It doesn't appear that Shep had any personal interest in this company.
Olivia Tappan was the producer on Ollie Hopnoodle's Haven of Bliss. And that movie was released in 1988, the same year that Pholly was incorporated. So it seems that the only Shep project by Pholly was that one movie.
Alan W. Potter, the listed president of Pholly, also served as "production manager" of Shep's Great American Fourth of July and Other Disasters (where Olivia Tappan served as producer) That movie was created in 1982, several years before Pholly was incorporated in Massachusetts.
March 02,1988 Pholly, Inc
August 06,1988 "Ollie Hopnoodle" - Credit to Pholley Productions
Made in the USA
"Can you imagine 4,000 years passing, and you're not even a memory?
Think about it, friends. It's not just a possibility. It is a certainty." - Jean Shepherd - 1975