Philip Falcone Amends 13D on Zapata (ZAP) ~ market folly

Friday, November 6, 2009

Philip Falcone Amends 13D on Zapata (ZAP)

Recently, Philip Falcone's hedge fund Harbinger Capital Partners has filed an amended 13D on shares of Zapata (ZAP). They now show a 51.6% ownership stake in the company with 9,950,061 shares. The filing was made due to activity on November 3rd, 2009 and they ever so slightly boosted their stake by acquiring 61,377 more shares since their last disclosure back in June when we covered their initial 13D filing on Zapata. The most recent 13D also notes that the merger with the newly formed Harbinger Group is in full swing. Those interested in all the details of the deal can check out the full filing here, where you can head to Item 4 to read more. In terms of other recent portfolio activity, we've noted that Harbinger has also been dumping shares of Solutia (SOA).

Philip Falcone runs multi-billion dollar hedge fund Harbinger with a focus on credit, bankruptcies, and proxy fights. While we cannot see their positions in credit markets (the SEC does not require their disclosure), we do cover their equity moves whenever we can. We've detailed all of Harbinger's latest portfolio adjustments so you can get a broader view as to how they're re-tooling. Additionally, we've also compiled their holdings in UK markets as well.

Zapata "owns 98% of Zap.Com Corporation, a public shell company. The Company is focused on acquisition opportunities in the United States and also outside of the United States. Zap.Com does not have any existing business operations as of December 31, 2008. It is searching for assets or businesses that it can acquire, so that it can become an operating company and may also consider developing a new business. During 2008, the Company did not generate any operating revenues."

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