Concentration

Reorganization and bankruptcy; creditors' rights; debtor and creditor remedies; federal court appeals

Summary

Jim Prince's practice centers on the resolution of legal and financial issues involving distressed businesses, both inside and outside of state and federal insolvency proceedings. His emphasis is on maximizing asset values and enhancing creditor and stakeholder recoveries, primarily through consensual workouts and debt restructuring, reorganizations and offensive and defensive litigation involving lending transactions. He also has a strong appellate practice involving bankruptcy issues.

Mr. Prince represents debtors, creditors and third-party capital providers in chapter 11 proceedings and out-of-court workouts.

Representative Engagements

• Current representation of ASARCO, a debtor in possession in a complex chapter 11 case in the Southern District of Texas
• Current representation of public and nonpublic companies in the negotiation and implementation of prepackaged chapter 11 plans to resolve asbestos and silica-related liabilities
• Confirmed chapter 11 creditor plan in EnRe oil and gas bankruptcy (in litigious competing plan process) in less than four months
• Representation of creditors in megacases: Kmart, Enron, Adelphia, Mirant and WorldCom
• Confirmed chapter 11 plan for Crescent Machinery Company, a multimillion-dollar construction equipment sales, leasing and service company with approximately 14 branch locations in six different states
• Representation of an eleven-member bank syndication under a defaulted $500 million mortgage loan warehouse facility in the Harbor Financial bankruptcy, with successful recoveries and repayment of over 95 percent of the debt
• Representation in complex litigation involving environmentally impacted property that involved three years of litigation, discovery in four different states, and two favorable partial summary judgment rulings in our client's favor, including a ruling that our client's claims were not discharged in National Gypsum's chapter 11 bankruptcy, with client's objectives being achieved through settlement
• Representation of a creditor in Nevada bankruptcy proceeding involving a multimillion-dollar residential subdivision near Reno in which, following a trial on the merits of the client's rights and damages under an option to purchase a key portion of the subdivision, and a ruling in favor of our client from the Court of Appeals for the Ninth Circuit (sitting en banc) on the enforceability of the option in a federal bankruptcy proceeding, the client received millions of dollars in cash on remand