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Group:
There is a lot to discuss about this issue; but I'll spare the
list: for the moment anyway.
Chas
----- Original Message -----
FromSent:
Wednesday, December 05, 2001 10:28 PM
Subject: Millennium asks court for guidance on Intrust
accounts
<A
href="http://www.dailysouthtown.com/southtown/dsbiz/052bd2.htm";>http://www.dailysouthtown.com/southtown/dsbiz/052bd2.htm
Millennium asks court for guidance on Intrust accounts
Wednesday, December 5, 2001
By
Mike Nolan
Business writer
Facing pressure from Independent Trust Corp. customers demanding access to their
money,
Millennium Trust Co. LLC is asking the Illinois Supreme Court for guidance.
Millennium, which bought Intrust a year ago, wants to know whether it should
begin releasing
thousands of Intrust accounts that have been frozen for 19 months because of an
embezzlement
scheme. The company was expecting to file a motion with the Supreme Court late
Tuesday or
early Wednesday.
Daniel Graham, a Chicago attorney who represents some Intrust customers, filed
an
emergency motion with the high court on Thursday — asking that a stay on
releasing the
accounts be extended until customers decide whether to take their fight to the
Supreme Court.
Technically, the restrictions on accounts lapsed just after midnight on Friday.
The Supreme
Court has indicated that it won't rule before Monday on Graham's motion.
"We
are being squeezed from both sides," said James Boyd, Millennium's chief
executive
officer. "We are being squeezed through no fault of our own."
Orland Park-based Millennium was responsible for collecting an 8.69 percent
assessment
levied on about 12,000 Intrust accounts. The money collected will be used to
make up for
$68.1 million embezzled from Intrust customers over a span of about nine years.
About 1,200 Intrust accountholders had challenged that assessment in court. The
Illinois
Appellate Court last week rejected their case, prompting the filing of the
emergency motion
with the Supreme Court.
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