HNSS is using common shares in exchange for other stakes in debt instruments, securities and companies. It isn't just the shareholders who hold HNSS stock. Eliminating the stock would in effect eliminate the HNSS stake that these other entities hold. Also note that HNSS is using it's common stock to take an interest in these entities. This is ongoing and HNSS does need its stock to keep HNS Fund in it's current form.