NaturalShrimp Inc (SHMP)

[eqinvestor]

So that becomes legally tricky. Simply it was an exchange after you put aside the sham. The preferred for the common. So the preferred should have been cancelled. Just look at it this way. If I exchange a debenture on the books for common, the debenture (which is a security) gets cancelled.

The executives are playing with a legal inferno by continuing to use the preferred.

Although it is virtually impossible to pierce the corporate veil in Nevada, this may form a basis to do so.