James A. Rubenstein, Attorney

Served as an attorney for the creditors committee in Hitchcock Industries, a case in which the unsecured creditors, who totaled some $4.5 million, were paid in full with interest.

Served as co-counsel to the Creditors Committee in the Chapter 11 case of Sheldahl, Inc. in Minnesota.  He evaluated hundreds of preference claims and, with co-counsel, commenced approximately 125 preference recovery actions after settling many prior to bringing suit.  All net proceeds from preference collections, as well as from the sale of numerous other assets are to be paid to the unsecured creditors.

Represented a non‑profit corporation owning three Minnesota nursing homes in its Chapter 11 case.  The case concluded successfully with a stipulated dismissal of the Chapter 11, including an agreement with the unsecured creditors committee and a long‑term pay out to the State of Minnesota of its alleged overpayments for reimbursement.

Represented a bank in a the Chapter 11 of a mail order company in which the bank recovered its principal and interest on loan of approximately $6.5 million, plus value for stock issued to the bank in connection with a Chapter 11 reorganization.

Represented State of Minnesota in the New York bankruptcy of a steel manufacturing company and its subsidiaries.  He pursued over $100 million in claims based on taxes, environmental cleanup, workers' compensation and related matters.  The state retained $4.6 million of a refund claimed by the debtor, and successfully resolved a potential $50 million environmental cleanup claim.

Represented a financial institution with $10 million debt and a second‑place security interest in an optical company with $70 million in sales.  Client eventually purchased the company as part of its reorganization under Chapter 11.

Protected foreign financial institution with security interest in assets of oil drilling syndicator against lender liability and related claims.  Negotiated acceptable treatment under the syndicator's plan of reorganization and the allowance of approximately $4.5 million in claims against its guarantor.

Represented Texas financial institution in defense of fraudulent conveyance claims by Chapter 11 debtor involving $6 million in real estate foreclosure.  Client was able to settle for less than the cost of defense.

Confirmed a Chapter 11 plan for an upstate New York retailing debtor with $65 million in sales and accomplished an out‑of‑court workout  for a related company with over 40 convenience stores in Ohio and Kentucky.

Served as court-appointed receiver of airline charter company in case of stock fraud and other fraud, involving in excess of $30 million.  Creditors eventually received close to 100% of claims, public shareholders received substantial compensation and the perpetrators went to jail.

Represented a publicly traded company in negotiating, documenting and closing a credit facility of over $1 billion consisting of revolving debt, term notes and subordinated debt.