EX-5 2 v012396_ex5.txt Gottbetter & Partners, LLP 488 Madison Avenue New York, New York 10022 February 10, 2005 To Board of Directors Optionable, Inc. Re: Optionable, Inc. Registration Statement on Form SB-2 (File No. 333-121543) Gentlemen: We have acted as special counsel to Optionable, Inc. (the "Company") in connection with the issuance or proposed issuance of 31,431,026 shares of the Company's common stock (the "Common Stock"). The resale of the Common Stock is being registered on a Registration Statement on Form SB-2 (the "Registration Statement"). You have requested our opinion as to the matters set forth below in connection with the issuance or proposed issuance of the Common Stock. For purposes of rendering this opinion, we are familiar with the Registration Statement, and we have examined the Company's Certificate of Incorporation, as amended to date, the Company's Bylaws, as amended to date, and corporate actions of the Company that provide for the issuances of the Common Stock. We have also examined such other documents, certificates, instruments and corporate records, and such statutes, decisions and questions of law as we have deemed necessary or appropriate for the purpose of this opinion. We have examined and relied upon certificates of public officials and, as to certain matters of fact that are material to our opinion, we have also relied on statements of an officer of the Company. In rendering our opinion, we also have made the assumptions that are customary in opinion letters of this kind. We have not verified any of those assumptions. Based upon and subject to the foregoing, it is our opinion that the shares of Common Stock to be sold pursuant to the Registration Statement by the selling stockholders named therein, were and are duly authorized for issuance by the Company and, when issued and sold in the manner described in the Registration Statement, will be validly issued, fully paid and non-assessable. We hereby consent to the filing of this opinion as an Exhibit to the Registration Statement and to the use of our name in the Prospectus constituting a part thereof. In giving our 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 or the rules and regulations thereunder. Very truly your, /s/ Gottbetter & Partners, LLP Gottbetter & Partners, LLP