Allied Defends Deal To Finance Acquisition Of Rigs

Law360, New York (April 11, 2007, 12:00 AM EDT) -- Allied Holdings Inc. has fired back at two shareholders that filed an emergency motion opposing a $15 million financing deal which gave the bankrupt auto hauler the green light to acquire 117 rigs, arguing that the emergency motion is moot, procedurally defective and meritless.

Allied Holdings and three incarnations of private-equity firm Yucaipa--including Yucaipa Transport LLC, which actually purchased the rigs at auction--filed a joint objection Tuesday in response to the emergency motion Allied shareholders Sopris Capital Advisors LLC and Aspen Advisors LLC filed on Friday....
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