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MATTER OF SOUND RADIO, INC.

Bankruptcy No. 84-06261.

59 B.R. 87 (1986)

In the Matter of SOUND RADIO, INC., t/a WNJR Radio 1430, a Corporation of the State of New Jersey, Debtor.

United States Bankruptcy Court, D. New Jersey.

March 12, 1986.

Attorney(s) appearing for the Case

Kleinberg, Moroney, Masterson & Schachter by Walter J. Greenhalgh, Millburn, N.J., for debtor.

Lehman & Wasserman by Steven Z. Jurista, Millburn, N.J., for Creditors Committee.

Pitney, Hardin, Kipp & Szuch by Roger Ward, Morristown, N.J., for Touro Group.

Jeremy Doppelt, Livingston, N.J., for Ronald Nielenson.

Durand, Gorman, Heher, Imbriaco, Lynes & Morrice by Harry Heher, Princeton, N.J., Crummy, Del Deo, Dolan, Griffinger & Vecchione by Paul R. DeFilippo, Newark, N.J., for Sheridan Group.

Sills, Beck, Cummis, Zuckerman, Radin & Tischman by Richard D. Trenk, Newark, N.J., for Benjamin Wright.

Hilton Davis, Newark, N.J., for Daniel Robinson.

Ravin, Sarasohn, Cook, Baumgarten & Fisch by Paul Kizel, West Orange, N.J., for Daniel Styles.

Kirsten, Friedman & Cherin by Richard Meth, Newark, N.J., for Continental Broadcasting.

OPINION

D. JOSEPH DeVITO, Bankruptcy Judge.

The creditors committee in the above captioned proceeding moves to lift the self-imposed stay, thereby permitting the proceeding to proceed toward confirmation with the proposed plans of reorganization now on file. For the reasons set forth below, the motion is denied.

To briefly recap the history of this case, a hearing was held by this Court on October 15, 1985, ostensibly to dismiss the Chapter 11 proceeding...

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