EXHIBIT 5.1: OPINION OF DILLON, BITAR & LUTHER LLC
Published on July 2, 2009
Exhibit
5.1
DILLON,
BITAR & LUTHER L.L.C.
53 MAPLE
AVENUE
MORRISTOWN,
NJ 07960
June 30,
2009
Emcore
Corporation
10420
Research Road, S.E.
Albuquerque,
NM 87123
Re: Emcore
Corporation
Registration Statement on
Form S-3
Ladies
and Gentlemen:
We are providing this opinion letter in
our capacity as special counsel to Emcore Corporation, a New Jersey corporation
(the "Company"), in connection with the filing by the Company of a registration
statement on Form S-3 (the "Registration Statement") under the Securities Act of
1933, as amended (the "Securities Act"), with the United States Securities and
Exchange Commission (the "Commission"). The Registration Statement
relates to the sale by the Company of (a) Common Stock, no par value per share,
(b) Preferred Stock, (c) Debt Securities, (d) Warrants, (e) Units, and (f) any
combination of the foregoing (collectively, the “Securities”) to be issued by
the Company in the future upon the filing of an appropriate amendment to the
Registration Statement and/or Supplement to the Prospectus contained
therein. The Debt Securities will be issued pursuant to an indenture
by and among the Company, as issuer, and a trustee to be selected by the
Company(the “Trustee”), in the form included as Exhibit 4.2 to the Registration
Statement, as such indenture may be amended or supplemented from time to time
(the “Indenture”).
You have requested that we render the
opinion set forth in this letter and we are furnishing this opinion in
accordance with the requirements of Part II, Item 16 of Form S-3 and Item
601(b)(5)(i) of Regulation S-K promulgated by the Commission under the
Securities Act.
In connection with the foregoing
registration, we have examined originals, or copies certified or otherwise
identified to our satisfaction of, (i) the form of Registration Statement and
the form of Indenture, each as provided to us by the Company, (ii) the Company's
Restated Certificate of Incorporation, as amended and restated to date (the
"Certificate of Incorporation"), (iii) the Company's By-Laws, as amended and/or
restated to date (the "By-Laws"), (iv) certain resolutions of the Board of
Directors of the Company relating to the Registration Statement, and (v) such
other documents as we have deemed necessary or appropriate for purposes of
rendering the opinion set forth herein.
In our examination, we have assumed the
legal capacity of all natural persons, the genuineness of all signatures, the
authenticity of all documents submitted to us as certified or photostatic copies
and the authenticity of the originals of such latter documents. With
your consent, we have also assumed (a) that each of the Debt Securities and the
Indenture, and any other documents executed by parties other than the Company
with respect to the Securities (collectively, the “Documents”) have been duly
authorized, executed and delivered by the parties thereto other than the
Company, (b) that the Documents constitute legally valid and binding obligations
of the parties thereto other than the Company, enforceable against each of them
in accordance with their respective terms, and (c) that the status of the
Documents as legally valid and binding obligations of the parties is not
affected by any (i) breaches of, or defaults under, agreements or instruments,
(ii) violations of statutes, rules, regulations or court or governmental orders,
or (iii) failures to obtain required consents, approvals or authorizations from,
or to make required registrations, declarations or filings with, governmental
authorities. As to any facts material to the opinion expressed herein that were
not independently established or verified, we have relied upon statements and
representations of officers and other representatives of the Company and
others.
Based upon and subject to the
foregoing, we are of the opinion that:
1. When
an issuance of Common Stock has been duly authorized by all necessary corporate
action of the Company, upon issuance, delivery and payment therefor and in an
amount not less than the par value thereof, in an amount less than or equal to
the number of shares of Common Stock authorized by the Company’s certificate of
Incorporation remaining available for issuance and in the manner contemplated by
the Registration Statement and Prospectus Documents and by such corporate
action, such shares of Common Stock will be validly issued, fully paid and
nonassessable.
2. When
a series of Preferred Stock has been duly established in accordance with the
terms of the Company’s Certificate of Incorporation, and authorized by all
necessary corporate action of the Company, in an amount less than or equal to
the number of shares of Preferred Stock authorized by the Company’s certificate
of Incorporation remaining available for issuance, and upon issuance, delivery
and payment therefor in the manner contemplated by the Registration Statement
and Prospectus Documents and by such corporate action, such shares of such
series of Preferred Stock will be validly issued, fully paid and
nonassessable.
3. When
an appropriately qualified trustee has been selected and agrees to act as
Trustee under the Indenture, the Indenture has been duly authorized, executed
and delivered by the Company, and when the specific terms of any particular
series of Debt Securities have been duly established in accordance with the
Indenture and applicable law and authorized by all necessary corporate action of
the Company (including, without limitation, by the adoption by the Board of
Directors of the Company of resolutions duly authorizing the issuance and
delivery of such Debt Securities), and when any such Debt Securities have been
duly executed and issued by the Company, duly authenticated by the Trustee and
duly delivered by or on behalf of the Company against payment therefor in
accordance with the Indenture and in the manner contemplated by the Registration
Statement and Prospectus Documents and by such corporate action, such Debt
Securities will be the legally valid and binding obligations of the Company,
enforceable against the Company in accordance with their terms.
4. When
a Warrant Agreement has been duly authorized, executed and delivered by the
Company in accordance with applicable law, the specific terms of a particular
issuance of Warrants have been duly established in accordance with the Warrant
Agreement and authorized by all necessary corporate action of the Company, and
the Warrants have been duly executed, authenticated, issued and delivered
against payment therefor in accordance with the Warrant Agreement and in the
manner contemplated by the Registration Statement and Prospectus Documents and
by such corporate action (assuming the securities issuable upon exercise of the
Warrants have been duly authorized and reserved for issuance by all necessary
corporate action and in accordance with applicable law), the Warrants will be
legally valid and binding obligations of the Company, enforceable against the
Company in accordance with their terms.
5. When
Units have been duly authorized, executed and delivered by the Company in
accordance with applicable law, the specific terms of a particular issuance of
Units have been duly established and authorized by all necessary corporate
action of the Company, and the Units have been duly executed, authenticated,
issued and delivered against payment therefor in accordance with the Warrant
Agreement and in the manner contemplated by the Registration Statement and
Prospectus Documents and by such corporate action (assuming the securities
issuable upon exercise of the Units have been duly authorized and reserved for
issuance by all necessary corporate action and in accordance with applicable
law), the Units will be legally valid and binding obligations of the Company,
enforceable against the Company in accordance with their terms.
Our
opinions are limited to the laws of the State of New Jersey. Our
opinions are subject to: (i) the effect of bankruptcy, insolvency,
reorganization, preference, fraudulent transfer, moratorium or other similar
laws relating to or affecting the rights and remedies of creditors; (ii) the
effect of general principles of equity, whether considered in a proceeding in
equity or at law (including the possible unavailability of specific performance
or injunctive relief), concepts of materiality, reasonableness, good faith and
fair dealing, and the discretion of the court before which a proceeding is
brought; (iii) the invalidity under certain circumstances under law or court
decisions of provisions providing for the indemnification of or contribution to
a party with respect to a liability where such indemnification or contribution
is contrary to public policy; and (iv) we express no opinion as to (a) any
provision for liquidated damages, default interest, late charges, monetary
penalties, make-whole premiums or other economic remedies to the extent such
provisions are deemed to constitute a penalty, (b) consents to, or restrictions
upon, governing law, jurisdiction, venue, arbitration, remedies or judicial
relief, (c) any waiver of rights or defenses under usury laws; (d) any provision
requiring the payment of attorneys’ fees, where such payment is contrary to law
or public policy; (e) any provision permitting, upon acceleration of the Debt
Securities, collection of that portion of the stated principal amount thereof
which might be determined to constitute unearned interest thereon; and (f) the
severability, if invalid, of provisions to the foregoing effect.
We hereby consent to the filing of this
opinion with the Commission as Exhibit 5. In giving this consent, we
do not hereby admit that we are in the category of persons whose consent is
required under Section 7 of the Securities Act or the rules and regulations of
the Commission promulgated thereunder.
This opinion is limited to the specific
issues addressed herein, and no opinion may be inferred or implied beyond that
expressly stated herein. We assume no obligation to revise or
supplement this opinion should the present laws of the State of New Jersey be
changed by legislative action, judicial decision or otherwise.
Very truly yours,
//s/ Dillon, Bitar &
Luther, L.L.C.
DILLON,
BITAR & LUTHER, L.L.C.