koo, not sure what you mean by "bunch of bits". Zenith is basically a one molecule company with some royalty preferreds in another company. Nothing overly complex. Further to that, more complex structures are transacted in biotech and business in general all the time. Not predicting or discounting the occurrence of a sale in any particular time frame but "complexity" of Zenith will not likely be a factor one way or the other. 

My preference is definitely for a corporate sale of the private entity at some point which fairly values the assets of the company. RVX RPs could be either part of the sale or distributed pro rata to the share base at the time.  I dread the idea of an IPO because I think the single biggest influence on share price at the time will be millions shares looking to escape current management.