BIH Corporation (fka BIHC)

[realest]

You've danced all around the question. Stockholders don't own the shell... they own shares of stock in the shell, nothing else. Any type of business can work its way into the shell at the request and whim of the owner / controller of the shell.

So, if Jimmy XYZ holds preferred shares that give him a 90% majority vote at all times then he can do what he wants, when he wants, with zero recourse for common shareholders other than to go along for whatever ride he carries them on. Jimmy XYZ never has to own a single share of common yet he's in control.