While I would agree that the PP's at current valuation are favourable to the current OTC price it still is seems to me a sizeable management failure that the price for arguably equal or superior IP plus a proportionate share of the RVX royalty preference shares is not worth something closer to the price of Constellation.

Sure, in hindsight, that's a reasonable argument.  But I suspect DM thought, and probably still thinks, he can sell 3694 and get proper value for it.  I think a significant part of the problem with the valuation is that ZCC is a Canadian (not American) biotech.  (It's a similar situation with Bioasis vs Denali.)  No respect.

And going back to the Nasdaq thing, from what I see, ZCC has never been close to qualifying for a Nasdaq listing.  They would have to do a huge reverse split to get there IMO.  I agree it's a frustrating situation we're in, but as I've said before, new management could be a disaster.  We could easily get someone who wipes out current shareholders with a massive financing.

I think management needs to work on selling a position to one of their BP trial partners at a fair price and then using that as a bench mark for PP's. Not the same as, but similar to when quite awhile back Trillium sold 10 million shares to Pfizer at premium to market.

I don't see that as a possibility.  With Eastern and NGN repeatedly buying at $1-$2, I don't think any pharma is going to pay more for what would be a relatively small position.  Strikes me as way too generous of them.  I think buying 3694 would be much more likely.

I don't spend a lot of time thinking about what should be.  I look at what is probably a significantly undervalued ZCC and what I can do in response to that.  That's all I have control over.  That said, I'd certainly like to see DM asked some pointed questions at the AGM about where he sees us heading over the next few years.