WPC 2` ZBe0_XC\  P6P 1. 1. 1. a.(1)(a) i) a)#XN\  PXP#X0Í ÍX0Í ÍҫC\  P6P\  `*Times New Roman (TT)XN\  PXP\  `*Times New RomanTTXXN\  PXP\  `*Times New RomanTTXXN\  PXP\  `*Times New RomanTTXC\  P6P\  `*Times New Roman (TT)XN\  PXP\  `*Times New RomanTTXC\  P6P\  `*Times New Roman (TT)XN\  PXP\  `*Times New RomanTTXC\  P6P\  `*Times New Roman (TT)XN\  P XP\  `*Times New RomanTTXC\  P6 P\  `*Times New Roman (TT)XN\  P XP\  `*Times New RomanTTXC\  P6 P\  `*Times New Roman (TT)XN\  P XP\  `*Times New RomanTTXC\  P6P\  `*Times New Roman (TT)XN\  PXP\  `*Times New RomanTTXC\  P6P\  `*Times New Roman (TT)XN\  PXP\  `*Times New RomanTTXC\  P6P\  `*Times New Roman (TT)XN*f9 xXX*f9 `6Times New RomanItalicTTXXN\  PXP\  `*Times New RomanTTXXN\  PXP\  `*Times New RomanTTXC\  P6P\  `*Times New Roman (TT)23|P X    1. 1. 1. a.(1)(a) i) a)#XN\  PXP#  Federal Communications Commission`&(#BFCC 96406 ă yxdddy 4& Before the Federal Communications Commission !Washington, D.C. 20554 ă In re:*) *) Station KDEW(AM) , DeWitt, Arkansas*) *) Application for Assignment of License*)File No. BAL940309EA and*) Application for Involuntary Transfer of Control*)File No. BTC940425EB *) *) Station KDEWFM , DeWitt, Arkansas*) *) Application for Assignment of License*)File No. BAPLH930806GG and*) Application for Involuntary Transfer of Control*)File No. BTCH940425EC  MEMORANDUM OPINION AND ORDER  p Adopted: October 9, 1996Released: October 16, 1996 X` hp x (#%'0*,.8135@8:X` hp x (#%'0*,.8135@8: Although the issue of the receivership's validity was not before the Court, the decision contains the following dicta: "We cannot overlook the fact that First National had itself appointed receiver even though it has an interest in the matter, an appointment which was in apparent violation of Ark. Code Ann. 1617207." % DISCUSSION ă 6. Stay. As noted by the Bureau, the four factors considered in determining whether or not a stay is warranted are: (1) the likelihood that the party seeking the stay will prevail on the merits of the appeal; (2) the likelihood that the moving party will be irreparably harmed absent a stay; (3) the prospect that others will be harmed if the court grants the stay; and (4) the public interest in granting the stay. See Virginia Petroleum Jobbers, supra, 259 F. 2d at 925. In requesting reconsideration and stay of the staff's June 22, 1995 ruling, Pearson in essence asked for his reinstatement as KDEWFM licensee and for a hold on all further action in the Commission's KDEWFM proceeding pending the outcome of proceedings in the Arkansas state court. In its November 3, 1995 reconsideration ruling, the Bureau rejected Pearson's arguments for granting a stay, holding that he had not met the second prong of the Virginia Petroleum Jobbers standard because "'mere injuries, however substantial, in terms of money, time, and energy' expended do not constitute irreparable harm because there is the 'possibility that adequate compensatory or other corrective relief will be available at a later date.' Wisconsin Gas Co. v. FERC, 758 F. 2d 669 (D.C. Cir. 1985)." Pearson argues in his application for review that the Bureau erred in not granting his July 28, 1995 request for stay of the June 22, 1995 action because the Bureau did not adequately consider all precedent. Specifically, citing Washington Metropolitan Area Transit Commission v. Holiday Tours, Inc., 559 F. 2d 841 (D.C. Cir. 1977), Pearson maintains that monetary losses can constitute irreparable harm when the loss threatens the very existence of the business in question. He states that in this case denial of the requested stay has "completely destroyed" his business as a radio broadcaster in DeWitt because, with the uncertainty regarding KDEWFM ownership, he was unable to sell advertising for the station and was forced to terminate its operation and business activities on September 16, 1995.X` hp x (#%'0*,.8135@8: