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Stockholder sues Glazer over $18-million deal
[CITY Edition]
St. Petersburg Times - St. Petersburg, Fla.
Author: Testerman, Jeff
Date: Dec 2, 1995
Start Page: 1.A
Section: NATIONAL
Abstract (Document Summary)

Elly Harwin, a shareholder in the Houston-based Zapata Corp., says in a lawsuit that [Malcolm] Glazer arranged the "wrongful" purchase of $18-million in stock from a second company Glazer controlled to help satisfy a passion to own a professional sports team.

In another lawsuit, a former member of Zapata's board of directors says he was misled about a new business strategy Glazer devised for the company. Peter Holt, who resigned from the Zapata board last month, says Glazer changed directions when he decided to take the company out of the natural gas business and into food service companies Glazer owned, including Specialty Equipment Co. and Houlihan's Restaurant Group.

And in a quiet deal in October, Houlihan's - which has Glazer and four of his sons on its seven-member board - agreed to pay $10-million to the Bucs for the naming rights to Tampa Stadium. The agreement left local officials wondering about Glazer's need for a cash infusion. The Houlihan's name has questionable marketing value in Florida since the chain has just two restaurants in the state.

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