Got a few errors here.
First off, lets make sure Wowza is stopped before we re-start again. Take a look at this section of the Quick Start Guide to shut the server and the manager down. Then re-start and test:
Starting (and stopping) the software
We are trying to eliminate this error first:
Make sure there are no other applications running on this IP/Port combination, as that will cause this error as well.
WARN server comment 2014-08-06 12:24:41 - - - - - 3.459 - - - - - - - - RESTServer: Bind failed, try again ([any]:8087): java.net.BindException: Address already in use: bind|at sun.nio.ch.Net.bind0(Native Method)|at sun.nio.ch.Net.bind(Unknown Source)|at sun.nio.ch.Net.bind(Unknown Source)|at sun.nio.ch.ServerSocketChannelImpl.bind(Unknown Source)|at sun.nio.ch.ServerSocketAdaptor.bind(Unknown Source)|
The second(or first in the list) error seems to indicate that the connection has subsided, that there is no subsequent data to be found, or that the data has changed format.
Check to make sure the source is still running and the URL to the source is correct.
WARN server comment 2014-08-06 10:48:49 - - - - - 169.803 - - - - - - - - ShoutCastDecoder.addChunkDataMP3[WDETMain.stream]: Hunting.
If you can eliminate the bind error and confirm the source is correct and sending data, then please open a ticket by sending an email to firstname.lastname@example.org. Include a zipped copy of your /conf and /log folders along with a link to the source as well as a link to this thread as reference.