I.C.
I believe this is a possible scenario.
Zen had always maintained control of the company by owning app.25% of the shares.Why would they want to give 10% away at far below it,s true value and allow a company to stage a coup-etat later on.Look at what happened to Probe.They were backed into a corner with no where to run but submit.Had the management owned more shares,it could have been a different story.
Don;t forget that Zen could have sold 10 milliion shares for$5ps while the stock was at it,s height.That could have netted them 50 million bucks right there.Their adament refusal to have our shares diluted should be a telling sign to show that they intend to have the company under firm control.