This is one fight you want to avoid, said TheStreet's Jim Cramer Wednesday.

Williams Companies (WMB - Get Report) is suing Energy Transfer Equity (ETE)  to block a private preferred share offering disclosed last month, saying it was a breach of their merger agreement. Williams is also suing Energy Transfer Chairman and CEO Kelcy Warren. 

"This is bloody," Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Stop Trading" segment. Williams claims the convertible offering for insiders -- despite a lower dividend -- give this class an advantage over common shareholders. 

Both stocks are higher on the news, perhaps an indication investors expect the merger to be completed despite the lawsuit. As for Cramer, "I don't want to touch Energy Transfer Equity or Williams." 

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.