SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Passport Capital, LLC

(Last) (First) (Middle)
30 HOTALING PLACE, SUITE 300

(Street)
SAN FRANCISCO CA 94111

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
ZIPREALTY INC [ ZIPR ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
07/15/2011
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 07/15/2011 07/15/2011 S 709,000 D $3 1,810,550 I see footnotes (1) (2) (3)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
Passport Capital, LLC

(Last) (First) (Middle)
30 HOTALING PLACE, SUITE 300

(Street)
SAN FRANCISCO CA 94111

(City) (State) (Zip)
1. Name and Address of Reporting Person*
Passport Global Master Fund SPC Ltd

(Last) (First) (Middle)
30 HOTALING PLACE, SUITE 300

(Street)
SAN FRANCISCO CA 94111

(City) (State) (Zip)
1. Name and Address of Reporting Person*
Burbank John Howard III

(Last) (First) (Middle)
30 HOTALING PLACE, SUITE 300

(Street)
SAN FRANCISCO CA 94111

(City) (State) (Zip)
Explanation of Responses:
1. The securities beneficially owned following the reported transaction are held for the account of Passport Global Master Fund SPC Ltd. for and on behalf of Portfolio A - global strategy, ("Global") a British Virgin Islands Segregated Portfolio Company and Limited Partnership (1,810,550 shares) The following funds share a pecuniary interest in the securities: Passport I, LP, Passport II, LP and Passport Offshore, Ltd. (the "funds" together with Global the "Funds.")
2. Passport Holdings, LLC, a Delaware limited liability company ("Passport Holdings"), is the special member of Global. Passport Capital, LLC, a Delaware limited liability company ("Passport Capital") is the managing member of Passport Holdings and Investment Manager to the Funds. John H. Burbank III is the sole Managing Member of Passport Capital, LLC. As a result, Passport Holdings LLC, John H. Burbank III and the Funds may be considered to be joint actors with Passport Capital, LLC in connection with the disclosure required herein.
3. Pursuant to Rule 16a-1(a)(2)(ii)(B) under the Securities Exchange Act of 1934, as amended (the "Act"), John H. Burbank III is deemed to be a beneficial owner of the shares beneficially owned by the Funds only to the extent of the greater of his respective direct or indirect interest in the profits or capital account of such Funds. Pursuant to Rule 16a-1(a)(4) under the Act, this filing shall not be deemed an admission that John H. Burbank III is, for purposes of Section 16 of the Act or otherwise, the beneficial owner of any securities owned by the Funds in excess of such amount.
/s/ Passport Global Master Fund SPC Ltd for and on behalf of Portfolio A - global strategy by Passport Capital, LLC its Investment Manager by John H. Burbank III as managing member 07/19/2011
/s/ Passport Capital LLC by John H. Burbank III as managing member 07/19/2011
/s/ John H. Burbank III 07/19/2011
** Signature of Reporting Person Date
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* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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