109177--3/13/2007--ZAPATA

related topics

{tax, income, asset}

{financial, litigation, operation}

{acquisition, growth, future}

{stock, price, share}

Since we already meet the ownership criteria of the personal holding company rules, we may have to pay a punitive tax if Zapata Corporate generates passive income in excess of operating expenses. A change of ownership could reduce the benefits associated with the Company s tax assets. Our company is majority-owned by the Malcolm I. Glazer Family Limited Partnership. As a result of this ownership, we are a controlled company within the meaning of the New York Stock Exchange rules and are exempt from certain corporate governance requirements. Litigation defense and settlement costs may be material. Agreements and transactions involving former subsidiaries or related parties may give rise to future claims that could materially adversely impact our capital resources Future acquisitions and dispositions may not require a shareholder vote and may be material to the Company. We may not be successful in identifying any suitable future acquisition opportunities.

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109177--3/13/2007--ZAPATA_CORP