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CBS 2's Jay Levine, Derrick Blakley and WBBM 780 contributed to this report.
CHICAGO (CBS) ― Wednesday morning 72-year-old George Ryan was riding high when an appeals court said he can delay reporting to prison.

But Wednesday night he was rejected on the matter of pension and health benefits that were taken away.

The former governor was due to begin serving prison time on January 4.

It is a clear indication the court believes there are serious issues that need to be examined, and that Ryan has a reasonable chance of winning his appeal.

Ryan and his defense team will spend the holidays savoring this victory.

"This is at least, for this day, a ray of sunshine," said former governor Jim Thompson.

It's a reprieve for the former governor, who we saw last week making what we thought might be his last public appearance before heading to prison. The decision was apparently based on questions about how trial judge Rebecca Pallmeyer dealt with problem jurors.

Thompson heads the law firm that defended George Ryan at a cost of $10 million, and lost. He says Wednesday's appellate court order, while rare, is not a case of preferential treatment for Ryan.

"If his name was John Jones and he had been accused of a crime and the trial judge removed jurors 8 days into deliberation, you'd have the same question and I suspect you'd have the same answer from the court of appeals," Thompson said.

In a terse decision, the appeals court ruled simply that, "Ryan is granted bail pending his appeal in court. If the judgment is affirmed, bail will end automatically."

But CBS 2's legal affairs expert, Irv Miller, says the court's ruling hints at much more.

"They're letting him out on bond and they're saying to him, you've got a good shot at this appeal. It doesn't get much better than that," Miller said.

Kent College law professor Richard Kling told WBBM 780 that the appeals court ruling is an "extraordinary victory for the defense."

Professor Kling said he believes the ruling could give renewed hope to Ryan and his defense team that his guilty verdict might still be overturned.

The legal standard to grant bond is the "reasonable probability that the case will be reversed on appeal or the sentence will be altered on appeal," Kling said.

Defendants convicted of federal crimes are rarely granted appeal bonds.

"I think when the appeals court grants a bond they are sending a pretty clear message," he added.

Even if the verdict and sentence are upheld, Kling says this could keep Ryan out of prison for at least a year or more, given the time that appeals take.

Ryan was convicted in April of steering state contracts to longtime friend Larry Warner and others, using state money and manpower to run his campaigns and sabotaging an investigation of bribery in state drivers license facilities.

Meantime, in Springfield, a state board voted unanimously to terminate Ryan's $197,000 per year pension and health insurance. State Sen. Bill Brady, who serves on that board, says the vote sends Illinois voters a message.

"No longer will we put up with corruption and will punish severely those who violate our laws," Brady said.

But Thompson disagrees.

"I think they're wrong. I think Governor Ryan is entitled to his pension for those years of public service that were not involved in the indictment," he said.

And Thompson says he will go to court to try to retain Ryan's pension.

Some questioned whether the 73-year-old Ryan would survive a six-and-a-half year prison term because of serious health problems.

Wednesday's decision ensures his freedom for at least 18 months. Or as long as 5 years, if he is granted a new trial.

But, on the whole, it was a very good day for George Ryan. He definitely will not be going to prison any time soon and can still hold out the possibility he may never go at all.

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