If Zenith gets cashed out the value should be the net present value of future payments. Unfortunately, apabetalone is not yet marketable. When DM mentioned 12 cents, or 12%, my presumption was that he meant the royalty preferred shares would receive a revenue stream of 12% of the net future revenues as defined. Those payments could be used for development of Zenith's oncology portfolio or paid to Royalty Pref Shareholders. Everything is subject to change - I would think that BP would acquire 100% of both cos. for cash and move forward with commercialization on their terms or they could pay out Zenith shareholders with milestone payments to reduce their up front cash hit.

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