EX. 5.0
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
505 PARK AVENUE
NEW YORK, NEW YORK 10022
(212) 753-7200
March 31, 2003
Securities and Exchange Commission
450 Fifth Street, N.W.
Judiciary Plaza
Washington, D.C. 20549
Re: The Quigley Corporation
Registration Statement on Form S-3
Ladies and Gentlemen:
We have acted as counsel to The Quigley Corporation (the "Company"),
and at your request, we are rendering this opinion in connection with the
proposed resale by certain selling shareholders of up to 250,000 shares (the
"Shares") of the Company's Common Stock, $.0005 par value per share, pursuant to
a Registration Statement on Form S-3 filed by the Company (the "Rule 462(b)
Registration Statement") pursuant to Rule 462(b) under the Securities Act of
1933, as amended (the "Act"). The Rule 462(b) Registration Statement relates to
the Company's Registration Statement on Form S-3 dated April 25, 2002, as
supplemented on February 27, 2003 (the "Registration Statement"), filed with the
Securities and Exchange Commission 333-86976. The Shares will be issued by the
Company to the selling shareholders named in the Registration Statement upon the
exercise of outstanding warrants.
We advise you that we have examined original or copies certified or
otherwise identified to our satisfaction of the Certificate of Incorporation and
By-laws of the Company, minutes of meetings of the Board of Directors and
shareholders of the Company, the Rule 462(b) Registration Statement, the
Registration Statement and such other documents, instruments and certificates of
officers and representatives of the Company and public officials, and we have
made such examination of the law as we have deemed appropriate as the basis for
the opinion hereinafter expressed. In making such examination, we have assumed
the genuineness of all signatures, the authenticity of all documents submitted
to us as originals, and the conformity to original documents of documents
submitted to us as certified or photostatic copies.
Based upon the foregoing, we are of the opinion that the Shares have
been duly authorized and will be validly issued, fully paid and non-assessable
upon the exercise of the warrants, subject, however, to receipt by the Company
of the exercise price for the warrants in accordance with their respective
terms.
We hereby consent to the filing of this opinion as an exhibit to the
Rule 462(b) Registration Statement and we further consent to the reference to
this firm under the caption "Legal Matters" in the 462(b) Registration Statement
and the Prospectus forming a part thereof.
We advise you that certain members of this firm are optionholders
and shareholders of the Company.
Very truly yours,
/s/ OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
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OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP