Oh, and let's be sure, Apple ( AAPL) has the equivalent of the sexy flat TV panel sets with its personal computer division, but even it has become a back-to-school item -- for the schools that support Apple, that is.

Third, the absurdity of believing that the server business of Dell -- coupled with its big service contracts -- can be the bedrock of new Dell has been defrocked this quarter. It's all cloud, and in the cloud, we don't need anything special in a laptop. Plus, the clients for Dell, many of whom are governments and universities and many of whom are in Europe, are about as bad as you can get. They are all strapped. They can hold off, certainly long enough to see Dell use up all of its cash and go into chapter 11.

Fourth, there is absolutely no doubt in my mind that Hewlett-Packard ( HPQ) can afford to give away personal computers to wipe out Dell in a two-year period. Remember, Meg Whitman has reinvigorated the balance sheet; it can be done without crushing Hewlett-Packard.

Finally, we know from SAP ( SAP) that China and Asia have has slowed for enterprise hardware and software so the biggest growth market out there has really gotten hammered in the last few months.

Given all this, and that the switch to mobility has happened so fast that neither Intel, Microsoft nor Google ( GOOG), as of last night, has seen it coming at this velocity, Dell is probably doomed even if it just stays public, let alone if it used all of its cash to buy the company or a huge chunk of it. Only a moron would take the chance with the debt it has to issue.

Right now, one of you, Icahn or Dell, must blink. No one wants to be stuck with this company. Let it come down perhaps to $8 and hope that it survives. I don't know if it will even it stays public or doesn't ladle on the debt.

Yes, indeed, it is that bad.

Action Alerts PLUS , which Cramer co-manages as a charitable trust, is long AAPL.

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