<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