Top executives at Young Broadcasting have dropped claims looking for new ownership to assume employment contracts they signed in 2007. That clears the way for them to continue — likely under less lucrative deals.
CEO Vincent Young and CFO James Morgan argued in court that the senior lenders, who now control the station group following bankruptcy proceedings, should honor their 3-year-old deals.
But the lenders resisted. And on Thursday, Vincent Young and Morgan dropped their objections. More…