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To: Tom Latham who wrote (8026)	11/3/1998 1:32:00 PM
From: Susan Saline	Read Replies (1) \| Respond to of 119973

does anyone have news on why ZAP just jumped? thanks for any help....Sue

To: Tom Latham who wrote (8026)	11/3/1998 1:44:00 PM
From: Susan Saline	Respond to of 119973

ZAP...just found the news.... Zapata Discontinues Dividend, Will Use Cash for Stock Buyback PR Newswire - November 03, 1998 13:30 HOUSTON, Nov. 3 /PRNewswire/ -- Zapata Corporation (NYSE: ZAP) said today its Board of Directors has authorized the discontinuation of the Company's quarterly dividend and anticipates using the cash to repurchase stock in connection with the 5 million share stock repurchase program that it had announced in July of this year. The Company has not yet made any purchases under the program. Avram Glazer, President and CEO of Zapata Corporation, said, "The Board and management believes that Zapata's shares are significantly undervalued due to turbulent market conditions and that shareholders would be better served by using the Company's resources to buy back stock rather than issuing a dividend." Houston-based Zapata Corporation holds 40 percent of the outstanding common shares of Viskase Companies, Inc., (Nasdaq: VCIC), formerly known as Envirodyne Industries Inc., a food services company; and 60 percent of the outstanding common shares of Omega Protein Corporation (NYSE: OME), the nation's largest marine protein company. Zapata also has about $112 million in cash and is debt free. "SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: The statements contained in this press release which are not historical fact are forward-looking statements which are based upon management's current beliefs and which are subject to risks and uncertainties that could cause actual results, events and developments to differ materially from those set forth or implied by forward-looking statements. Factors that could cause actual results, events and developments to differ include, among others, those listed from time to time in the Company's filings with the Securities and Exchange Commission. Many of those risks are beyond the control of the Company and ZAP. Consequently all forward-looking statements made herein are qualified by the cautionary statement and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. The Company's stock repurchase program is dependent on market conditions and other activities such as acquisitions. There is no assurance as to the exact number of shares to be repurchased or the timing of such purchases. The Company undertakes no obligation to update any such factors or to publicly announce the results of any revisions to any of the forward looking statements contained herein to reflect future events or developments. SOURCE Zapata Corporation /CONTACT: Jeffrey Goldberger or Craig Shinbaum, both of Stern & Co., 212-888-0044, for Zapata Corporation/ /Web site: zap.com