Were you on a wifi or cell network at the time? Maybe there was a period without net connectivity when the app was started and it failed to reach the store? Although having some effects work and the recorder not sounds more like the app store didn't respond with a full list.

You could try quitting the app entirely: hit home button, then double tap home button, and then tap and hold the iShred LIVE icon in the bottom bar until you see the red "-" sign, which when clicked will force quit it.

You could also try a power cycle on the iPhone. Worst case would be to delete and re-install the app, but, frankly, I can't think of any reason why that would be necessary.

We have a new version coming out which adds a new effect, various features, along with the ability to restore past purchases.

Please let me know what you find out and if this persists.

-Jerry