Former Qwest CEO Joe Nacchio's appeal of his insider-trading conviction will be heard Dec. 18 in Denver.

The 10th U.S. Circuit Court of Appeals on Friday set the schedule for oral arguments, two days after a three-judge panel ruled that Nacchio could remain free on bail pending appeal.

Before the ruling, Nacchio, convicted on 19 counts of insider trading, was within weeks of starting a six-year prison sentence.

The appellate panel ruling means the judges believe there's at least one substantial question of law that could possibly result in a reversal of the conviction.

But the panel also put the appeals process on an expedited schedule, with Nacchio's attorneys only having until Oct. 9 to file their briefs, with the government's due by Nov. 9. Nacchio could choose to file a reply to the government by Nov. 20.