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IN RE OSTROM-MARTIN, INC.

Bankruptcy No. 92-80099. Adv. No. 92-8164.

188 B.R. 245 (1995)

In re OSTROM-MARTIN, INC., Debtor. Richard E. BARBER, Chapter 7 Trustee for Ostrom-Martin, Inc., Plaintiff, v. FIRST NATIONAL BANK OF CHILLICOTHE and Princeville State Bank, Defendants.

United States Bankruptcy Court, C.D. Illinois.

October 12, 1995.

Attorney(s) appearing for the Case

Duncan G. Harris, Schiff, Hardin & Waite, Chicago, IL Michael T. Mahoney, Chillicothe, IL, First National Bank of Chillicothe.

Barry M. Barash, Barash, Stoerzbach & Henson, Galesburg, IL, for Plaintiff.

Richard E. Barber, Chapter 7 Trustee, Galesburg, IL.

Gregg N. Grimsley, Vonachen, Lawless, Trager & Slevin, Peoria, IL, for Princeville State Bank.

OPINION

WILLIAM V. ALTENBERGER, Chief Judge.

In late December, 1991, Ostrom-Martin, Inc. (OMI), a grain company with several facilities in neighboring communities failed, and in early 1992 an involuntary petition under Chapter 7 of the Bankruptcy Code was filed against it. This adversary proceeding, brought by the Chapter 7 Trustee against the FIRST NATIONAL BANK OF CHILLICOTHE (CHILLICOTHE BANK) and the PRINCEVILLE STATE BANK (PRINCEVILLE BANK), to establish...

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