Court Lifts Stay So Pappas, Mitts Can Seal $2M Deal

Law360, New York (January 28, 2009, 12:00 AM EST) -- Over the objections of the U.S. trustee, a federal judge has lifted the automatic stay in Pappas Telecasting Inc.'s bankruptcy to allow Mitts Telecasting Co. to finalize a prepetition settlement it reached with Pappas, and arbitrate any dispute that might arise in connection with the settlement.

Judge Peter J. Walsh of the U.S. Bankruptcy Court for the District of Delaware granted Mitts' motion to lift Pappas' automatic stay on Tuesday, overruling objections by the U.S. trustee overseeing the case and the official committee of unsecured creditors....
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