EXHIBIT 5.1


                     OPINION OF CAMHY KARLINSKY & STEIN LLP







Exhibit 5.1

                                November 6, 1998

NAM Corporation
1010 Northern Boulevard
Suite 336
Great Neck, New York 10021

                  Re:      NAM Corporation
                           Registration Statement on Form S-8
                           Filed on November 6,  1998      
                           ------------------------------------------      

Dear Sir/Madam:

                  We have reviewed the Registration Statement on Form S-8 (the
"Registration Statement") filed under the Securities Act of 1933 (the "Act"), by
NAM Corporation, a Delaware corporation (the "Company"), on November 6, 1998.
The Registration Statement has been filed for the purpose of registering for
offer and sale under the Act, 750,000 shares (the "Shares") of the Company's
Common Stock, $.001 par value (the "Common Stock") issuable under the Company's
Amended and Restated 1996 Incentive and Nonqualified Stock Option Plan (the
"Plan").

                  We have examined your Certificate of Incorporation as amended,
Bylaws and such documents, corporate records and questions of law as we have
deemed necessary solely for the purpose of enabling us to render this opinion.
In conducting our examination, we have assumed, without investigation, the
genuineness of all signatures, the correctness of all certificates, the
authenticity of all documents submitted to us as originals, the conformity to
original documents of all documents submitted to us as certified or photostatic
copies and the authenticity of the originals of such copies, and the accuracy
and completeness of all records made available to us by the Company, and public
officials. In addition, we have assumed, without investigation, the accuracy of
representations and statements as to factual matters made by officers and
employees of the Company.

                  In addition, the opinions hereinafter expressed are subject to
the following qualifications:


                  (a) Our opinion in Paragraph 1 below as to the good standing
of the Company and its subsidiaries is based solely upon certificates from
public officials and verbal confirmation from the State of Delaware.








NAM Corporation
November 6, 1998
Page 2

                  (b) Our opinions below are limited to the matters expressly
set forth in this opinion letter, and no opinion is to be implied or may be
inferred beyond the matters expressly so stated.

                  (c) We disclaim any obligation to update this letter for
events occurring after the date of this opinion letter.

                  (d) We are members of the Bar of the State of New York. Our
opinions below are limited solely to the effect of the laws of the State of New
York and of the federal laws of the United States.

                  On the basis of such examination, we are of the opinion that:

                  1. The Company is a corporation duly organized and validly
existing and in good standing under the laws of the State of Delaware.

                  2. The Company has an authorized capitalization of 20,000,000
shares of capital stock consisting of 15,000,000 shares of Common Stock, $.001
par value, and 5,000,000 shares of Preferred Stock, $.001 par value.

                  3. The options, when issued pursuant to the terms and
conditions of the Plan, as described in the Registration Statement, will
constitute legal and binding obligations of the Company in accordance with their
terms.

                  4. The Shares, upon payment therefore and issuance thereof
upon exercise of the options in accordance with the terms thereof and as
described in the Registration Statement, will be validly issued, fully paid and
non-assessable.

                  We hereby consent to the use of this opinion as an exhibit to
the Registration Statement.

                                   Very truly yours,

                                   CAMHY KARLINSKY & STEIN LLP