<SEC-DOCUMENT>0001019687-13-002412.txt : 20130620
<SEC-HEADER>0001019687-13-002412.hdr.sgml : 20130620
<ACCEPTANCE-DATETIME>20130620165736
ACCESSION NUMBER:		0001019687-13-002412
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20130620
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130620
DATE AS OF CHANGE:		20130620

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pacific Ethanol, Inc.
		CENTRAL INDEX KEY:			0000778164
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL ORGANIC CHEMICALS [2860]
		IRS NUMBER:				412170618
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21467
		FILM NUMBER:		13924960

	BUSINESS ADDRESS:	
		STREET 1:		400 CAPITOL MALL, SUITE 2060
		CITY:			SACRAMENTO
		STATE:			CA
		ZIP:			95814
		BUSINESS PHONE:		916-403-2123

	MAIL ADDRESS:	
		STREET 1:		400 CAPITOL MALL, SUITE 2060
		CITY:			SACRAMENTO
		STATE:			CA
		ZIP:			95814

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACCESSITY CORP
		DATE OF NAME CHANGE:	20030627

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DRIVERSSHIELD COM CORP
		DATE OF NAME CHANGE:	20001115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST PRIORITY GROUP INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>paceth_8k.htm
<DESCRIPTION>CURRENT REPORT ON FORM 8-K
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF</B><BR>
<B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>

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    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in; font-size: 10pt">Date of Report (Date of earliest event reported)</TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in; font-size: 10pt"><B><U>June 20, 2013</U></B></TD></TR>
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    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><U>PACIFIC ETHANOL, INC.</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">(Exact name of registrant as specified in its charter)</FONT></TD></TR>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Delaware</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of incorporation)</P></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>000-21467</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission File Number)</P></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>41-2170618</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(IRS Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification No.)</P></TD></TR>
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    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt"><B>&nbsp;</B></TD></TR>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><B><U>400 Capitol Mall, Suite 2060, Sacramento, CA</U></B></TD>
    <TD STYLE="width: 47%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><B><U>95814</U></B></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt">(Address of principal executive offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt">(Zip Code)</TD></TR>
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    <TD STYLE="width: 53%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Registrant&rsquo;s telephone number, including area code:</FONT></TD>
    <TD STYLE="width: 47%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><B><U>(916) 403-2123</U></B></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><B>&nbsp;</B></TD></TR>
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    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><B><U>_________________________________________________</U></B></TD></TR>
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    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt">(Former name or former address, if changed since last report)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (<I>see </I>General Instruction A.2. below):</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT>&#9;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT>&#9;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT>&#9;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT>&#9;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Item 8.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
Events.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">On March 28, 2013, Pacific
Ethanol, Inc. (the &ldquo;Company&rdquo;) entered into a Securities Purchase Agreement with certain investors (the &ldquo;Investors&rdquo;)
pursuant to which the Company agreed to sell to such Investors an aggregate of (i) 6,000 units (&ldquo;Units&rdquo;), with each
Unit consisting of $1,000 of the Company&rsquo;s Series A Subordinated Convertible Notes, a Series A Warrant to purchase up to
131.4 shares of the Company&rsquo;s common stock (as adjusted for the Company&rsquo;s 1-for-15 reverse stock split effective May
14, 2013) for a term of two years and a Series B Warrant to purchase up to 178.2 shares of the Company&rsquo;s common stock (as
adjusted for the Company&rsquo;s 1-for-15 reverse stock split effective May 14, 2013) for a term of two years after the closing
of the Series B Note Offering (as defined below), in an offering (&ldquo;Series A Offering&rdquo;) pursuant to a prospectus supplement
to the Company&rsquo;s shelf registration statement on Form S-3 (Registration No. 333-180731) at an initial closing and (ii) $8,000,000
of the Company&rsquo;s Series B Subordinated Convertible Notes (the &ldquo;Series B Notes&rdquo;) in an offering (the &ldquo;Series
B Note Offering&rdquo;) pursuant to a separate prospectus supplement to the Company&rsquo;s shelf registration statement on Form
S-3 (Registration No. 333-180731) at a subsequent closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Series A Offering
closed on March 28, 2013.&nbsp;&nbsp;The closing of the Series B Note Offering is subject to various closing conditions, including,
without limitation, the requirement that the Company obtain stockholder approval for the Series A Offering and the Series B Note
Offering. On June 18, 2013, the Company obtained stockholder approval for the Series A Offering and the Series B Note Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
the Series B Note Offering, the legal opinion letter of Troutman Sanders LLP, counsel to Pacific Ethanol, Inc., regarding the validity
of the Series B Notes and 3,114,716 shares of the Company&rsquo;s common stock issuable from time to time upon conversion or otherwise
under the Series B Notes (including shares of common stock that may be issued as interest in lieu of cash payments under the Series
B Notes) is filed as Exhibit&nbsp;5.1 to this Current Report on Form&nbsp;8-K.&nbsp; The legal opinion letter is also filed with
reference to, and is hereby incorporated by reference into, the Company&rsquo;s effective shelf registration statement on Form
S-3 (Registration No. 333-180731).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><B>Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
Statements and Exhibits.</B></P>

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    <TD STYLE="width: 77%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in; font-size: 10pt"><U>Description</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt">5.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; font-size: 10pt">Opinion of Troutman Sanders LLP (*)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">______________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">(*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: black">Filed
as an exhibit hereto.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

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    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt">Date:&nbsp;&nbsp;June 20, 2013</TD>
    <TD STYLE="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt">PACIFIC ETHANOL, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt">By:&nbsp;&nbsp; <U>/S/ CHRISTOPHER W. WRIGHT</U></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 30pt; text-align: left; font-size: 10pt">Christopher W. Wright, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 30pt; text-align: left; font-size: 10pt">Vice President, General Counsel &amp; Secretary</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>EXHIBITS FILED WITH
THIS REPORT</B></P>

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    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><U>Exhibit No.</U></TD>
    <TD STYLE="width: 77%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><U>Description</U></TD></TR>
<TR STYLE="vertical-align: top">
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">Opinion of Troutman Sanders LLP</TD></TR>
</TABLE>
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<FILENAME>paceth_8k-0501.htm
<DESCRIPTION>LEGAL OPINION
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<P STYLE="margin: 0">Exhibit 5.1</P>

<P STYLE="margin: 0; text-align: right"><IMG SRC="image_004.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">June 20, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pacific Ethanol, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">400 Capital Mall, Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sacramento, California 95814</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration Statement on Form S-3</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have acted as special counsel to Pacific
Ethanol, Inc., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), in connection with the proposed issuance by the Company
of an aggregate of up to $8,000,000 of the Company&rsquo;s Series B Subordinated Convertible Notes (&ldquo;<B>Series B Notes</B>&rdquo;)
under an indenture, dated March 28, 2013 (the &ldquo;<B>Base Indenture</B>&rdquo;), and supplemental indenture, dated June 20,
2013 (together with the Base Indenture, the &ldquo;<B>Indenture</B>&rdquo;), between the Company and U.S. Bank National Association,
as trustee, pursuant to a Securities Purchase Agreement dated as of March 28, 2013 (the &ldquo;<B>Purchase Agreement</B>&rdquo;),
by and among the Company and each of the investors listed on the Schedule of Buyers attached thereto, as described in the Company&rsquo;s
Registration Statement on Form S-3 (File No. 333-180731) filed with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;)
under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;) (as amended and supplemented through and
including the date hereof, including by the final prospectus (the &ldquo;<B>Prospectus</B>&rdquo;) dated March 27, 2013, the &ldquo;<B>Registration
Statement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registration Statement also covers up
to 3,114,716 shares (as adjusted for the Company&rsquo;s 1-for-15 reverse stock split effective May 14, 2013) of Common Stock (the
&ldquo;<B>Note Shares</B>&rdquo;) issuable from time to time upon conversion or otherwise under the Series B Notes (including shares
of Common Stock that may be issued as interest in lieu of cash payments under the Series B Notes). The Series B Notes and the Note
Shares are hereinafter referred to collectively as the &ldquo;<U>Securities</U>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This opinion letter is being furnished in
connection with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act, and no opinion is expressed herein
as to any matter pertaining to the contents of the Registration Statement or the Prospectus, other than as expressly stated herein
with respect to the issuance of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As such counsel, we have examined such matters
of fact and questions of law as we have considered appropriate for purposes of this letter. With your consent, we have relied upon
certificates and other assurances of officers of the Company and others as to factual matters without having independently verified
such factual matters. We are opining herein as to the internal laws of the State of New York and the General Corporation Law of
the State of Delaware (the &ldquo;<B>DGCL</B>&rdquo;), and we express no opinion with respect to the applicability thereto, or
the effect thereon, of the laws of any other jurisdiction or, in the case of Delaware, any other laws, or as to any matters of
municipal law or the laws of any local agencies within any state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 8pt">Atlanta&nbsp;&nbsp;&nbsp;
Chicago&nbsp;&nbsp;&nbsp; Hong Kong&nbsp;&nbsp;&nbsp; New York&nbsp;&nbsp;&nbsp; Newark&nbsp;&nbsp;&nbsp; Norfolk&nbsp;&nbsp;&nbsp;
Orange County&nbsp;&nbsp;&nbsp; Portland<BR>
Raleigh&nbsp;&nbsp;&nbsp; Richmond&nbsp;&nbsp;&nbsp; San Diego&nbsp;&nbsp;&nbsp; Shanghai&nbsp;&nbsp;&nbsp; Tysons Corner&nbsp;&nbsp;&nbsp;
Virginia Beach&nbsp;&nbsp;&nbsp; Washington, DC</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><IMG SRC="tslogo.jpg" ALT="" STYLE="width: 120px; height: 36px">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">June 20, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the foregoing and the other matters
set forth herein, it is our opinion that, as of the date hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Series B Notes have been duly authorized by all necessary corporate action of the Company and, when and to the extent
duly executed, issued and authenticated in accordance with the terms of the Indenture and delivered against payment therefor in
accordance with the terms of, and in the manner contemplated by, the Purchase Agreement, the Series B Notes will be legally valid
and binding obligations of the Company, enforceable against the Company in accordance with their terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Note Shares have been duly authorized by all necessary corporate action of the Company and will be validly issued, fully
paid and non-assessable, assuming the issuance of the Note Shares upon the conversion or otherwise of the Series B Notes on the
date hereof in accordance with the terms of the Series B Notes and the Indenture. In rendering the foregoing opinion, we have assumed
that the Company will comply with all applicable notice requirements regarding uncertificated shares provided in the DGCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 arbitration, remedies, or judicial
relief, (c) any provision requiring the payment of attorneys&rsquo; fees, where such payment is contrary to law or public policy,
(d) any provision permitting, upon acceleration of the Series B Notes, collection of that portion of the stated principal amount
thereof which might be determined to constitute unearned interest thereon, (e) advance waivers of claims, defenses, rights granted
by law, or notice, opportunity for hearing, evidentiary requirements, statutes of limitation, trial by jury or at law, or other
procedural rights, (f) waivers of broadly or vaguely stated rights, (g) provisions for exclusivity, election or cumulation of rights
or remedies, (h) provisions authorizing or validating conclusive or discretionary determinations, (i) grants of setoff rights,
(j) proxies, powers and trusts, (k) provisions prohibiting, restricting, or requiring consent to assignment or transfer of any
right or property and (l) the severability, if invalid, of provisions to the foregoing effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><IMG SRC="tslogo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">June 20, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With your consent, we have assumed: (i)
that the Series B Notes and the Indenture have been duly authorized, executed and delivered by the parties thereto other than the
Company; (ii) that the Series B Notes and the Indenture 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 (iii) that the status of
the Series B Notes and the Indenture as legally valid and binding obligations of the parties is not affected by any (a) breaches
of, or defaults under, agreements or instruments, (b) violations of statutes, rules, regulations or court or governmental orders,
or (c) failures to obtain required consents, approvals or authorizations from, or make required registrations, declarations or
filings with, governmental authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, we have assumed: (i) the genuineness
of all signatures on all agreements, instruments and other documents submitted to us; (ii) the legal capacity and authority of
all persons or entities executing all agreements, instruments and other documents submitted to us; (iii) the authenticity and completeness
of all agreements, instruments, corporate records, certificates and other documents submitted to us as originals; (iv) that all
agreements, instruments, corporate records, certificates and other documents submitted to us as certified, electronic, facsimile,
conformed, photostatic or other copies conform to authentic originals thereof, and that such originals are authentic and complete;
(v) that no documents submitted to us have been amended or terminated orally or in writing except as has been disclosed to us;
(vi) that the statements contained in the certificates and comparable documents of public officials, officers and representatives
of the Company and other persons on which we have relied for the purposes of this opinion letter are true and correct; and (vii)
that each of the officers and directors of the Company has properly exercised his or her fiduciary duties. We have also, with your
consent, assumed that the choice of law provisions in the Series B Notes and the Indenture are legally enforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This opinion letter is prepared for your
use in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant
to the applicable provisions of the Securities Act. We hereby consent to the filing of this opinion as an exhibit to the Company&rsquo;s
Current Report on Form 8-K dated June 20, 2013, the incorporation of this opinion by reference in the Registration Statement and
to the use of our name under the caption &ldquo;Legal Matters&rdquo; in the Prospectus and Registration Statement.&nbsp; In giving
this consent, we do not hereby admit that we come within the category of persons whose consent is required under Section&nbsp;7
of the Securities Act, or the rules or regulations of the Commission promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">/s/ Troutman Sanders LLP</P>
</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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