Significance of completion date later in the cycle

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Aug 14, 2015
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Obviously an early completion date gives an applicant a better shot at an early interview. But once an application has been reviewed and is stuck in a pool of applicants that are continually reviewed for later II, does the completion date no longer matter?

It seems to me that IIs/pre-II rejections are handed out simply based on competitiveness of an application once everyone has been reviewed. Or am I wrong and ADCOMs somehow sort applications by completion date for subsequent reviews, and hand out later IIs/pre-II rejections accordingly?