Peter N. Pross is a Member in the firm’s Bankruptcy & Restructuring Department.  Mr. Pross focuses his practice in all aspects of commercial finance, bankruptcy, creditors’ rights, lender liability and commercial litigation.  He is a Certified Specialist in Business Bankruptcy Law by the American Board of Certification, and a member of the Turnaround Management Association.

Mr. Pross has worked on a wide variety of representations in bankruptcy and creditors rights’ matters.  Sample representations include:

• Represented bank in connection with loan secured by a 1st mortgage against a motel and an assignment of rents.  The borrower also had a loan with the SBA and was leasing the motel to another party.  Filed a mortgage foreclosure action in PA state court  and brought about sheriff sale of real estate after obtaining default against the borrower.  Also obtained court orders allowing client to take pre-judgment possession of the mortgaged premises and to reassess the amount of the judgment in foreclosure.  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, PA.  Client's loan was secured by 1st mortgage against a commercial warehouse located in Houston, Texas and subordinate UCC lien against equipment and fixtures.  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.  Ultimately prepared and filed all of the pleadings and notices necessary to bring about the court approved, public auction sale of the commercial warehouse.  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 various cash collateral orders that obligated debtor to make monthly adequate protection payments to indenture trustee on behalf of bondholders.  Cash collateral orders also acknowledged pre-petition liens of indenture trustee and continued liens in post-petition assets securing defaulted bonds.  Consensual Chapter 11 plan 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.  Also obtained full release of borrowers’ claim that residential finance authority converted real estate tax refunds paid to authority over borrowers’ objections.
• Acted as Chapter 11 trustee of natural gas company.  Obtained PUC rate increase and confirmation order that transferred assets and customers to natural gas supplier/creditor.
• 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 filed by husband guarantors and allegations by wife guarantors that their guarantys were null and void under the Equal Credit Opportunity Act §1691 and Regulation B.
• 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% payment under debtor’s plan of reorganization despite a hostile creditors’ committee and challenges to the bank’s collateral position.  Bank also successfully liquidated assets pledged by guarantors including certificates of deposit, the cash surrender value of a life insurance policy and various equipment and rolling stock.
• Represented bank holding first position security interest in assets of West Virginia coal mining company.  Bank received adequate protection payments pending bankruptcy sale of assets.  Balance of loan was paid in full, including fees and costs, upon 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.  Negotiated several forbearance agreements including agreement that all proceeds of life insurance policy would be turned over to bank despite claims of wife/guarantor.  Sale of real estate resulted in full recovery including payment of all deferred interest, fees and costs.
• 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.  After filing emergency complaint to enjoin borrowers from resuming collection and use of rents, negotiated cash collateral order that obligated borrowers to make all mortgage payments and to keep all real estate taxes current.  Cash collateral order also continued bank’s security interest in post-petition rents and permitted bank to apply the prepetition rents it had collected to the indebtedness.  Consensual plan of reorganization provided for full payment of bank’s claims including court approved fees and costs.
• Represented individual holding second position mortgage against real estate owned by individuals.  Successfully defended client 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.  Obtained successful result in deficiency judgment action following private sale of real estate.
• 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.
• Represented bank that liquidated corporation’s business assets and asserted deficiency claim against guarantor in bankruptcy court.  Defeated guarantor’s claim that bank failed to liquidate collateral in a commercially reasonable manner.  Bank’s claim paid in full, including attorneys’ fees and costs, upon bankruptcy sale of guarantor’s real estate.
• Represented bank holding second position mortgage against real estate owned by Chapter 11 debtors and non-debtor co-owners.  Successfully obtained payment of bank’s principal and interest from sale of real estate despite co-owner’s objections to sale and subsequent appeal to circuit court.  Also prevailed on bank’s claim to recover all of its fees and costs from sale proceedings notwithstanding various objections raised by the co-owners.

Mr. Pross has been recognized by his peers as one of Pennsylvania’s Super Lawyers^® in 2004, 2007 and 2008, ranking among the top five percent of attorneys practicing in the state.  He also holds an AV^® rating from Martindale-Hubbell.

Education:
J.D., University of Richmond T.C. Williams School of Law, 1982
M.A., University of Richmond, 1978
B.S., East Carolina University, 1973

Admissions:
Pennsylvania; All Pennsylvania Courts; U.S. District Court for the Western District of Pennsylvania; U.S. Court of Appeals for the Third Circuit

Membership Affiliations:
Pennsylvania Bar Association; Allegheny County Bar Association