AS2 file in an AS3 file not running all of its script?

I am using an AS3 file that loads in an AS2 (AVM1 movie). The AS3 file loads in the AS2 swf just fine; however, the AS2 swf has a moviecliploader class within its script and once the AS2 file fires the loadClip function of the class none of the event listeners are called(i.e. onLoadStart, onLoadProgress, etc.). Does the AS3 root file ignore the movieClipLoader class within AVM1 movies? I thought that if you do load a AS2 file into an AS3 file that the AS2 file just maintains its _root property and will still run all the older actionscript fine.