Wow! My dueling opponent sees Krispy Kreme (NYSE:KKD) as a money maker: "The question before us is not whether the company can make money in a falling demand environment -- I actually think it can." Great!

He says this too: "Consumers appear to be eating fewer doughnuts." Really? Allied Domecq said in its last quarterly report that Dunkin' Donuts' 36% profit growth was driven by strong same-store sales growth and new store openings. The demand is there -- and the Atkins and South Beach diets are no longer potent and immediate threats to high carbohydrate food sales.

There is uncertainty at Krispy Kreme. But consider this: The old executive team and its way of doing business are long gone. That's positive news.

With $225 million in new financing, uncertainty questions should read like this: How quickly can the beverage products be perfected? How fast can advertising bring sales back to an upward trajectory? Can Krispy Kreme capitalize on the acquisition disruption at Allied Domecq to take market share from Dunkin' Donuts?

Accuse me of being too optimistic, but don't let the common perception of Krispy Kreme blind you to a multibagger investment. While future results at Motley Fool Stock Advisor recommendations like game king Electronic Arts (NASDAQ:ERTS) or health-care titan UnitedHealth Group (NYSE:UNH) can be more easily forecasted, they haven't had their stock prices beaten down to bargain basement prices.

Go ahead. Call Krispy Kreme a speculation, but realize that this is not a penny stock or a vaporware company. There is money, fantastic doughnuts, an established brand name, and seasoned leadership ready to steer this company back on course -- and make money for investors not afraid to use a small part of their portfolio to take an educated risk.

Krispy Kreme is a recommendation of our Motley Fool Stock Advisor newsletter service. Since its 2002 debut, the average pick has tripled the return of the S&P 500. But the Duel doesn't end here. Check out the Bull and Bear arguments and the Bear rebuttal, then cast your vote for the winner.

Fool contributor W.D. Crotty does not own shares in any of the companies mentioned, though he has been known to speculate. Click here to see The Motley Fool's disclosure policy.