<PAGE>
 

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

          The following table sets forth information as to persons known by
Zapata to be the beneficial owners of more than 5% of any class of Zapata's
outstanding voting securities as of December 31, 1995.  For purposes of this
Item 12, beneficial ownership of securities is defined in accordance with the
applicable rules of the Securities and Exchange Commission (the "Commission") to
mean generally the power to vote or dispose of securities, regardless of any
economic interest therein.

<TABLE>
<CAPTION>
 
                                                     SHARES OWNED    PERCENT
TITLE OF CLASS              NAME AND ADDRESS         BENEFICIALLY   OF CLASS
- ---------------------  ---------------------------  --------------  ---------
<S>                    <C>                          <C>             <C>
 
Common Stock.........  The Malcolm I. Glazer Trust      10,408,717 (1)  35.3%
                       and Malcolm I. Glazer
                       1482 South Ocean Boulevard
                       Palm Beach, Florida
 
                       Peter M. Holt                     2,824,289 (2)   9.6%
                       c/o Holt Company of Texas
                       S.W.W. White at Holt Avenue
                       San Antonio, Texas 78222
 
$2 Preference Stock..  Larry A. Reiten                         150       5.7%
                       Route 1, Box 297
                       Bayfield, Wisconsin 54814-9701
</TABLE>

________________
(1)  Based on information contained in a Schedule 13D, as amended as of April
     27, 1993, which was filed with the Commission by The Malcolm I. Glazer
     Trust and Mr. M. Glazer.  The Schedule 13D states that Mr. M. Glazer
     contributed all of his shares of Common Stock to such trust and that, as
     trustee and beneficiary of such trust, Mr. M. Glazer is a beneficial owner
     of the shares of Common Stock held by such trust.  The amount in the table
     also includes 13,333 shares of Common Stock that Mr. M. Glazer has the
     right to acquire within 60 days of December 31, 1995 through the exercise
     of nonqualified stock options.
(2)  Based on (i) information contained in a Schedule 13D, which was filed with
     the Commission by Mr. Holt, and (ii) additional information provided to the
     Company by Mr. Holt.  The Schedule 13D and the additional information
     indicate ownership as follows:  1,021,967 shares held by Mr. Holt,
     individually; 115,960 shares held by the Peter M. Holt Grantor Trust;
     28,032 shares held by the Hawn-Holt Trust; 220,478 shares held by the S
     Stock GST Trust for Peter M. Holt; 55,478 shares held by the S Stock GST
     Trust for Benjamin D. Holt III; 120,478 shares held by the S Stock GST
     Trust for Anne Holt; 207,581 shares held by the Holt Corporate Stock
     Marital Trust--1985; 200,885 shares held by the Holt Corporate Stock Life
     Trust--1985 and 840,097 shares held by Benjamin D. Holt, Jr.  Peter M. Holt
     disclaims beneficial ownership as to all of the shares held by the S Stock
     GST Trust for Benjamin D. Holt III and the S Stock GST Trust for Anne Holt.
     The amount in the table also includes 13,333 shares of Common Stock that
     Mr. Holt has the right to acquire within 60 days of December 31, 1995
     through the exercise of nonqualified stock options.

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