It appears that it can also be in ZMERGABLEDATA1 or perhaps even ZMERGABLEDATA2
If the data is in ZMERGABLEDATA1 or ZMERGABLEDATA2 and not in ZMERGABLEDATA, then it is currently not found and as such the embedded object data is null, even though data actually exists, just not in the expected column.
It appears that it can also be in ZMERGABLEDATA1 or perhaps even ZMERGABLEDATA2
If the data is in ZMERGABLEDATA1 or ZMERGABLEDATA2 and not in ZMERGABLEDATA, then it is currently not found and as such the embedded object data is null, even though data actually exists, just not in the expected column.