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8-K
HRG GROUP, INC. filed this Form 8-K on 07/21/1994
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                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                ---------------

                                   FORM 8-K

                                CURRENT REPORT

                    PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

                                ---------------

DATE OF REPORT: JULY 11, 1994

                              ZAPATA CORPORATION
            (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

               DELAWARE                 1-4219             C-74-1339132
   (State or other jurisdiction  (Commission File No.)   (I.R.S. Employee
           of incorporation)                            Identification No.)

           P.O. BOX 4240            
          HOUSTON, TEXAS                                 77210-4240
(Address of principal executive offices)                 (Zip Code)

                                (713) 940-6100
             (Registrant's telephone number, including area code)

                                NOT APPLICABLE
         (Former name or former address, if changed since last report)

<PAGE>
 

ITEM 5.  OTHER EVENTS
  
    The information set forth in the press release issued by Zapata Corporation 
on July 11, 1994 and filed as Exhibit 99(a) hereto is incorporated by reference.


ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS.

    (c) Exhibits

        Exhibit 99(a)  --Press Release of Zapata Corporation issued on
                         July 11, 1994


<PAGE>
 

                                  SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the 
registrant has duly caused this report to be signed on its behalf by the 
undersigned hereunto duly authorized.


                                           ZAPATA CORPORATION
                                              (Registrant)

Date: July 21, 1994                        By: /s/ Marvin J. Migura
                                              ----------------------------
                                              Marvin J. Migura,
                                              Senior Vice President and
                                              Chief Financial Officer

                                       2





<PAGE>
 
                                                                   EXHIBIT 99(A)

ZAPATA CORPORATION TO SEPARATE                             FOR IMMEDIATE RELEASE
GAS, MARINE PROTEIN BUSINESSES                             JULY 11, 1994

    HOUSTON--In recognition of the fundamental difference between its oil and 
gas and marine protein operations, Zapata Corporation's Board of Directors 
announced today that it will separate the two businesses, a process which will 
take a number of months.

    In preparation for this separation, Zapata Protein, Inc., the company's 
menhaden fishing and marine protein subsidiary, will be operated autonomously 
within the Zapata group until separation.  Headquartered in Houston, Zapata 
Protein has processing plants in Delaware, Louisiana, Mississippi and Virginia.

    R.C. Lassiter, Chairman and Chief Executive Officer of Zapata Corporation 
since 1985, is being named Chairman and Chief Executive Officer of Zapata 
Protein.  Lassiter will remain a member of the Zapata Corporation's Board of 
Directors.

    Zapata Director Kristian Siem has assumed the duties of President and Chief 
Executive Officer of Zapata Corporation with overall responsibility for the 
company's oil and gas operations.  These include: Tulsa-based Cimarron Gas 
Companies, Inc., which gathers and processes natural gas; Energy Industries,
 
Inc., headquartered in Corpus Christi, one of the nation's leading natural gas 
compression companies; and Houston-based Zapata Exploration Company, Zapata's 
oil and gas production subsidiary.

    Malcolm I. Glazer, also a Zapata Director, is being named Chairman of the 
Zapata Corporation Board of Directors.

    "Historically, Zapata was a maritime company with offshore drilling rigs and
other ocean-oriented operations.  Zapata Protein made sense in that mix of 
businesses," Siem said.

    "As we have repositioned Zapata into natural gas services and production and
shed the company's other maritime operations, however, that linkage has been 
lost.  We now believe the interests of Zapata's stockholders would best be 
served by completely separating the two businesses," he said.

<PAGE>
 
                                      -2-


    Zapata Corporation (NYSE symbol: ZOS) is a Houston-based international 
company primarily involved in natural gas services. Zapata rents, fabricates and
services natural gas compression packages; and gathers and processes natural 
gas. Zapata also produces natural gas and marine protein products.

                                     # # #

CONTACTS:    Barney White, Vice President--Corporate Affairs,
              (713) 940-6240

              David Skarke, Vice President--Corporate Development,
              (713) 940-6148


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