Photo of Patrick "Rick" M. Shelby

Business clients who want a lawyer that can speak their language turn to Rick Shelby. With a background that includes 15 years as an engineer, technical sales representative and marketer, Rick has the corporate experience to tackle the concerns businesses face, be it financial distress, litigation or bankruptcy.   

Rick is a lawyer who knows the ins and outs of business and for over 10 years, he has used this knowledge to counsel corporate clients in all aspects of restructuring and bankruptcy. When he meets with clients, he can visualize the business’s day-to-day operations and ask the questions that others may not know to ask. That insight helps Rick understand the business, formulate practical legal solutions and get clients back to their business.

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Business clients who want a lawyer that can speak their language turn to Rick Shelby. With a background that includes 15 years as an engineer, technical sales representative and marketer, Rick has the corporate experience to tackle the concerns businesses face, be it financial distress, litigation or bankruptcy.   

Rick is a lawyer who knows the ins and outs of business and for over 10 years, he has used this knowledge to counsel corporate clients in all aspects of restructuring and bankruptcy. When he meets with clients, he can visualize the business’s day-to-day operations and ask the questions that others may not know to ask. That insight helps Rick understand the business, formulate practical legal solutions and get clients back to their business.

Rick focuses his practice in:

  • Bankruptcy
  • Restructuring
  • Oil and Gas Litigation
  • Commercial Litigation
  • Corporate Governance

He represents secured and unsecured creditors, trustees, committees and debtors. He has handled virtually all aspects of bankruptcy work from complex chapter 11 cases representing debtors, creditors’ committees and secured creditors to consumer bankruptcy cases in chapter 7 and 13.

Rick actively volunteers with the New Orleans Pro Bono Project and is a frequent speaker on topics related to bankruptcy and oil and gas.

Experience

  • Represented a Chapter 11 trustee in negotiating and crafting a unique agreement with the debtor, Bureau of Ocean Energy Management (BOEM) and the Bureau of Safety and Environmental Enforcement (BSEE). The agreement found common ground on funding shortfalls and the debtor’s inability to meet federal regulations.
  • Counseled a privately held oil and gas company in an asset purchase agreement dispute against a reorganized Fortune 500 company in federal bankruptcy court, working with a trial team and eventually settling on the courthouse steps.
  • Acted as counsel for a major international exploration and production company in an offshore royalty litigation against another major exploration and production company in a dispute over royalty payments and the Deepwater Royalty Relief Act. The trial team successfully defended a bad faith claim for treble damages.
  • Represented a privately held oil and gas company in Louisiana state court regarding insurance coverage over a lost well. Through bankruptcy, the company was able to settle the insurance claim, reorganize and pay creditors.
  • Represented two oil and gas debtors in bankruptcy, restructuring over $500 million in secured debt by continuing a plan that resulted in a debt for equity swap. Both restructured companies continue to operate in the ordinary course.

Insights

Publications
Speaking Engagements
  • "Everybody Wants a Discharge - What Is It and How To," Louisiana State Bar Association Bankruptcy Code Seminar (April 2019) Speaker
  • "A Trending Risk and Liability on the OCS: What Happens When a Party Can No Longer Pay to Play?" Gordon Arata Oil & Gas Seminar (April 2014) Speaker
  • "Trending Risks and Liabilities on the OCS," The 61st Annual Institute on Mineral Law (April 2014) Speaker
  • "McGee v. A C & S, Inc: Loss of Enjoyment of Life as a Compensable Category of General Damages," Loyola Law Review (Spring 2008) Author
News

Memberships & Affiliations

  • American Bar Association
  • Federal Bar Association
  • Louisiana State Bar Association
  • New Orleans Bar Association
  • Turnaround Management Association

Recognition

  • Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law / Litigation - Bankruptcy, The Best Lawyers in America (2019-2020)
  • Louisiana Super Lawyers list (2019-2020) & Rising Star list (2014-2018), Super Lawyers
  • Leadership in Law Honoree, New Orleans CityBusiness (2019)
  • Leadership in Law Award, New Orleans CityBusiness (2015)
  • Top Lawyer, New Orleans Magazine (2013)
  • Pro Bono Century Award, New Orleans Pro Bono Project (2011)

Education

  • Loyola University New Orleans College of Law
    J.D., summa cum laude, 2008
  • Oregon State University
    M.S. in Bioresource Engineering, 1995
  • Auburn University
    B.C.E., cum laude, 1992

Admissions

  • Louisiana
  • Florida
  • Represented a Chapter 11 trustee in negotiating and crafting a unique agreement with the debtor, Bureau of Ocean Energy Management (BOEM) and the Bureau of Safety and Environmental Enforcement (BSEE). The agreement found common ground on funding shortfalls and the debtor’s inability to meet federal regulations.
  • Counseled a privately held oil and gas company in an asset purchase agreement dispute against a reorganized Fortune 500 company in federal bankruptcy court, working with a trial team and eventually settling on the courthouse steps.
  • Acted as counsel for a major international exploration and production company in an offshore royalty litigation against another major exploration and production company in a dispute over royalty payments and the Deepwater Royalty Relief Act. The trial team successfully defended a bad faith claim for treble damages.
  • Represented a privately held oil and gas company in Louisiana state court regarding insurance coverage over a lost well. Through bankruptcy, the company was able to settle the insurance claim, reorganize and pay creditors.
  • Represented two oil and gas debtors in bankruptcy, restructuring over $500 million in secured debt by continuing a plan that resulted in a debt for equity swap. Both restructured companies continue to operate in the ordinary course.
Publications
Speaking Engagements
  • "Everybody Wants a Discharge - What Is It and How To," Louisiana State Bar Association Bankruptcy Code Seminar (April 2019) Speaker
  • "A Trending Risk and Liability on the OCS: What Happens When a Party Can No Longer Pay to Play?" Gordon Arata Oil & Gas Seminar (April 2014) Speaker
  • "Trending Risks and Liabilities on the OCS," The 61st Annual Institute on Mineral Law (April 2014) Speaker
  • "McGee v. A C & S, Inc: Loss of Enjoyment of Life as a Compensable Category of General Damages," Loyola Law Review (Spring 2008) Author
News
  • American Bar Association
  • Federal Bar Association
  • Louisiana State Bar Association
  • New Orleans Bar Association
  • Turnaround Management Association
  • Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law / Litigation - Bankruptcy, The Best Lawyers in America (2019-2020)
  • Louisiana Super Lawyers list (2019-2020) & Rising Star list (2014-2018), Super Lawyers
  • Leadership in Law Honoree, New Orleans CityBusiness (2019)
  • Leadership in Law Award, New Orleans CityBusiness (2015)
  • Top Lawyer, New Orleans Magazine (2013)
  • Pro Bono Century Award, New Orleans Pro Bono Project (2011)