To make grits: Bring grits to a boil, lower temperature and simmer for 15 - 20 minutes. Remove from heat and stir in butter and cheese. Set aside to keep warm.
In a large pan, melt butter on medium heat. Add onions, peppers and garlic until soft - about 4 minutes. Add tomatoes, juice, thyme and continue to simmer. Add shrimp and cook for 2 minutes while stirring. Add 1/2 cup stock and wine and cook for 3 minutes. Add tomato paste and blend. Add salt, pepper and tabasco. Take off heat and stir in cream.