THE SCOTT LAW FIRM, P.A.
                          940 Northeast 79th Street
                               Miami, FL  33138

                                (305) 754-3603
                           facsimile (305) 754-2668

                                                         April 21, 2001

To:  The Board Of Directors
Ashley Capital Management, Inc.
5916 N. 300 West
Fremont, IN  46737

Dear Board of Directors,

We have acted as your counsel in connection with the organization of Atlas
Futures Fund, Limited Partnership, a Delaware limited partnership (the
"Partnership"), wherein your firm serves as the General Partner and the
preparation of a Registration Statement on Form S-1, expected to be filed
with the Securities and Exchange Commission (the "Registration Statement"),
relating to the registration under the Securities Act of 1933, as amended, of
$8,000,000 of Limited Partnership interest (the "Units") in the Partnership.

For purposes of rendering this opinion, we have assumed the genuineness of
all signatures, the legal capacity of natural persons, the authenticity of
all documents submitted to us as originals, the conformity to originals of
all documents submitted to us as certified or photostat copies, the
authenticity of the originals of such copies.  We also assume that no limited
partner will participate in the management of the Partnership.  Based upon
the foregoing and our familiarity with the organization of the Partnership,
we are of the opinion that the Units to be offered for sale as described in
the Registration Statement, when sold in the manner and under the conditions
set forth therein, are already duly authorized and will be legally issued and
fully paid and non-assessable.  We are also of the opinion that purchasers of
the Units, upon admission to the Partnership by the General Partner, will
become limited partners in the Partnership and that their liability for the
losses and obligations of the Partnership will be limited to the extent
provided by the Delaware Uniform Limited Partnership Act and the Limited
Partnership Agreement of the Partnership.

                                                Very truly yours,
                                                The Scott Law Firm, P.A.


                                                /s/ William Sumner Scott
                                                William Sumner Scott
                                                For the Firm
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