EX-5.1 2 dex51.htm CONSENT OF CONNER & WINTERS CONSENT OF CONNER & WINTERS

Exhibit 5.1

CONNER &WINTERS

ATTORNEYS & COUNSELORS AT LAW

OKLAHOMA CITY

 

Irwin H. Steinhorn

John W. Funk

Jared D. Giddens

Robin F. Fields

Kiran A. Phansalkar

Victor F. Albert

Mitchell D. Blackburn

Mark H. Bennett

Bryan J. Wells

Laura McCasland Holbrook

J. Dillon Curran

C. Brad Williams

Justin L. Pybas

John J. Griffin

Crystal A. Johnson

 

Peter B. Bradford

 

TULSA

 

Henry G. Will

Joseph J. McCain, Jr.

Lynnwood R. Moore, Jr. Robert

A. Curry

Steven W. McGrath

D. Richard Funk

J. Ronald Petrikin

Larry B. Lipe

James E. Green, Jr.

Martin R. Wing

 

John W. Ingraham

Andrew R. Turner

Gary L. Betow

Gentra Abbey Sorem

R. Kevin Redwine

Tony W. Haynie

Bruce W. Freeman

David R. Cordell

C. Raymond Patton, Jr.

Paul E. Braden

Robert J. Melgaard

P. Scott Hathaway

Lawrence A. Hall

Timothy T. Trump

Mark E. Dreyer

Teresa Meinders Burkett

Nancy E. Vaughn

Mark D. Berman

Katherine G. Coyle

Beverly K. Smith

Melodie Freeman-Burney

R. Richard Love III

Robert D. James

Stephen R. Ward

Jeffrey R. Schoborg

Anne B. Sublett

J. Ryan Sacra

Jason S. Taylor

Katy Day Inhofe

Julia Forrester-Sellers

 

 

Conner & Winters, LLP

1700 One Leadership Square

211 North Robinson

Oklahoma City, Oklahoma 73102-7101

405-272-5711

Fax 405-232-2695

www.cwlaw.com

 

__________

    

Melinda L. Kirk

Debra R. Stockton

P. Bradley Bendure

Kathryn J. Kindell

Alissa A. Hurley

Jed W. Isbell

Paige N. Shelton

Jason B. Coutant

Allison McGrath Gardner

Elizabeth G. Zeiders

David S. Randolph

Kathryn S. Burnett

 

William G. von Glahn

Bob F. McCoy

Lynn P. Mattson

 

James R. Ryan

Russell H. Harbaugh, Jr.

David O. Cordell

 

NORTHWEST ARKANSAS

 

John R. Elrod1

Greg S. Scharlau

Vicki Bronson

Todd P. Lewis1

P. Joshua Wisley

Kerri E. Kobbeman2

 

Terri Dill Chadick

Charles E. Scharlau1

 

WASHINGTON, D.C.

G. Daniel Miller1

Donn C. Meindertsma1

Rabeha S. Kamaluddin3

 

Henry Rose1

Erica L. Summers1

 

HOUSTON, TEXAS

 

Randolph L. Jones, Jr.

 

DALLAS, TEXAS

 

Kevin H. Good1

 

JACKSON, WYOMING

 

Randolph L. Jones, Jr.

 

SANTA FE, NEW MEXICO

 

Douglas M. Rather

 

Benjamin C. Conner

1879-1963

John M. Winters, Jr.

1901-1989

 

1Not Admitted in Oklahoma

2Not Admitted in Arkansas

3Admitted only in California; admission

in the District of Columbia pending;

supervision by Donn C. Meindertsma, a

member of the District of Columbia Bar

November 9, 2007

LSB Industries, Inc.

16 South Pennsylvania

Oklahoma City, OK 73107

 

  Re: LSB Industries, Inc.; Amendment No. 2 to Registration Statement on S-1, SEC File No. 333-145721; Our File No. 7033-0017

Gentlemen:

We have acted as counsel for LSB Industries, Inc., a Delaware corporation (the “Company”), in connection with the preparation by the Company of a registration statement on Form S-1, as amended by the Amendment Nos. 1 and 2, SEC file no. 333-145721 (the “Registration Statement”) for filing with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the “Securities Act”), for the registration of (a) $60,000,000 principal amount of the Company’s 5.5% Convertible Senior Subordinated Debentures due 2012 (the “Debentures”), governed by the Indenture, dated as of June 27, 2007 (the “Indenture”), between the Company and UMB Bank, n.a., as trustee, and (b) an aggregate of 2,746,500 shares of the Company’s common stock, par value $.10 per share, comprised of the following:

 

  (i) up to 2,184,000 shares, subject to adjustment in accordance with the Indenture, issuable upon conversion of the Debentures (the “Conversion Shares”);

 

  (ii) 450,000 shares (the “Jayhawk Shares”) owned by Jayhawk Institutional Partners, L.P. (“Jayhawk Institutional”) and acquired from the Company pursuant to the Subscription Agreement, dated March 25, 2003, by and between the Company and Jayhawk Institutional (the “Subscription Agreement”); and


LSB Industries, Inc.

November 9, 2007

Page 2

 

  (iii) 112,500 shares issuable to Jayhawk Institutional upon the exercise of warrants (the “Warrant Shares”), pursuant to the Warrant Agreement, dated March 25, 2003 between the Company and Jayhawk Institutional (the “Warrant Agreement”), subject to adjustment in accordance with the Warrant Agreement.

We have examined the Amended and Restated Articles of Incorporation, as amended, and the Restated Bylaws of the Company, as amended, the Registration Statement, the Indenture, the Subscription Agreement and the Warrant Agreement. We have also (a) examined such certificates of public officials and of corporate officers and directors of the Company and such other documents and matters as we have deemed necessary or appropriate, (b) relied upon the accuracy of facts and information set forth in all such documents, and (c) assumed the genuiness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as copies, and the authenticity of the originals from which all such copies were made.

In our examination of executed documents, we have assumed that the parties thereto, other than the Company, had the power, corporate or other, to enter into and perform all obligations thereunder. We have also assumed the due authorization by all requisite action, corporate or other, and the execution and delivery of such documents by the parties to such documents, other than the Company, and the validity and binding effect thereof with respect to such parties.

Based on the foregoing and subject to the qualifications and limitations stated herein, we are of the opinion that:

 

  (a) the Debentures have been duly authorized, executed and delivered by the Company;

 

  (b) the Debentures constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms;

 

  (c) the Conversion Shares have been duly authorized, and when issued upon conversion of the Debentures, in accordance with the terms of the Debentures and the Indenture, will be validly issued, fully paid and non-assessable shares of common stock of the Company;

 

  (d) the Jayhawk Shares are duly authorized, validly issued, fully paid and non-assessable shares of common stock of the Company; and

 

  (e) the Warrant Shares have been duly authorized, and when issued upon exercise of the warrants in accordance with the terms of the Warrant Agreement, will be validly issued, fully paid and non-assessable shares of common stock of the Company.


LSB Industries, Inc.

November 9, 2007

Page 3

Our opinion set forth above is subject to the effects of bankruptcy, insolvency, reorganization, moratorium or similar laws relating to creditors’ rights generally (including, without limitation, fraudulent conveyance laws) and by general principles of equity including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing and the possible unavailability of specific performance or injunctive relief, regardless of whether considered in a proceeding in equity or at law.

We consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our firm in the Prospectus constituting a part of the Registration Statement under the caption “Legal Matters.” 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 or the rules and regulations of the U.S. Securities and Exchange Commission promulgated thereunder.

 

Sincerely,
CONNER & WINTERS, LLP
/s/ Conner & Winters, LLP