This is bad news for Cruz. No other way to look at it. Ann is an influential person on the right who generally likes Cruz. If Cruz gets the nomination, law suits will be filed against him alleging he's not a Natural Born citizen. Bad news, sorry.
The gist of Ann's argument is Cruz is a "naturalized" but not a "natural born" citizen. The US Constitution requires that a person be "natural born" to be president but "naturalized" to be a citizen. The legal analysis involved is vexing at best, which is not good news for Cruz. Legal authorities may disagree about the answer.