Exhibit
5.1
McGuireWoods
LLP
1345
Avenue of the Americas
New
York,
NY 10105-0106
February
10, 2006
Board
of
Directors
uBid.com
Holdings, Inc.
8550
West
Bryn Mawr, Suite 200
Chicago,
Illinois 60631
Ladies
and Gentlemen:
We
are
acting as special counsel to uBid.com Holdings, Inc., a Delaware corporation
(the “Company”), in connection with its filing with the Securities and Exchange
Commission (the “Commission”), under the Securities Act of 1933, as amended (the
“Act”), of the Registration Statement on Form S-1 (the “Registration
Statement”). The Registration Statement relates to the offer and sale by the
selling stockholders identified in the Registration Statement of up to
24,113,447
shares
of common stock, par value $0.001 per share, of the Company (the “Common
Stock”). This opinion letter is furnished to you for filing with the Commission
pursuant to Item 601 of Regulation S-K promulgated under the Act.
In
reaching the opinion stated in this letter, we have reviewed originals or copies
of the Registration Statement, the Certificate of Incorporation, the Bylaws
of
the Company, the Board of Directors resolutions authorizing the issuance of
the
Common Stock, and such other documents as we have considered relevant. We have
assumed that: (i) all information contained in all documents that we have
reviewed is correct; (ii) all signatures on all documents that we have reviewed
are genuine; (iii) all documents submitted to us as originals are true and
complete; (iv) all documents submitted to us as copies are true and complete
copies of the originals thereof; (v) each natural person signing any document
that we have reviewed had the legal capacity to do so; and (vi) each natural
person signing in a representative capacity any document that we reviewed had
authority to sign in such capacity.
Based
upon the foregoing, it is our opinion that: (i) 20,210,109 shares of Common
Stock outstanding on the date hereof that are being registered for resale by
the
selling stockholders are duly authorized and when sold in accordance with the
Plan of Distribution set forth in the Registration Statement, will be validly
issued, fully paid and non-assessable; and (ii) 3,903,338 shares of Common
Stock
issuable upon the exercise of warrants, which shares are being registered for
resale by the selling stockholders, when issued in accordance with the
respective warrants, will be duly authorized, and when sold in accordance with
the Plan of Distribution set forth in the Registration Statement, will be
validly issued, fully paid and non-assessable.
We
hereby
consent to the use of this opinion letter as Exhibit 5.1 to the Registration
Statement and to the use of our name under the heading “Legal Matters” therein.
In giving such consent, we do not admit that we are in the category of persons
whose consent is required under Section 7 of the Act or the rules and
regulations of the Commission promulgated thereunder.
As
to the
foregoing matters with respect to which we express our opinion, we advise that
we are admitted to practice in the State of New York, and do not render any
opinion as to legal matters subject to or governed by laws other than the State
of New York, United States federal jurisprudence or the Delaware General
Corporation Law. We also express no opinion with respect to the blue sky or
securities laws of any State, including New York and Delaware.
This
opinion letter speaks as of the date hereof. We disclaim any duty to advise
you
regarding any change subsequent to the date hereof in, or to otherwise
communicate with you with respect to, the matters addressed herein.
This
opinion is furnished only for your benefit and may not be relied upon by any
other person or entity, nor may copies be delivered or disclosed to any other
person or entity, without our prior written consent.
Very
truly yours,
/s/
McGuireWoods LLP
McGuireWoods
LLP