Adam R. Prescott

Adam works with businesses and individuals in bankruptcy, insolvency, restructuring, and other complex commercial matters to help them maximize the value of their assets and achieve their financial and personal goals through creative, pragmatic, and results-oriented advocacy.

Since joining Bernstein Shur, Adam has served as court- approved counsel to numerous debtors in Chapter 11 reorganization and liquidation cases throughout the country, including bankruptcy courts in Maine, Massachusetts, Vermont, and Delaware. Adam frequently represents debtors, creditors, landlords, vendors, and other interested parties at court hearings and throughout all stages of Chapter 11 and Chapter 7 bankruptcy cases, as well as in preference and fraudulent transfer litigation, non-dischargeability proceedings, claim objections, business litigation, mediations, and bankruptcy appeals at the First and Second Circuits. As part of his insolvency work, Adam also maintains a robust transactional practice in which he represents sellers and buyers through all phases of asset sales and other commercial transactions, including several recent section 363 sales in bankruptcy courts in Maine, Massachusetts, and Delaware.

Beyond working with his clients, Adam regularly writes and speaks on panels about important bankruptcy issues, particularly recent developments regarding the Small Business Reorganization Act (SBRA). Adam has spoken at the American Bankruptcy Institute’s Annual Spring Meeting and Northeast Bankruptcy Conference, the Maine Bar Association’s Summer Conference, and numerous other local and national panels and webinars about Chapter 11, the SBRA, and other bankruptcy issues. He also has published articles in the American Bankruptcy Institute Journal, the Maine Bar Journal, Law360, and elsewhere.

Adam’s recent insolvency experience includes:

• In re Gold Standard Baking, LLC, et al. (Chapter 11 –Delaware Bankruptcy Court): Adam is counsel to 37th Street Bakery, LLC and affiliates, as the senior secured lender and stalking horse buyer in the successful section 363 asset purchase in August 2022 from Gold Standard Baking, LLC, one of the country’s largest makers of croissants and other baked foods.
• In re EYP Holdings, Inc., et al. (Chapter 11 – Delaware Bankruptcy Court): Adam is counsel to the Official Committee of Unsecured Creditors in the Chapter 11 cases of EYP, which was an interdisciplinary design firm prior to a successful section 363 sale.
• In re Community Eco Power, LLC, et al. (Chapter 11 –Massachusetts Bankruptcy Court): Adam is counsel to the debtors in their Chapter 11 cases in Springfield, Massachusetts. The debtors owned and operated municipal waste-to-energy facilitates in western Massachusetts prior to their section 363 sales in Spring 2022.
• In re The Island Employee Cooperative and In re The Galley (Chapter 11 – Maine Bankruptcy Court): Adam was counsel to the debtors in their Subchapter V Chapter 11 cases under the SBRA, which were filed in September 2021 and confirmed plans in early 2022. The debtors, which include one of the largest employee-owned cooperatives in Maine, own and operate grocery, convenience, and hardware stores in Stonington and Deer Isle, Maine.
• In re Gorham Paper and Tissue, LLC, et al. (Chapter 11 –Delaware Bankruptcy Court): Adam is counsel to the debtors and the liquidating trustee in these Chapter 11 cases in Delaware. The debtors completed their section 363 asset sale in late 2020 and confirmed plans of liquidation in 2021.
• In re Springfield Medical Care Systems, Inc. (Chapter 11 – Vermont Bankruptcy Court): Adam was counsel to the debtor, a Federally Qualified Health Center, in its successful Chapter 11 case in Vermont, with a plan of reorganization confirmed in late 2020. The non-profit debtor owns and operates a number of health centers, including dental and vision clinics, in southeastern Vermont and southwestern New Hampshire.

In addition to his bankruptcy and insolvency practice,

As part of an expanding practice within the firm, Adam represents worker, consumer, food, agricultural, start-up, and other cooperative businesses in a wide variety of legal and business matters.  Cooperatives face complex legal challenges, many of which are unique to the cooperative business structure and require specialized experience and an appreciation for cooperative principles. Working with an experienced team of cooperative law colleagues at Bernstein Shur, Adam works with cooperatives to find legal solutions that align with the cooperatives’ broader missions and goals, including advising cooperatives regarding entity formation issues, by-laws, corporate governance, debt and equity financing, financial reorganizations, capital campaigns, securities law, and labor and employment practices.

Adam also is well versed in topics related to electronic discovery technology and practices, and in the Spring of 2019, Adam was an Adjunct Professor at the University of Maine Law School, where he taught a course on Litigation and E-Discovery Practice.

Prior to joining Bernstein Shur, Adam was:

• A senior associate at WilmerHale in Washington, D.C.
• A law clerk to the Honorable Rudolph Contreras at the United States District Court for the District of Columbia
• While in law school, Adam interned for the Honorable Jon D. Levy at the Maine Supreme Judicial Court.

Publications:

“Untangling the Sub V Eligibility Criteria for Individual Debtors”, ABI Journal (October 2023)