment companies. Prior to becoming a
Partner in 1999, Mr. Jenson held a number of roles at
PricewaterhouseCoopers LLP. Mr. Jenson received an MBA from the
University of Pennsylvania, Wharton School of Business, and has an
Undergraduate Degree in Business from Deakin University. He is a
Chartered Accountant in Australia, a Certified Practising Accountant,
and a Fellow of The Securities Institute in Australia.
Corrine J. Glass, Esq., age 33, is a Vice President and Assistant
Investment Counsel of Harbinger Capital Partners. Ms. Glass is
responsible for assisting the investment teams on all deal specific and
portfolio-related legal matters. Prior to joining Harbinger Capital
Partners in 2008, Ms. Glass worked in the Los Angeles and New York
offices of Kaye Scholer LLP, where she was a Senior Associate in the
corporate restructuring group. While at Kaye Scholer she represented a
wide variety of creditor and trustee entities. Prior to joining Kaye
Scholer in September 2002, Ms. Glass worked in the Los Angeles office of
Skadden, Arps, Slate, Meagher & Flom from October 2000, where she was an
Associate in the bankruptcy group, focusing her practice on the
representation of debtors in chapter 11. Ms. Glass received a law degree
from Harvard Law School and an A.B. in Economics from the University of
California at Berkeley.
About Zapata:
Zapata is a holding company which has approximately $153.9 million in
consolidated cash, cash equivalents and short-term investments as of
March 31, 2009 and owns 98% of Zap.Com Corporation (OTBB: ZPCM), which
is a public shell company. The Company is currently searching for
candidates for acquisition.
The Company makes certain reports available free of charge on its
website at www.zapatacorp.com
as soon as reasonably practicable after this information is
electronically filed, or furnished to, the United States Securities and
Exchange Commission.
“Safe Harbor” Statement Under the Private Securities Litigation
Reform Act of 1995: The statements contained in this press release which
are not historical fact are forward-looking statements based upon
management's current expectations that are subject to risks, and
uncertainties that could cause actual results, events and developments
to differ materially from those set forth in or implied by
forward-looking statements. Forward-looking statements, which are
based upon certain assumptions and describe future plans, strategies and
expectations of the Company, are generally identifiable by use of the
words “believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,”
“estimates,” “projects,” “may” or similar expressions. Factors that
could cause actual results, events and developments to differ include,
without limitation, the risk that we may not be successful in
identifying any suitable future acquisition opportunities and those
factors listed under the caption “Risk Factors” in the Company's Annual
Report on Form 10-K for the year ended December 31, 2008. All
forward-looking statements made herein are qualified by these cautionary
statements and there can be no assurance that the actual results, events
or developments referenced herein will occur or be realized. The
Company undertakes no obligation to update or revise forward-looking
statements to reflect changed assumptions, the occurrence of
unanticipated events or changes to future operation results.
Source: Zapata Corporation
Zapata Corporation Leonard DiSalvo, CFO, 585-242-8703 http://www.zapatacorp.com
|