Shepherd, who's chairmanship ended last month, was caught on video mocking Owen to Liverpool supporters. A video that ended on U-Tube.
Owen Did Not Appreciate Pressure Put On Him By Shepherd
And the former chairman demanded Owen pledge his allegiance to the club even though, at no time, did the England international say he wanted to leave.
But Shepherd was replaced by Chris Mort following Mike Ashley's takeover of the club, and Owen has hit back at Shepherd's call for a public declaration of loyalty.
Owen: "I have only ever said positive things about Newcastle and always been 100% committed.
"Whenever I have been doubted I've always responded the best way I know by scoring goals. But I'm stubborn and won't be bullied into saying things.
"I don't feel I should keep coming out every week and saying I'm loving this, that or the other. There was no speculation until various pieces came out in the media saying 'if Michael Owen doesn't say this, then I'll tell him that Chelsea and Liverpool aren't interested...'
"My management company used to get phone calls from boardroom level saying I haven't done this or I haven't done that, or we want more interviews on this.
"But when I'm injured I just put up a shield and take the abuse and remember who said it."
Shepherd said in May: "I'm telling Michael he has two choices. He either comes out and tells our fans, who have taken him to their hearts, that he is happy here or I tell him that not one of the big four clubs, Man United, Chelsea, Arsenal or Liverpool, are interested in him."