Run your login server then your world.exe
Pay attention to any errors that pass.
When I got this error I discovered that the wrong user/pass was being passed to the login server from world.
I changed the eqemu_config.xml login section to read this:
<loginserver>
<host>192.168.1.149</host>
<port>5998</port>
<account></account>
<password></password>
</loginserver>
and the LoginServer.ini to read this
[LoginConfig]
ServerName=Your Test
ServerDescription=Your Test
ServerMode=PrivateLogin
ServerPort=5998
allowanonservers=1
statsaddress=
statsport=
It worked like a charm