I'm not a Cramer fan, so I don't watch him. However, my understanding from posts on this board are that he started touting GOL at around 29 or 30 and even higher.
As far an fairness, don't delude yourself. Take a look at what the Kerzners did with Sun International (now called Kerzner International.) Take a look at Seagate Technologies (the hard drive maker.) Look at their past history in their former incarnation. Both stocks were in the dumps as a result of a string of negative announcements. There may have even been collusion by brokers hoping to get in on the LBO and the future IPO action. Whatever the case, it worked beautifully for management and the bankers. The shareholders were the ones who got royally screwed. There have been many other examples of these sorts of shenanigans, but I'm personally (sadly) very familiar with these two. It would be wonderful if managements treated their shareholders fairly and were punished when they don't, but my experience has taught me that such cases are very rare.