The way I understand it is that you are unable to sell on open market and if you did not sell before end of 2011 you will receive the liquidation value (price as of 12/27/11 which was around $27.85) deposited in your cash account on 12/27/12.
I traded my 1600 shares for the underlying stocks. So far, that basket of stocks has outperformed what is left of this ETF. The reorganization fee was $160 (0.10/share). My broker, TD Ameritrade, did not add an additional fee. Of course, now I will have pay several more comissions to unwind the position. Considering how awful the spread is, I think that I will still come out ahead rather than dumping the ETF shares. I suppose holding until the fund cashes out in December can be a good strategy if you expect the market to do well between now and then.