In In re Allied Holdings, Inc, et al., Case No. 05-12525, 2007 Bankr. LEXIS 1598 (Bankr. N.D. Ga. April 20, 2007)(Mullins), the Ad Hoc Committee of Equity Security Holders filed a motion to compel the Debtor to convene the annual shareholders meeting.

According to the Motion, Virtus Capital Advisors LLC, an AHI shareholder, made written demand on November 14, 2006 that AHI hold an annual shareholders’ meeting pursuant to Code Section 14-2-703 of the Official Code of Georgia Annotated (the "Georgia Code"). Debtors’ counsel informed Movants’ counsel that AHI planned to set a shareholders meeting in 2007 and that the timing of the meeting would be dependent on the time needed to complete the audit of AHI’s financial statements for 2006 to ensure compliance with the requirements of the Securities Exchange Commission (the "SEC") regarding proper notice to shareholders. As a result of what Movants considered to be an undue delay in scheduling the shareholders’ meetings, Movants filed their Motion on January 11, 2007. In addition, Movants filed that certain Complaint for Judgment Compelling Allied Holdings, Inc. to Convene Shareholder Meeting (the "Complaint", Adv. Proc. No. 07-06021). On January 22, 2007, AHI’s board of directors scheduled its annual shareholders’ meeting for May 17, 2007.

The Court held that the Debtor could not be compelled to convene the annual meeting without complying with SEC regulations.