Place chicken stock in a heave saucepan over high heat; bring to a boil. Stir in grits; add cream and reduce heat to medium. When mixture simmers, reduce heat to medium low, partially cover, and simmer for 15 minutes. Cut cheese into ½ inch or smaller cubes. Add a handful to simmering grits; stir until melted. Repeat with remaining cheese. Taste and add salt if necessary; note that the cheese is salty. Continue to cook, stirring occasionally, until grits are done and mixture thickens. Remove from heat. 

Place butter in a heavy sauté pan over medium high heat. When butter melts, add onion and green and red bell pepper; sauté until softened, 8 to 10 minutes. Add the shrimp and sauté until shrimp are beginning to turn pink. Add wine and scrape up any browned bits; stir in cream. Bring to a simmer, reduce heat and cook until shrimp are cooked through, 8 - 10 minutes. Do not overcook shrimp. Taste and add salt and peppers to taste.

To serve, scoop a mound of grits into each serving bowl. Top with shrimp mixture; garnish with bacon, green onions, and paprika.