I believe it has been stated by the company in the past that the IP is all held by ZEL but ZCC owns ZEL so in the end ZCC owns it all. ZCC owns the royalty preferred shares and ZEL has nothing to do with them.

ZHCLF shares represent ZCC and indirectly ZEL through ZCC's ownership of ZEL. A ZHCLF share is owbership of ZCC which owns ZEL. You can't sell a ZEL share as you don't own one but you do own a proprtionate share of ZEL's value within your ZCC shares.