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Investors Sue Allied Holdings Over Meeting, Board Issues
Auto hauler Allied Holdings was sued by investors who want the company to hold an annual meeting so they can vote on replacing the board, Bloomberg reported.
Six investmenompanies including Cypress Management Advisors and Aspen Advisors, owners of 26% of Allied's shares, sued the company this week in Atlanta to force Allied's first shareholder meeting since its 2005 bankruptcy filing, Bloomberg reported.Allied listed assets of $132 million and liabilities of $180 million when it sought bankruptcy protection in July 2005. (Click here for previous coverage.)The company has since tried to negotiate wage cuts with its drivers, represented by the Teamsters union. (Click here for previous coverage.)