The NYSE moved to delist Allis-Chalmers’ stock.
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In a statement from its Milwaukee headquarters, Allis-Chalmers said the NYSE took exception to the company’s May 24 conversion of debt to equity, ruling that the conversion should have had prior shareholder approval. As a result of the exchange’s interpretation of its shareholder approval rules, the NYSE advised Allis-Chalmers that it would technically begin delisting proceedings, the company said. Allis-Chalmers said it will appeal.
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