Judge Denies Allied Shareholders Equity Commitee

Law360, New York (March 3, 2006, 12:00 AM EST) -- Shareholders of automotive distribution company Allied Holdings will not form an official equity committee, after a Georgia bankruptcy court judge denied a motion that would have authorized it.

The company’s largest shareholder, Guy Rutland Sr., filed the motion in August asking that the court allow shareholders to form the committee, which would have given Allied’s investors greater control in the Chapter 11 proceedings.

The court ruled that although Allied and its executives are not adequately representing shareholder concerns in the bankruptcy proceedings, there is no proof...
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