SHMP is offering to convert those shares for those former NSH shareholders who to decide to participate. But SHMP "investors" should ask themselves...why would ANYONE settle for 1/7th of what they are legally entitled to...just because that's what SHMP is offering?
SHMP could have avoided this whole cluster-f by honoring the terms of the Series A shares...provided that the Series A shares even have a legitimate basis and purpose for existing. It's been pointed out by others that even that issue is in question.
Nightmares come in the form of reverse splits, class action lawsuits, bankruptcies, and the like. Doubt shmp shareholders are sleeping well these days.