I agree with you - from the perspective of new owners, legacy shareholders are a pain in the ass. They bitch and moan and require a LOT of handholding, and generally are looking for much faster returns than new people (especially insiders and friends and family). It makes sense to reverse split them into oblivion.
I am not saying this is a fair thing to do, but it certainly makes sense from the perspective of new owners of a former shell company.
If I could afford to buy all of them, I would not need to buy any of them and I sure wouldn't be spending time on the message boards!