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Adam R. Prescott Adam R. Prescott

Adam R. Prescott


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Meet Adam, a thoughtful and results-oriented partner for businesses and individuals in bankruptcy, restructurings, and other complex financial matters.

Adam R. Prescott

207 228-7145 direct
207 774-1200 main
207 774-1127 facsimile

100 Middle Street
PO Box 9729
Portland, ME 04104-5029

PRACTICES & INDUSTRIES SERVED Business Restructuring & Insolvency
PRESS & PUBLICATIONS MEDIA

Adam works with individuals and businesses in bankruptcy, insolvency, restructuring, and other complex financial matters to help them reorganize, maximize the value of their assets, and achieve their financial and personal goals through creative, pragmatic, and results-oriented advocacy. Adam has extensive experience representing clients both in and out of the courtroom, covering a broad range of industries, including healthcare, hospitality, food and grocery, energy, and manufacturing.

Since joining Bernstein Shur, Adam has served as court-approved counsel to numerous debtors and trustees in Chapter 11 reorganization and liquidation cases throughout the country, including in bankruptcy courts in ME, Massachusetts, New Hampshire, Vermont, and Delaware.  Adam frequently represents creditors and debtors at court hearings and throughout all stages of litigation in Chapter 11 and Chapter 7 bankruptcy disputes, preference and fraudulent transfer litigation, non-dischargeability proceedings, business litigation, mediations, and collection lawsuits. He also advises clients in asset sales and other commercial transactions, including section 363 sales in bankruptcy court. Adam maintains an active appellate practice, which includes presenting oral arguments before the First Circuit Court of Appeals and briefing several recent appeals at the First and Second Circuit Court of Appeals.

Outside of the courtroom, Adam regularly represents clients in out-of-court debt restructurings, commercial transactions, corporate wind-downs and distressed sales, forbearance agreement negotiations, loan refinancing, and a wide variety of other financial matters involving banks, investors, and other interested parties.

Adam frequently publishes articles and speaks to attorneys and industry leaders about important and novel bankruptcy issues, particularly cutting-edge developments under the Small Business Reorganization Act (SBRA).  Adam has spoken at the American Bankruptcy Institute’s Northeast Bankruptcy Conference and has served on a number of local and national panels about Chapter 11, the SBRA, and other bankruptcy issues.  He has published articles on the SBRA, e-discovery, and other legal matters in the American Bankruptcy Institute Journal, the ME Bar Journal, Law360, and elsewhere.

Adam’s most recent experience includes:

  • In re Community Eco Power, LLC, et al. (Chapter 11 – Western District of Massachusetts): Adam is counsel to the debtors in their Chapter 11 cases pending in Springfield, Massachusetts.  The debtors own and operate municipal waste-to-energy facilitates in western Massachusetts.
  • In re The Island Employee Cooperative and In re The Galley (Chapter 11- District of ME): Adam is counsel to the debtors in their Subchapter V Chapter 11 cases under the SBRA, which were filed in September 2021. The debtors, which include one of the largest employee-owned cooperatives in ME, own and operate grocery, convenience, and hardware stores in Stonington and Deer Isle, ME.
  • In re Gorham Paper and Tissue, LLC, et al. (Chapter 11 – District of Delaware): Adam is counsel to the debtors in their Chapter 11 cases in Delaware. The debtors successfully completed their section 363 asset sale in late 2020 and confirmed plans of liquidation in late 2021.  Adam has represented the debtors in all aspects of their bankruptcy cases and the sale transaction, as well as in post-confirmation preference litigation and claim objections.
  • In re Springfield Medical Care Systems, Inc. (Chapter 11 – District of Vermont): 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. Adam also represented the debtor in obtaining a permanent injunction against the Small Business Administration due to the agency’s exclusion of debtors from participating in the Paycheck Protection Program, and he has continued to represent the debtor in the SBA’s appeal to the Second Circuit.  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 re Calais Regional Hospital (Chapter 11 – District of ME): Adam was counsel to a hospital in northern ME in its successful purchase of Calais Regional Hospital’s assets through a plan of liquidation filed by the Creditors’ Committee in Calais Regional Hospital’s Chapter 11 case. The buyer has since successfully transitioned to operating the hospital through an affiliate in Calais, ME.
  • In re Boston Grand Prix, LLC (Chapter 7 – Eastern District of Massachusetts): Adam represented a ME concrete manufacturer in preference litigation brought against it by the Chapter 7 trustee for the failed Boston Grand Prix IndyCar race. Adam was lead counsel at the two-day trial in Boston, which culminated in a judgment in his client’s favor on its new value and ordinary course of business defenses.

In addition to his bankruptcy and insolvency practice,

Adam is well versed in topics related to electronic discovery technology and practices. Adam is a founding editor of Bernstein Shur’s monthly E-Discovery Field Guide, and in the Spring of 2019, Adam was an Adjunct Professor at the University of ME Law School, where he taught a course on Litigation and E-Discovery Practice.

Adam also has experience advising clients on antitrust and competition matters. In addition to litigating Sherman Act claims and other antitrust issues, Adam’s antitrust practice has included representing clients in civil and criminal antitrust investigations brought by the Department of Justice and state attorneys general. Noteworthy matters include representing one of the country’s largest movie exhibitors in responding to an antitrust investigation into the company’s film booking practices, as well as related state and federal court litigation brought under conspiracy and monopolization theories.

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 ME Supreme Judicial Court.
Background

Education
JD, William & Mary School of Law, 2012, summa cum laude, Order of the Coif, Ranked First in Graduating Class
BS, Trinity College, 2009, Economics, with honors

Admitted to practice

State Courts

State of ME
Commonwealth of Massachusetts
District of Columbia

Federal District Courts

U.S District Court for the District of ME
U.S. District Court for the District of Massachusetts
U.S. District Court for the District of Columbia
U.S. District Court for the District of Vermont

Courts of Appeal

U.S. Court of Appeals for the First Circuit
U.S. Court of Appeals for the Second Circuit

Federal Bankruptcy Courts

U.S. Bankruptcy Court for the District of ME
U.S. Bankruptcy Court for the District of Massachusetts
U.S. Bankruptcy Court for the District of Vermont

Memberships

American Bankruptcy Institute
American Bar Association
ME Bar Association
York County Bar Association