SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                   FORM 8-K

                                CURRENT REPORT

                    PURSUANT TO SECTION 13 OR 15(D) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT:  APRIL 27, 1994

                              ZAPATA CORPORATION
            (Exact name of registrant as specified in its charter)


      DELAWARE                       1-4219                C-74-1339132
(State or other jurisdiction  (Commission File No.)      (I.R.S. Employee
     of incorporation)                                  Identification No.)

           P.O. BOX 4240
           HOUSTON, TEXAS                                    77210-4240
(Address of principal executive offices)                     (Zip Code)

                                (713) 940-6100
             (Registrant's telephone number, including area code)

                                NOT APPLICABLE
         (Former name or former address, if changed since last report)

 
ITEM 5.  OTHER EVENTS

          (a) On April 27, 1994 at the Zapata Corporation (the "Company") 1994
          Annual Meeting of Stockholders, the 1-for-5 reverse stock split (the
          "Reverse Stock Split") of the Company's outstanding Common Stock (the
          "Common Stock") was approved by the stockholders of the Company. This
          Reverse Stock Split became effective at 5:00 (E.D.T.) on May 2, 1994
          and reduced the number of outstanding shares of the Company's Common
          Stock from approximately 158,300,000 to approximately 31,700,000.

          The number of authorized shares shall remain at 165,000,000 and the
          par value of the Common Stock will remain at $0.25 per share. The
          total number of outstanding shares of Common Stock held by each
          stockholder will be converted into a right to receive an amount of
          whole shares of Common Stock after the Reverse Stock Split equal to
          the number of shares owned immediately prior to the Reverse Stock
          Split divided by five. In lieu of any fractional share interests, each
          holder of Common Stock who would otherwise be entitled to receive a
          fractional share of Common Stock after the Reverse Stock Split will be
          paid cash upon the surrender of the certificate or certificates
          representing Common Stock held by such holder in an amount equal to
          the product of such fraction multiplied by the closing price of the
          Common Stock on the New York Stock Exchange on the first trading date
          after the effective date of the Reverse Stock Split.

          In connection with the Reverse Stock Split, the Company filed its
          Certificate of Amendment to the Restated Certificate of Incorporation
          on May 2, 1994 with the Secretary of State of the State of Delaware
          (the "Secretary of State") making the Reverse Stock Split effective.
          On May 3, 1994, the Company filed with the Secretary of State a
          Certificate of Retirement and a Certificate of Elimination to retire
          and eliminate those series of the Company's capital stock which are no
          longer outstanding. Also on May 3, 1994, the Company filed its
          Restated Certificate of Incorporation with the Secretary of State,
          which is filed as Exhibit 3(a) hereto and incorporated herein by
          reference.

          (b) The information set forth in the press release issued by Zapata
          Corporation on April 27, 1994 and filed as Exhibit 99(a) hereto is
          incorporated herein by reference.

 
ITEM 7.   FINANCIAL STATEMENTS AND EXHIBITS.

          (c)  Exhibits

          Exhibit 3(a) - Restated Certificate of Incorporation filed May 3,
1994.

          Exhibit 99(a) - Press release of Zapata Corporation issued on April
27, 1994.

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                                  SIGNATURES

     Purusant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                    ZAPATA CORPORATION
                                       (Registrant)


Date:  May 12, 1994                 By: /s/  Thomas H. Bowersox
                                       ------------------------------------
                                       Thomas H. Bowersox
                                       Executive Vice President

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