My opinion on this, completely irrespective of the actual terms and laws:
Zenimax doesn't deserve anything.
But anyone who funded the original Kickstarter does (I was not one of those people). Anyone who put $200+ into that Kickstarter deserved some sort of payout. I feel like, at the very least, they should get free Oculus headsets for life.
It's hard to put a number on the total value created by that initial Kickstarter funding if it had been treated as an actual investment, but I'd be willing to bet that it's already in the billions, and will only grow.