JBoss 3.2.1 does not start using jdk 1.5.0_03

JBoss startup fails on jdk1.5. The following is the output of run.sh

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JBoss Bootstrap Environment

JBOSS_HOME: /usr/jboss/jboss-3.2.1

JAVA: /usr/java/jdk1.5.0_03/bin/java

JAVA_OPTS: -server -Xms499M -Xmx499M -Djava.awt.headless=true -Djava.io.tmpdir=/home/powerup/cm/jboss/tmp -Dprogram.name=run.sh

CLASSPATH: /usr/jboss/jboss-3.2.1/bin/run.jar:/usr/java/jdk1.5.0_03/lib/tools.jar

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10:29:59,567 INFO [Server] Starting JBoss (MX MicroKernel)...
10:29:59,569 INFO [Server] Release ID: JBoss [WonderLand] 3.2.1 (build: CVSTag=JBoss_3_2_1 date=200305041533)
10:29:59,569 INFO [Server] Home Dir: /usr/jboss/jboss-3.2.1
10:29:59,569 INFO [Server] Home URL: file:/usr/jboss/jboss-3.2.1/
10:29:59,600 INFO [Server] Library URL: file:/usr/jboss/jboss-3.2.1/lib/
10:29:59,602 INFO [Server] Patch URL: null
10:29:59,631 INFO [Server] Server Name: powerup
10:29:59,632 INFO [Server] Server Home Dir: /usr/jboss/jboss-3.2.1/server/powerup
10:29:59,632 INFO [Server] Server Home URL: file:/usr/jboss/jboss-3.2.1/server/powerup/
10:29:59,632 INFO [Server] Server Data Dir: /usr/jboss/jboss-3.2.1/server/powerup/data
10:29:59,633 INFO [Server] Server Temp Dir: /usr/jboss/jboss-3.2.1/server/powerup/tmp
10:29:59,664 INFO [Server] Server Config URL: file:/usr/jboss/jboss-3.2.1/server/powerup/conf/
10:29:59,664 INFO [Server] Server Library URL: file:/usr/jboss/jboss-3.2.1/server/powerup/lib/
10:29:59,665 INFO [Server] Root Deployemnt Filename: jboss-service.xml
10:29:59,668 INFO [Server] Starting General Purpose Architecture (GPA)...
10:29:59,762 ERROR [Server] Failed to start
javax.management.InstanceNotFoundException: JMImplementation:service=LoaderRepository,name=Default
at com.sun.jmx.interceptor.DefaultMBeanServerInterceptor.getMBean(DefaultMBeanServerInterceptor.java:1010)
at com.sun.jmx.interceptor.DefaultMBeanServerInterceptor.invoke(DefaultMBeanServerInterceptor.java:804)
at com.sun.jmx.mbeanserver.JmxMBeanServer.invoke(JmxMBeanServer.java:784)
at org.jboss.system.server.ServerImpl.initBootLibraries(ServerImpl.java:480)
at org.jboss.system.server.ServerImpl.doStart(ServerImpl.java:316)
at org.jboss.system.server.ServerImpl.start(ServerImpl.java:272)
at org.jboss.Main.boot(Main.java:150)
at org.jboss.Main$1.run(Main.java:388)
at java.lang.Thread.run(Thread.java:595)