Yep, I get that. I even referred to it in my original question.

What I don't get is why there is still a pass-through that isn't adding any passing through.

Generally speaking, for a pass-through to offer some value, one needs two exchanges: a primary exchange, where an asset itself is listed, and a secondary exchange where the pass-through is listed. The secondary exchange is, for whatever reason, more valuable to some segment of the population than the primary exchange where an asset is listed. For example, the secondary exchange might be denominated in a different currency, it might offer a different interface, or it might provide better liquidity. (There are other scenarios where a PT might be appropriate, but bridging two exchanges is the main one.) So, once you take away the secondary exchange, a PT loses its reason for being.

Suppose I said to you "hey, I'm going to run a new 'direct' pass-through for ASICMiner, so you can now get shares of ASICMiner directly from Friedcat, or you can get pass-through shares directly from me". Why on Earth would you buy them from me? Suppose someone now said "hey, did you know ASICMiner is finally going to be listed on an exchange again?" Then the question becomes even more pressing: why on Earth would you buy them from me instead?