Larry,
I don't think it is going to drain with the pump off, when your pump is lower than the pool water level. It will raise the float to exit to the pool, but won't go anywhere.
With the pump off you can add bleach until the water reached the top of the Liquidator, the next time the pump runs it will return to the normal operating level. You can also add bleach while the pump is running and it should stay near the normal operating level.
The inlet float regulates the incoming water supply to maintain the correct level. Too high and it closes to prevent overflow. The outlet float only allows chlorinated water to leave if the water is the correct level. Too low and it closes preventing it from draining the Liquidator and therefore resulting in a suction leak.
Martin