Attached files
file | filename |
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8-K - FORM 8-K - iMedia Brands, Inc. | c63783e8vk.htm |
EX-99.1 - EX-99.1 - iMedia Brands, Inc. | c63783exv99w1.htm |
EX-1.1 - EX-1.1 - iMedia Brands, Inc. | c63783exv1w1.htm |
Exhibit 5.1
March 31, 2011
ValueVision Media, Inc.
6740 Shady Oak Road
Eden Prairie, MN 55344-3433
6740 Shady Oak Road
Eden Prairie, MN 55344-3433
Ladies and Gentlemen:
We have acted as counsel to ValueVision Media, Inc., a Minnesota corporation (the Company), in
connection with the preparation and filing of a prospectus supplement dated March 30, 2011 to the
prospectus dated August 16, 2010 (together, the Prospectus) relating to the offer and sale by the
Company, pursuant to that certain Purchase Agreement dated March 30, 2011 (the Purchase
Agreement), between the Company and Piper Jaffray & Co. acting severally on behalf of itself and
the underwriters named in Schedule I thereto (the Underwriters), of 9,487,500 shares of the
Companys common stock, $0.01 par value per share (the Shares), which includes 1,237,500 Shares
for which the Underwriters have been granted an over-allotment option. The Prospectus forms a part
of the Companys registration statement on Form S-3 (No. 333-168312) (the Original Registration
Statement), filed with the Securities and Exchange Commission (the Commission) pursuant to the
Securities Act of 1933, as amended (the Securities Act), which was declared effective on August
16, 2010, and registration statement on Form S-3 (No. 333-173156) (the Amended Registration
Statement), filed with the Commission pursuant to the Securities Act, which was effective upon
filing with the Commission on March 30, 2011 (collectively with the Original Registration
Statement, the Registration Statement).
In such capacity, we have examined the Registration Statement, the Prospectus, the Purchase
Agreement and the Articles of Incorporation and Bylaws of the Company. We have also examined such
corporate and other records, documents, agreements and instruments and have made such other
investigations as we have deemed relevant and necessary in connection with the opinion hereinafter
set forth. As to questions of fact material to this opinion, we have relied upon certificates or
comparable documents of public officials and of officers and representatives of the Company.
Based on the foregoing, and subject to the qualifications, assumptions and limitations stated
herein, we are of the opinion that the Shares have been duly authorized and, when issued and sold
in the manner and under the terms described in the Purchase Agreement, will upon such issuance and
sale, be validly issued, fully paid and nonassessable.
In rendering the foregoing opinion, we have assumed the accuracy and truthfulness of all public
records of the Company and of all certifications, documents and other proceedings examined by us
that have been produced by officials of the Company acting within the scope of their official
capacities, without verifying the accuracy or truthfulness of such representations, and the
genuineness of all signatures, the authenticity of all documents submitted to us as originals and
the conformity to originals of all documents submitted to us as copies thereof.
We express no opinion concerning any law other than the Minnesota Business Corporation Act,
including the statutory provisions, applicable provisions of the Minnesota Constitution and all
reported judicial decisions interpreting those laws.
We consent to the filing of this opinion letter as Exhibit 5.1 to the Companys current report on
Form 8-K filed as of the date hereof and to the reference to this firm under the caption Legal
Matters in the Prospectus Supplement. In giving this consent, we do not thereby imply or admit
that we are within the
category of persons whose consent is required under Section 7 of the Securities Act, the rules and
regulations of the Commission promulgated thereunder, or Item 509 of Regulation S-K.
This opinion is furnished to you in connection with the filing of the Prospectus Supplement, and is
not to be used, circulated, quoted or otherwise relied upon for any other purpose. This opinion is
limited to the specific issues addressed herein, and no opinion may be inferred or implied beyond
that expressly stated herein. This opinion speaks only as of the date hereof and we assume no
obligation to revise or supplement this opinion.
FAEGRE & BENSON LLP |
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By: | /s/ Jonathan R. Zimmerman | |||
Jonathan R. Zimmerman | ||||