I tend to agree with your analysis.
Its looking more and more to me like the wind down of SHC will be settled as a Chap 7 liquidation.
I am curious, though, to see how this gets "transitioned" to a Chap 7 case. Very interesting to watch from the sidelines.
In the meantime, SHLDQ shares will continue to trade until either a judge or a trustee signs a document that is sent to the SEC/FINRA legally cancelling those shares. The way things look now, that might not happen for another 6 months or perhaps a year or more. Who knows?
Short term traders can continue to ply their wares here as long as there is enough volume to allow them to be able to trade large enough lots to make "decent" profits. -jmo