Glazer Era and The Birth of Harbinger Group Inc.
By 1994, the company had come under Glazer's control, after a proxy fight. Glazer became chairman of Zapata, replacing Ronald Lassiter, and in 1995 Avram Glazer was named CEO and president of Zapata. De facto headquarters moved from Houston to Rochester, New York. It no longer engaged in exploration, but owned several natural gas service companies. It also produced protein products from the menhaden fish. In subsequent years Zapata sold its energy-related businesses and focused on marine protein.
Between 1998 and 2000, Zapata tried to position itself as an internet media company under the "zap.com" name. The company's stock boomed and crashed along with other dot-coms, and in 2001 the company conducted a 1 for 10 reverse stock split. The venture was cited by many investment journalists as an example of a company jumping on the internet bandwagon without any relevant experience. This period is probably best remembered for Zapata's unsolicited (and unsuccessful) takeover bid of the Excite internet portal.
During this period, Zapata also built up a controlling stake in Safety Components International, a manufacturer of air bag fabrics and cushions.
On December 2, 2005, Zapata Corporation Chairman, Avram ("Avi") Glazer, announced the sale of 4,162,394 shares, 77.3%, of Safety Components International to Wilbur L. Ross, Jr. for $51.2 million. The company sold its remaining stock in Omega Proteine on December 1, 2006, leaving it with no active subsidiary. Sometime during 2009, the name of the company was changed to Harbinger Group Inc. The first thing that has happened is that the Glazer family selling it controlling stack of the Zapata Corporation to Philip Falcone’s Harbinger Capital 2009, which resulted in the company’s name being charged to Harbinger Group Inc. with the ticker symbol HRG on the NYSE. http://www.nyse.com/about/listed/lcddata.html?ticker=HRG http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aozeLSutM_QU http://www.harbingergroupinc.com/phoenix.zhtml?c=118763&p=irol-newsArticle&ID=1350786&highlight= Also in 2010–2011 Harbinger Capital Partners LLC transferred it’s 54.4% in Spectrum Brands to Harbinger Group Inc. giving the company controlling interest in that company. http://www.harbingergroupinc.com/phoenix.zhtml?c=118763&p=irol-newsArticle&ID=1470262&highlight= http://www.harbingergroupinc.com/phoenix.zhtml?c=118763&p=irol-newsArticle&ID=1514182&highlight= Also in 2011 Harbinger Group Inc. acquired the insurance company Old Mutual U.S. Life Holdings, Inc. http://www.harbingergroupinc.com/phoenix.zhtml?c=118763&p=irol-newsArticle&ID=1547525&highlight= http://www.harbingergroupinc.com/phoenix.zhtml?c=118763&p=irol-newsArticle&ID=1536649&highlight=
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