You may know that Phil Falcone runs a smaller, publicly-traded version of his hedge fund, Harbinger Capital, called the Harbinger Group.
But guess what that company was before Falcone took it over. It was a dot-com that sold sausage casings and fish oil.
It failed miserably, obviously, because that’s disgusting, not to mention illogical, but before it crumbled and Falcone took it over, the company, Zapata (Zap.com), sold animal by-products by day and tried to be a “one-stop Internet search engine, directory and network of Web sites” on the web.
Then Zap.com went bankrupt and everyone called it:
The one site that best represented all the absurdity of the whole dot-com craze.
If you aren’t convinced it deserves that badge of honour yet, read this:
Zap.com was originally an oil company co-founded by former President George Bush, and is now controlled by Tampa Bay Buccaneers owner Malcolm Glazer.
And for the conspiracy-minded, click here to check this out >
Via Reuters‘ account of Zapata’s er Harbinger Group’s SEC issues.