This column was originally published on RealMoney on Jan. 24 at 11:12 a.m. EST. It's being republished as a bonus for readers. For more information about subscribing to RealMoney, please click here .

The bear case for Level 3 ( LVLT) has morphed from "bad balance sheet" to "dilutive" equity issuance.

That's fabulous. Anytime the bears switch their thesis on the fly, you know they are being rousted and roasted.

Level 3 is going to give everybody equity for this crummy debt, as it told us Tuesday , until they're satisfied that cash flow will be positive by the end of 2007. That's why the dilution is irrelevant. That's why you should cheer when the bears chant, "don't buy it for dilution."

The key to this story is simple: If Level 3 can solve the balance sheet, it will be in position to make it big in broadband. It's binary: get cash-flow positive, you win; stay cash-flow positive you lose.

Dilution is a positive, not a negative.

Take that, bears!

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At the time of publication, Cramer had no positions in any of the stocks mentioned.

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