Great explanation. Too bad that some won't read it all and/or understand its implications.
Imho, SHLDQ is trading on hype and imagination not based on the facts as you have outlined them.
Sooner or later, the reality of Sears Holdings Corp's situation will catch up with SHLDQ stock price. Might take months or perhaps even years, but a day of "reckoning" will eventually come imho.
In the meantime, SHLDQ will continue its ups and downs as traders enjoy the play here.
All the above is JMHO.