Pete Pross focuses his practice in all aspects of commercial finance, bankruptcy, creditors' rights, lender liability and commercial litigation. He is also a Certified Specialist in Business Bankruptcy Law by the American Board of Certification. Representative Matters · Represented bank in connection with loan secured by a first mortgage against a motel and an assignment of rents. Filed a mortgage foreclosure action in Pennsylvania state court and brought about sheriff sale of real estate. Client was the successful bidder at the sheriff sale and received an offer for the purchase of the motel; · Represented bank in connection with Chapter 11 case filed in Pittsburgh, Pennsylvania . Client's loan was secured by first mortgage against a commercial warehouse located in Houston, Texas . Filed a motion for relief to continue client's pending foreclosure action and obtained an order from the bankruptcy court setting a deadline for the borrower/Chapter 11 debtor to either sell real property or put it up for public auction. Client obtained title to the warehouse as it was only bidder at the public auction; · Represented corporate indenture trustee of defaulted tax-exempt revenue bonds secured by multiple personal care and nursing care facilities for the elderly. Obligor filed a Chapter 11 petition after indenture trustee exercised its rights to collect gross revenues, cash and accounts receivable. Negotiated consensual Chapter 11 plan which provided for exchange of defaulted bonds for new bonds and for replacement of client indenture trustee. Following plan confirmation, obtained court order approving indenture trustee's application for charging lien for its fees and expenses, including its attorneys' fees and costs; · Represented liquidation agent of steel company in numerous preference actions; · Represented county residential finance authority in connection with defaulted loan secured by first position mortgage lien against apartment buildings subject to low income housing tax credits. Negotiated forbearance and settlement agreement that allowed client to acquire title to real estate by way of a deed in lieu of foreclosure; · Represented national "floor plan" lender who discovered that automobile dealership/borrower sold vehicles "out of trust." Borrower filed Chapter 11 bankruptcy petition after lender declared loan default and took possession of automobile inventory and titles to automobiles. Obtained order to terminate debtor's use of cash collateral and for relief from the automatic stay to allow lender to liquidate its collateral at various public auction sales. Lender also obtained substantial recoveries from guarantors despite Chapter 7 bankruptcy cases; · Represented Chapter 11 liquidation agent of liquidation trust for steel company. Advised liquidation agent on her responsibilities under liquidation plan and trust. Analyzed 150 potential preference claims and developed protocol for sending out demand letters, settling preference claims and filing 20+ adversary proceedings; · Served as Chapter 11 trustee of natural gas utility company. Negotiated consensual plan of reorganization whereby debtor's customers and service area were taken over by another utility company with approval of PUC; · Represented bank with multimillion dollar exposure in Chapter 11 case filed by a cement company. Successfully negotiated 100 per cent payment under debtor's plan of reorganization despite a hostile creditors' committee and challenges to the bank's collateral position; · Represented bank holding first position security interest in assets of West Virginia coal mining company. Bank received adequate protection payments and was paid in full upon bankruptcy sale of coal supply contract; · Represented bank in workout of construction loan secured by an apartment building. Confessed judgments and successfully garnished brokerage account after borrower's default; · Represented bank holding first and second position mortgages against 17 rental properties. Borrowers filed a Chapter 11 petition after bank exercised its right to collect rents from the various tenants. Consensual plan of reorganization provided for full payment of bank's claims including court approved fees and costs; · Successfully defended client mortgagee in lender liability and breach of fiduciary duty litigation. Negotiated forbearance and settlement agreement that allowed client to purchase real estate at sheriff's sale; · Represented lender of record and FHMA in Chapter 11 proceeding filed by national steel company. Negotiated favorable settlement of debtor's objections to FHMA's secured claim and to administrative claim for "servicing fee" filed by lender of record. Professional Affiliations Allegheny County Bar Association Pennsylvania Bar Association Turnaround Management Association, Board of Directors Bankruptcy Inn of Court for the Western District of Pennsylvania Special Recognition Selected for inclusion in Pennsylvania Super Lawyers Selected for inclusion in Best Lawyers in America |