Limited Liability of Shareholders. Joseph M. Billy was an employee of the USM Corporation (USM) USM is a publicly held corporation. On October 21, 1976, Billy was at work when a 4600lb ram from a vertical boring mill broke loose and crushed him to death. Billys widow brought suit against USM, alleging that the accident was caused by certain defects in the manufacture and design of the vertical boring mill and the two moving parts directly involved in the accident, a metal lifting arm and the 4600lb ram. If Mrs. Billys suite is successful, can the shareholders of USM be held personally liable for any judgment against USM? Is there personal liability?