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Eric L. Pruitt

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Eric L. Pruitt is a business, real estate and tax lawyer who primarily represents lenders and CMBS special servicers in commercial loan transactions throughout the country.

Professional Biography

Overview

He has a wide background with vast experience in commercial loan restructurings and workouts; health care, hospitality and other project-based financing matters; and in the niche area of bankruptcy taxation. He also handles commercial bankruptcy cases for creditors.

Eric has substantial experience in maximizing value for creditors through loan sales and collateral recovery, including commercial foreclosure, receivership sales and the subsequent disposition of recovered assets (including REO sale transactions and auctions).

A fellow in the American College of Mortgage Attorneys, Eric serves on the board of directors of the Business Council of Alabama (BCA) and is the president of the Turnaround Management Association – Alabama Chapter. He is also actively involved with the CRE Finance Council (formerly CMSA) and the American Bankruptcy Institute.

Eric serves on the executive committee of the board of trustees of The Alabama Ballet. He is also a member of the advisory board for The Blackburn Institute. Eric and his wife live in Vestavia Hills, Alabama with their two young children.

Representative Matters
  • Represented a national bank as lead agent in a defaulted corporate loan relationship with six different credit facilities with an original principal balance in excess of $110 million, resulting in a full payoff.

  • Represented a CMBS special servicer on the recovery efforts related to a securitized loan with a current balance exceeding $72,000,000 secured by a retail center in Florida, including foreclosure and enforcement of assignment of rents and carve-out guaranty claims.

  • Represented a real estate finance firm in the acquisition of a pool of 49 commercial loans with a collective balance exceeding $80 million.
  • Represented a concrete producer and supplier in closing a $22.5 million refinance transaction, which included a term loan, equipment line of credit and a revolving line of credit secured by operating assets of several related entities.
Professional Honors & Activities
  • AV® Preeminent™ Peer Review Rated by Martindale-Hubbell
  • Fellow – American College of Mortgage Attorneys
  • Listed since 2012 in Chambers USA: America's Leading Business Lawyers in Bankruptcy/Restructuring
  • Listed since 2013 in The Best Lawyers in America® in Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law; in Bankruptcy Litigation (2019)
  • Listed since 2012 in Mid-South Super Lawyers, Bankruptcy & Creditor/Debtor Law
  • Listed in Mid-South Super Lawyers as one of the top 50 attorneys in Alabama (2018)
  • Listed in Mid-South Super Lawyers as one of the top 50 attorneys in Birmingham, Alabama (2018)
  • Listed as among the top 50 attorneys in Alabama by Alabama Super Lawyers (2014)
  • Board of Directors – Business Council of Alabama (2013 – 2016)
  • President – The Turnaround Management Association, Alabama Chapter (2016)
  • Board of Directors – The Turnaround Management Association, Alabama Chapter
  • Board of Trustees – The Alabama Ballet (2011 – 2016)
  • Listed in Alabama Rising Stars, Bankruptcy & Creditor/Debtor Rights (2010)
  • Named by Birmingham magazine as one of "Birmingham's Top Attorneys" in Bankruptcy (2009, 2011, 2012)
  • Advisory Board – The Blackburn Institute (2008 – 2016)
  • Advisory Board – Multiple Sclerosis Leadership Class of 2009
  • Former Co-chair – American Bankruptcy Institute, Bankruptcy Taxation Committee
  • Member – American Bar Association, Business Law and Taxation Sections
Interactive Foreclosure Map

Speaking Engagements
  • Co-chair, Program Committee – American College of Mortgage Attorney's 45th Annual Meeting, Tucson, Arizona (October 11 – 13)
  • Co-presenter – "Bankruptcy Fundamentals," client Lunch 'n' Learn (November 2017)
  • Panel Moderator – "The Client," American College of Mortgage Attorneys (ACMA) Annual Meeting, Asheville, North Carolina (September 2017)
  • Panelist – "Legal Update," 2017 Trigild Spring Conference (April 2017)
  • "Wanted Dead or Alive - Legal and Business Issues Facing Shopping Malls in America," Trigild Spring Leader Conference, Dallas, Texas (April 2016)
  • "Wanted Dead or Alive - Legal and Business Issues Facing Shopping Malls in America," American College of Mortgage Attorneys, 2015 Annual Conference, Princeville, Hawaii (October 2015)
  • "Witness Protection Program," client training seminar, Dallas, Texas (June 2015)
  • "Special Properties, Special Problem," Trigild Spring Lender Conference, Dallas, Texas (April 2015)
  • "Witness Protection Program," client training seminar, Atlanta, Georgia (October 2014)
  • "Remedial Action in Southeastern States: Alabama," webinar (September 2014)
  • " Baker's Dozen: 13 Key Considerations for Achieving Your Goals in Negotiating Loan Modifications, PSAs and DPOs," client training seminar, Dallas, Texas (February 2014)
  • "Unique Issues and Strategies with Defaulting Tenant in Common Borrowers," client training seminar, Dallas, Texas (June 2013)
  • "Recent Trends in Lender Liability," client training seminar, Atlanta, Georgia (April 2013)
  • "Recent Trends in Lender Liability Litigation," client training seminar, Dallas, Texas (December 2012)
  • "Recent Trends in Pursuing Remedies in the Southeast," client training seminar, Atlanta, Georgia (May 2012)
  • "Recent Trends in Pursuing Remedies in the Southeast," client training seminar, New York, New York (June 2011)
Press Releases

Awards

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Eric L. Pruitt
Rated by Super Lawyers


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Eric L. Pruitt
Rated by Super Lawyers


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Education

  • New York University School of Law, LL.M. in Taxation (2001)
  • University of Alabama School of Law, Tuscaloosa, Alabama , J.D. (1998)
    • Alabama Editor, Alabama Law Review
  • University of Alabama, Tuscaloosa, Alabama, B.A. (1993)

Admissions

  • Alabama (1998)

Eric Pruitt advises CMBS special servicers and financial institutions on a wide range of matters including commercial loan foreclosures and debt restructuring. 'He is very competent at distilling a difficult set of facts into a way so it's easy to understand. He is very thorough and detailed and understands what we do as a company,' one delighted source avers.

Eric Pruitt leads the Birmingham office's bankruptcy and workout group and is regarded by peers as a busy and prominent player in the market. He acts for banks, financial institutions and borrowers around the country, advising on turnaround and restructuring procedure.

Eric Pruitt is 'an outstanding lawyer whose steady hands and depth of legal knowledge make him desirable by clients and law firms alike,' remarks a source. He maintains a strong and notable practice in representing banks and other creditors in bankruptcy and restructuring cases. He is also well placed to counsel on commercial loan transactions, with clients highlighting him as ''an excellent banking and finance attorney."

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