Jim Lodoen represents lenders, debtors, committees and buyers of assets in bankruptcy cases and workouts. Jim has recently represented the Chapter 11 Trustee of Petters Company Inc. and the Receiver of Thomas Petters following the unveiling of a $3.8 billion dollar Ponzi Scheme. This representation included the unwinding of the scheme, litigating billions of dollars of clawback claims, liquidating assets and obtaining confirmation of a Chapter 11 Plan of Liquidation. He has also been involved in numerous Section 363 sales including the sale of assets of Polaroid Corporation as part of his representation of Polaroid in its Chapter 11 proceeding. Jim has represented borrowers, lenders and trade creditors in the real estate, manufacturing, health care, biotechnology, life sciences, retail, agribusiness, farm and agriculture sectors.
Additionally, Jim is a frequent lecturer and author on various bankruptcy and debtor-creditor issues.
Awards & Recognition
- Minnesota Lawyer, Attorney of the Year (2016)
- American College of Bankruptcy, Fellow
- Best Lawyers in America (2010–2017)
- Best Lawyers in America - Minneapolis Litigation: Bankruptcy "Lawyer of the Year" (2014)
- North Star Lawyer, Minnesota State Bar Association (2015)
- Minnesota Super Lawyers (1997, 2002, 2004–2005, 2007–2008, 2010–2016)
- Martindale-Hubbell AV Preeminent Rating
- Senior Editorial Staff, North Dakota Law Review (1984–1985)
- Represented Douglas A. Kelley, Chapter 11 Trustee of Petters Company Inc., a $3.8 billion dollar Ponzi Scheme, in the pursuit of billions of dollars of clawback actions, the liquidation of assets and the administration of the Chapter 11 bankruptcy, including the negotiation of a Coordination Agreement with several Trustees, a Receiver and the U.S. Attorney’s Office to avoid forfeiture litigation.
- Represented Douglas A. Kelley, as Section 1345 Federal Receiver over dozens of individuals and entities affiliated with the $3.8 billion dollar Ponzi Scheme orchestrated by Thomas Petters and others including the litigation of many fraudulent transfer and unjust enrichment cases.
- Represented Polaroid Corporation as debtor-in-possession in a Chapter 11 bankruptcy in St. Paul, Minnesota resulting in the sale of its assets through a Section 363 sale for approximately $85 million.
- Represented Project Viking II Acquisition, Inc. a subsidiary of ARI Network Services, Inc. in a heavily contested acquisition of the Retail Services Division of Fifty Below Sales & Marketing, Inc. for $5 million and in litigation against former employees to recover trade secrets and confidential information. This acquisition was recognized by the Upper Midwest Turnaround Management Association as the 2013 "Transaction of the Year."
- Represented Bolger Publications in the acquisition of Diversified Graphics through a 363 sale which was recognized by the Upper Midwest Turnaround Management Association as the 2008 Transaction of the Year.
- Represented EFI Holdings a California private equity fund in the acquisition of Hitchcock Industries (aircraft industry foundry) for $46 million through a Section 363 sale out of a Chapter 11 bankruptcy in Minnesota.
- Represented Plains Commerce Bank as secured creditor and card issuer in the Credit Store Chapter 11 case in South Dakota.
- Represented Minnesota Diversified Industries, a non-profit employing hundreds of special needs employees, in an out of court restructuring that was recognized by the Upper Midwest Turnaround Management Association as 2008 "Turnaround of the Year."
- Represented NoDak Supply Company of Fargo, N.D. in the sale of its business to Karl’s TV, Audio, Appliance and Furniture in Gregory, South Dakota.
- Represented a Forbes 100 food manufacturer and distributor in asserting reclamation and other claims and in defending preference actions in numerous national bankruptcy proceedings including K-Mart, Fleming Foods, Penn Traffic, Buehler foods and Winn-Dixie Chapter 11 proceedings in Delaware, New York, Chicago and elsewhere.
- Represented Creditors Committee in Zych farm Chapter 11 proceeding.
- Represented Wisconsin Community Bank as secured lender in agribusiness Chapter 11 cases of Denison Foods, LLC (Kansas) and Premium Protein Products (Nebraska) and resulting 363 sale.
- Represented Medallion Capital Inc. in structuring several mezzanine financing transactions and ongoing restructuring issues related to certain credit facilities.
Media & Presentations
"Pro Bono Services for Bankruptcy Cases"
Minnesota Bankruptcy Institute
"Involuntary Bankruptcy," Co-author and co-presenter, Minnesota Debtor Creditor Handbook (In 1999, then bi-annually 2002-2012)
“Discharge and Nondischargeability of Debts in Minnesota,” Co-author and presenter, Bankruptcy Practice in Minnesota Deskbook
“The Intricacies of Section 363 Sales,” Co-Presenter, American Bankruptcy Institute Central States Bankruptcy Workshop
"Non-Profit Entities as Debtors, Creditors and Avoidance Targets: Navigating Bankruptcy and Other Applicable Laws as Charitable and Non-Charitable Objectives Collide," Co-Presenter, Minnesota State Bar Association webinar
“Hot-Topics in Single-Asset Real Estate Reorganizations,” Co-Presenter, American Bankruptcy Institute Midwestern Bankruptcy Institute and Consumer Forum (Kansas City, MO)
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