CMKM Diamonds Inc. (fka CMKX)

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If management wants to "cancel" shares, it must either obtain the permission of the owner of the shares in question, or, if it feels that the owner has no right to the shares, must go to court to obtain a judge's permission to cancel them.

This happens frequently in companies which file for bankruptcy. If they continue to be a public company, they'll reissue stock under a different ticker and CUSIP and often leave retail investors with nothing. One BK company actually forgot to cancel their old shares. They stayed trading on the pinkies for months and even had a nice little run. After the company saw what happened, they made the shares disappear quickly as did the money of anyone who bought them.