EXHIBIT 5.1
October 13, 2000
Magna-Lab Inc.
6800 Jericho Turnpike
Syosset, New York 11797
Ladies and Gentlemen:
We have acted as counsel to Magna-Lab Inc., a New York corporation (the
"Company"), in connection with the preparation of its Registration Statement on
Form S-8 under the Securities Act of 1933, as amended (the "Registration
Statement"), to which this opinion is to be filed as an exhibit. The
Registration Statement relates to the issuance of up to an aggregate of
13,000,000 shares (the "Plan Shares") of the Company's Class A common stock, par
value $.00l per share (the "Common Stock"), pursuant to stock options granted or
available for grant under the Company's 1992 Stock Option Plan, as amended (the
"Plan").
Based upon the foregoing, and having regard for such legal considerations
as we deem relevant, we are of the opinion that the Plan Shares, when issued in
accordance with the terms and conditions of the Plan, will be legally issued,
fully paid and nonassessable.
We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement. In giving this consent, we do not thereby admit that we
are in the category of persons whose consent is required under Section 7 of the
Securities Act of 1933, as amended, and the rules and regulations of the
Securities and Exchange Commission thereunder.
Very truly yours,
/S/ Greenberg Traurig, LLP
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