This is good dd on your part and IMO seems a more likely avenue for the shell (?)
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This language has existed for the last few filings. This is from the latest 10-K for HRG on ZPCM.
Quote: -------------------------------------------------------------------------------- We also own 97.9% of Zap.Com Corporation (“Zap.Com”), a public shell company that may seek assets or businesses to acquire or may sell assets and/or liquidate. While we search for additional acquisition opportunities, we manage a portion of our available cash and acquire interests in possible acquisition targets through our wholly-owned subsidiary HGI Funding LLC, a Delaware limited liability company
We, of course, knew their ownership interest, but recently HGI Funding LLC has been having some activity (late September). Acquiring Frederick's of Hollywood with others. Yet another thing to keep an eye on in conjunction with this other activity.
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