Shark - Rules Clarifications + Variants
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I've always played as per the rules from a copy of Games International
(#8, August 1989). These rules were by Larry Trask: 

1. A group consists of an isolated counter, or of two or more
orthogonally connected counters of the same colour

2. The value of an assembly of G groups containing a total of C counters
is C-(G-1) subject to the proviso that a group of more than 7 counters
counts only as 7.

3. The price of a share at all times is equal to the value (as per #2)
of all the counters of that colour on the grid. Hence, when a share
price rises or falls, the price change is simply the difference between
the old price and the new price, to a maximum of 15.

4. When a larger group eliminates a smaller group, all bonuses and
dividends in respect of the larger group are paid out before the smaller
group is removed and debts are paid.

5. An isoloated counter is eliminated like any other group.

6. When the share price drops to zero, then after debts are paid as
usual, all shares of that colour must be returned to the bank without
payment.

7. When a counter is placed which ends the game, all financial
transactions arising from that placement are completed before the game
ends.

8. Shares held are publicly displayed at all times.

These rules are slightly different to the Ravensburger rules for the
valuation of a particular colour.


The article also had some variants:

Little Fish Bite Back (George Crawshay)
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Replace the D6 with a D8. The effect of the new sides is as follows:

Numeric Die:

7 : Place a token anwhere on the board

8: Place a token in the area with the least tokens.

Coloured Die:

Black : Place the colour that has the least number of tokens on the
board

White : Place any colour

(This may be the origin of the confusion over the value of the
black/white sides of the die. I don't think that the original
distinguishes between them, but just lets the player choose the colour
that they wish to place.)

Live Now Die Later (Rich Goldbaum & Jeff Tolleson)
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Instead of the dice, uses 6 cards numbered 1-6, 4 cards (1 of each
colour), and 2 wild cards (12 cards in total). A player turn now
consists of playing a numeric card plus a colour card. A wild card
counts as any colour. After all 12 cards are used, pick them up and
start again.

Colour Blind (Jean Vanaise)
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A variant by the game designer. Only use the numeric die. Players
choose which colour they place.


What I do (Andy Merritt)
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I use the standard Ravensberger rules for calculating values of
chains, but do use George Crayshaw's interpretation of the black and
white sides of the dice.