With bondholders introducing to a federal judge eight alleged ways that a bankruptcy judge had made errors in approving the Adelphia reorganization plan, the judge ruled that the bondholders had revealed a "substantial possibility" that there had been mistakes made in the decision.
While U.S. District Judge Shira Scheindlin suspended the process, she did require that the bondholders post $1.3 billion because the postponement could result in a loss of a billion dollars to the bankruptcy estate, and could eventually lead to the 
collapse of the plan.
Evidently the reason for the stay was that there was a significant possibility that a number of the litigants never agreed to the settlement and so shouldn't have been approved of in the first place. There is also the thought that details of which "assets are subject to the payment of various claims."
One of the reasons the judge gave for the stay is that once the reorganization plan is put into motion, there is no way that any of the bondholders could ever receive review from the bankruptcy court's rulings.
Unfortunately the judge also added that "a stay of a confirmation order in one of the longest-running and most complex bankruptcies in our history threatens grave harm to thousands of parties who have been waiting for more than four years to obtain sizeable distributions from a group of bankrupt estates."
What's causing all these problems is that this is one of the most complex bankruptcy cases in history, according to this judge. It seems that there is difficulty understanding who had been rewarded what and how much ... thus the stay.
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