ProtoStar Creditors Appeal $5M Satellite Sale Bonuses

Law360, New York (March 24, 2010, 12:34 PM EDT) -- ProtoStar Ltd.'s committee of unsecured creditors plans to appeal a bankruptcy judge's approval of $5 million in bonus payments to company managers for the combined $385 million sale of two satellites.

The committee said in a notice of appeal filed Monday in the U.S. Bankruptcy Court for the District of Delaware that it would take up whether Judge Mary F. Walrath erred in concluding that the bonus plan complied with sections of the Bankruptcy Code.

The creditors have objected both to the roughly $1 million in...
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