When you put it that way, the chronology is similar. The difference is the current share price is much lower with ZEN at this late stage in the game -reason: secretive graphite market and of course different market environment. The PEA will change that, unless the buyout happens before the release of the PEA. With 20+ NDA's, it is very possible the buyout happens without public knowledge of the PEA.

The PEA is the leveraging tool and AE and team know it. One side will break soon and with 20+ NDA's, one company will likely step up very soon. And like you said, only one way for this to end. Hope AE drops the bomb on the market with the PEA, if no company steps up before end of year.