Creditors Fail To Stall ProtoStar Satellite Sale Bonuses

By Christie Smythe

Law360, New York (February 25, 2010, 7:27 PM ET) -- A judge has rejected unsecured creditors' request to bar bonus payments associated with bankrupt ProtoStar Ltd.'s $185 million satellite sale while they appeal the order approving the payments, despite the creditors' belief that they will prevail in the dispute.

Judge Mary F. Walrath issued an order Wednesday in the U.S. Bankruptcy Court for the District of Delaware denying the official committee of unsecured creditors’ emergency motion to put a stay on the incentive payments pending appeal of the judge’s earlier order.

The creditors have objected both...
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