Cramer's 'Mad Money' Recap: Buy Coke's Regeneration

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Normally, Cramer told viewers, he doesn't recommend companies that are bankrupt, that trade on the pink sheets or that trade as low as $2 a share. And although he's not going to start recommending these types of stocks today, he wants to call attention to one such name.

Delphi (DPHIQ Quote - Cramer on DPHIQ - Stock Picks) is a stock that has all the three qualities Cramer said he usually shies away from. It is a "big, bankrupt auto-parts maker," he said.

Even though Cramer said he typically doesn't go for these kinds of stocks, "this company may have something big going." He said he's not advising people to necessarily take the risk and buy Delphi, but at the same time he can't ignore the potential upside with the former GM subsidiary.

Delphi, Cramer said, has two chances to be saved from bankruptcy. First, Delphi entered into an equity investment deal led by Cerberus Capital Management and Appaloosa Management, he said. This transaction could pay $3.4 billion to support Delphi's exit from bankruptcy. If this is legit and works out, Delphi could give its shareholders a double, Cramer said, as it could value Delphi twice as much as its valued now.

There's another proposal on the table from Highland Capital Management that values its shares even higher. But Cramer said he's only considering the more conservative deal.

"If you go buy Delphi, you are betting the United Auto Workers could recognize that the old operating structure, the one that took Delphi to bankruptcy, is not going to work," he said.

However, Delphi is a stock Cramer said he wouldn't recommend buying unless people fully recognize that they're taking their financial lives into their own hands. He wouldn't buy it himself, he said. It is a two-down and five-up story, "but the two down could come first," Cramer said.

Owning Delphi is risky, so while he can't advise buying it, Cramer is drawing attention to the upside potential and letting others make their own decision on this one.

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