<?php if ( has_post_thumbnail() ) {
the_post_thumbnail( 'thumbnail', array('class'=>'alignleft', 'alt' => get_the_title() , 'title' => get_the_title() ));
echo contentnoimg(50);} elseif (get_post_image(TRUE))  { echo '<a href='.$link.'><img class="alignleft" src='.$blogurl.'/thumbnail.php?src='.get_post_image().'&amp;h=150&amp;w=150&amp;zc=1&amp;q=99&amp;a=t"  alt='.$title.' /></a>'  ; echo contentnoimg(50); } else{ echo contentnoimg(50);}?><p></p>

And this is from functions.php:

function content($limit) {
     global $post;
      $content = explode(' ', get_the_content(), $limit);
      if (count($content)>=$limit) {
        array_pop($content);
        $content = implode(" ",$content).'...<a href="'. get_permalink($post->ID) . '">'.__('Read full post','language') .'</a>';
      } else {
        $content = implode(" ",$content);
      }
      $content = preg_replace('/\[.+\]/','', $content);
      $content = apply_filters('the_content', $content);
      $content = str_replace(']]>', ']]&gt;', $content);
      return $content;
    }
function contentnoimg($limit) {
     global $post;
      $content = explode(' ', get_the_content(), $limit);
      if (count($content)>=$limit) {
        array_pop($content);
        $content = implode(" ",$content).'...<a href="'. get_permalink($post->ID) . '">'.__('Read full post','language') .'</a>';
      } else {
        $content = implode(" ",$content);
      }
      $content = preg_replace('/(<img.+?>)/','', $content);
      $content = apply_filters('the_content', $content);
      $content = str_replace(']]>', ']]&gt;', $content);
      return $content;
    }