The study of the two-shell system started in ``Pair of null gravitating
shells I and II'' (gr-qc/0112060--061) is continued. The pull back of the
Liouville form to the constraint surface, which contains complete information
about the Poisson brackets of Dirac observables, is computed in the singular
double-null Eddington-Finkelstein (DNEF) gauge. The resulting formula shows
that the variables conjugate to the Schwarzschild masses of the intershell
spacetimes are simple combinations of the values of the DNEF coordinates on
these spacetimes at the shells. The formula is valid for any number of in- and
out-going shells. After applying it to the two-shell system, the symplectic
form is calculated for each component of the physical phase space; regular
coordinates are found, defining it as a symplectic manifold. The symplectic
transformation between the initial and final values of observables for the
shell-crossing case is written down.Comment: 26 pages, Latex file using amstex, some references correcte