Agree. Btw, I also suspect that if liquidation takes more than a year or so (as it probably will), and even though SHLDQ may still be trading, most investors will have realized by then that SHLDQ shares will eventually be cancelled. This realization will also, eventually, be reflected in the stock price of SHLDQ.
Until then, traders will keep on "doing their thing" probably until the last day before cancellation.