On last night's MAD MONEY on CNBC, Jim Cramer came out and said he thinks Carl Icahn's activist investor attempt to make BEA Systems, Inc. (NASDAQ: BEAS) get acquired may actually work. He said that Carl Icahn even went after stock options, which means he is avoiding some of his votes because he's that confident. Cramer thinks that if this does get acquired it will fetch $15.50 to $18.50 (or a 17% to 40% upside), and he thinks the downside is less. Ultimately, Cramer noted that Oracle Corp. (NASDAQ: ORCL) or IBM (NYSE: IBM) would be natural buyers.

For whatever this is worth, anyone buying BEA Systems on hopes of a buyout even with Carl Icahn's large stake needs to know that this company has been in the "Speculators Bin" for as long as I can remember it being around (literally). This is one that also is believed to have many "Anti-Takeover" provisions in place if management wants to fend off a buyout. That may or may not be the case, but the founder, chairman, CEO, and chief BEA-zer, Alfred Chuang, has said over and over how the company will remain independent. It doesn't mean he can't be dealt with at all, and doesn't mean he can't be won over, but he will have to want to go along with it or he'll be telling Icahn and Cramer to go look elsewhere. I have had this as a BAIT SHOP Value Stock before (now called the Special Situation Investing Newsletter for subscribers), although I have removed it twice and never added it back this year because it seemed too difficult to acquire.

Cramer also said today was a game changer, and he said you can buy almost anything. Here are some of his major lists that he has given with stocks he refers to often:

• Cramer was positive on Google Inc. (NASDAQ: GOOG) today.
• Here is his list of Top 9 Picks for 2007
• Here is his "New Four Horsemen of Tech"
• Here is his Mortgage Madness Portfolio, which way outperformed today.
• Here are his Top China Picks.

Jon C. Ogg produces the 24/7 Wall St., LLC Special Situation Investing Newsletter; he does not own securities in the companies he covers.

Motorola Inc. (NYSE:NYSE) is the latest company to incur the wrath of Carl Icahn.

The Wall Street Journal (subscription required) today reported that the billionaire investor, who owns about 33.5 million shares, is "seeking nomination" to the cell phone maker's board of directors. Motorola said it's reviewing Ichan's request and has no additional details on his plans, the paper said.

This is vintage Icahn. He is a master at browbeating companies. I saw him do this up with Blockbuster Inc. (NYSE:BBI), a company that many including myself had given up for dead. The stock has soared 60 percent in the past year.

Chief Executive Ed Zander's move to cut 3,000 jobs doesn't appear to be enough to boost the bottom line. The company's profits have plunged even though it's shipping more phones than ever.

Maybe Motorola should listen to what Icahn has to say.

Jonathan Berr is the editor of http://www.desperateinvestors.com