A development stage company that states in its prospectus the industry in which capital will be invested, such as commercial real estate, construction, oil, gas, etc. Nevertheless, the company has no business activities and no sources of income (hence it is a shell company). The company is mainly established to acquire equity shares or controlling interest in small privately-held companies that potentially provide high returns. However, blind pool shells are typically associated with big risks such as the tendency of managers to invest capital in fixed-income securities and exhaust the interest income in paying themselves high salaries and bonuses. Also, managers could acquire private companies that do not generate income, let alone those that turn out to be big losers.