The ASX Casino - Weekly Shell List, page-2990

For me a she'll either has to have some cash or no debt
Very rarely do shells go under, I'm yet to see one in fact, only companies with large amounts of debts or obligations go under

With shells the danger is a large dilution followed by a consolidation

There are some terrible ones out there but you just note the directors or parties involved and keep them on a do not touch list

Most of the time if a shell looks too bad like TTE did I will avoid and then as luck would have it, it ends up doing really well