Area 51,
I think you are mistaking the terms of the 80/20 agreement and that Alliance is leaving the DD to another company - this is grossly underestimating the process.
This agreement is common and isa form of risk aversion - this is good business and be assured that both parties will do separate DD.
The creation of a company(Alliance) earlier in the year means nothing and is not dodgy- there are reasons (many) to form a company with this type of investment- different stakeholders, protection of directors, tax liability to name a few.
As I have said before - this is a binary trade. You are in if you think they will complete as it will 5 bag, and out if you think it's a lie as it will half. There really is no middle ground as it could happen at any time.
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Area 51,I think you are mistaking the terms of the 80/20...
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