One thing on shell stocks. Review Authorized vs. O/S Make sure they're not close. Here's an example: <A HREF="http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fredirect.asp%3Ffilename%3D0001050234%252D03.." target="_new">http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fredirect.asp%3Ffilename%3D0001050234%252D03...</A>. Now, they could vote to increase the Authorized, but they haven't. Mergers are the sweet deal. But, I have seen many R/S's, too. I like shell stocks with Low Auth./Low O/S and clearly apart from another. I also look to see if they have a carryover of debt which will help the merging company for tax purposes.