Overview
James Wallack, a Director, heads the firm's Bankruptcy and Restructuring Practice, with extensive experience in complex Chapter 11 reorganizations, out-of-court workouts and restructurings and transactions involving underperforming or distressed assets. Recognized in Chambers USA as a "one of the best lawyers in the area - very good at details and developing strategies. A practical lawyer with a great deal of experience and wisdom who is highly respected in court," James represents distressed portfolio companies owned by leading private equity firms, corporate borrowers and debtors-in-possession, secured and unsecured creditors, creditors' committees, liquidators and developers and investors acquiring assets from debtors in bankruptcy.
Representative Experience
· Representation of Edens Limited Partnership (formerly Edens & Avant) in its successful acquisition of a majority interest in the Closter Mall as plan sponsor in the Irani Chapter 11 case in the District of New Jersey.
· Lead debtor-in-possession counsel for Victor Oolitic Stone Company, the largest limestone quarry in Indiana, in its chapter 11 bankruptcy case in Indianapolis and its successful 363 sale process and the asset acquisition by an affiliate of Resilience Capital Partners.
· Counsel to Twitchell Corporation in the sale of substantially all of its assets to Twitchell Technical Products, LLC.
· Representation of Betsey Johnson LLC in the out-of-court restructuring of its long term debt and equity.
· Counsel to Gordon Brothers Group and DJM Asset Management in the following distressed asset transactions: (i) the liquidation of all inventory owned by Filene's Basement, LLC and Syms Corp. (Delaware, in a joint venture with Hilco Merchant Resources, LLC); (ii) the successful acquisition and wind down of CompUSA, Inc.; (iii) the liquidation of underperforming assets in the Sportsman's Warehouse chapter 11 case (Delaware); (iv) the acquisition of the right to liquidate inventory of Finlay Fine Jewelry Corporation and subsidiaries (New York), and (v) the liquidation of all inventory owned by the debtor in The Rugged Bear, Inc. case (Mass.).
· General counsel to CRG Partners in connection with their retentions in numerous turnaround matters around the country, in pursuing a fee enhancement on account of CRG's extraordinary performance in the Pilgrim's Pride chapter 11 reorganization in the Bankruptcy Court for the Northern District of Texas, and as a defendant in actions brought by the Antioch Company Litigation Trust in the Southern District of Ohio and by the Trustee for Solar Cosmetics, Inc. in the Southern District of Florida.
· Counsel for Michael Macateer, in his capacity as court-appointed Irish liquidator and foreign representative of Bedminister International Limited, in Chapter 15 bankruptcy proceedings pending in the District of Massachusetts.
· Representation of distressed portfolio companies of a national private equity firm, including the sale of a manufacturing business with international operations, the out-of-court restructuring of a technology company, and the sale of a construction company.
· Special debtor-in-possession counsel for Tweeter Home Entertainment Group, Inc.
· Counsel to GMAC as a creditor in The Education Resources Institute case in the District of Massachusetts.
· Lead bankruptcy counsel for Omni Facility Services, Inc. and thirteen affiliated debtors in the successful disposition of their businesses.
· Representation of Elkin McCallum as principal of and purchaser of assets from Joan Fabrics Corporation and related debtors-in-possession.
· Representation of DJM Asset Management and Sheldon Good Auctions Northeast as lender to and exclusive auctioneer for the Trustee of New Jersey Affordable Housing Corporation.
· Representation of the Official Committees of Unsecured Creditors in the Chapter 11 reorganizations of Organogenesis Inc., Thinking Machines Corporation and Martha's Vineyard Hospital, Inc.
· Representation of W/S Discount Acquisition LLC in successful disposition of all of Caldor Corporation's leases and owned real estate.
· Representation of the Richard A. Smith family as the largest shareholder in, and purchaser of an investment portfolio from, the operator of General Cinemas Theatres.
Professional and Community Involvement
· Fellow, American College of Bankruptcy
· Turnaround Management Association (International), Member Education Oversight Committee
· Turnaround Management Association of the Northeast, Past President
· American Bankruptcy Institute
Awards and Recognition
· Martindale Hubbell Peer Review Rated AV Preeminent TM
· The Best Lawyers in America, 2006-2012
· Massachusetts SuperLawyer, 2004-2011
· Chambers USA, America's Leading Business Lawyers, 2004-2011
Speaking Engagements
· Moderator, Municipal Insolvencies: "Is This The Next Wave?," TMA Northeast Presentation, November 2011
· Instructor, American College of Bankruptcy seminar, "Anatomy of a Distressed Business," October 2010, April 2008, and April 2007
· Moderator, "Getting the Deal Done in Bankruptcy," TMA Northeast Presentation, November 2009
· Moderator and panelist, "Patent and Patent Applications: Unlocking their Value for the Bankruptcy Estate," ABI Spring Meeting, April 2008
· Moderator and panelist, "Investment Strategies of the New Lenders: What the Next Round of Cases Will Look Like," ABI Northeast Bankruptcy Conference, July 2007
Press Releases
September 2011
Goulston & Storrs Attorneys Named to 2012 Edition of Best Lawyers®
June 2011
Chambers USA Ranks Goulston & Storrs in Multiple Practice Areas
October 2010
Goulston & Storrs Client, Betsey Johnson, Successfully Restructures
August 2010
Goulston & Storrs Attorneys Named to 2011 Edition of Best Lawyers
June 2010
Chambers USA Ranks Goulston & Storrs in Leading Practice Areas
July 30, 2009
Goulston & Storrs Attorneys Named in 2010 Best Lawyers®
June 15, 2009
Chambers USA Ranks Goulston & Storrs in Leading Practice Areas: 22 individual attorneys receive recognition
Blogs
04.04.12
Buying Brands Out of Bankruptcy
Publications & Mentions
October 2011
Seventh Circuit Restores Balance Between Debtor and Secured Creditor Interests in Circuit-Splitting River Road Hotel Decision
June 2010
"Goulston & Storrs Named Finalist in USA Awards for Excellence 2010," BBA e-newsletter
May 2010
"Smaller Businesses See Rise in Q1 Bankruptcies," Boston Business Journal
April 2010
"The Legal Perspective On Distressed Properties," Shopping Center Business