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IN RE COMMISSIONER OF BANKS AND REAL ESTATE

Nos. 1-00-3253, 1-00-4127 to 1-00-4130, 1-00-4132, 1-00-4214, 1-00-4260, 1-01-0026,1-01-0246, 1-01-0342, 1-01-0344, 1-01-0443, to 1-01-0446, 1-01-0487, 1-01-0945, 1-01-0986, 1-01-0991 to 1-01-0994, 1-01-0996, 1-01-1178, 1-01-1189 to 1-01-1191, 1-01-1215 to 1-01-1217, 1-01-1220, 1-01-1553, 1-01-1572, 1-01-1630, 1-01-1695, 1-01-1773, 1-01-1782, 1-01-1821, 1-01-1822, 1-01-1845, 1-01-1880, 1-01-1933, 1-01-2033, 1-01-2037, 1-01-2039 and 1-01-2040.

764 N.E.2d 66 (2001)

327 Ill. App.3d 441

261 Ill.Dec. 775

In re Possession and Control of the COMMISSIONER OF BANKS AND REAL ESTATE of Independent Trust Corporation, a/k/a Intrust, an Illinois Corporate Fiduciary (The Commissioner of Banks and Real Estate; PriceWaterhouseCoopers, LLP, as Receiver of Independent Trust Corporation, a/k/a Intrust, and Millennium Trust Company, LLC, as Successor Trustee, Appellees; J. Phillip O'Brien, Intrust Account Holder, et al., Parties in Interest, Appellants).

Appellate Court of Illinois, First District, Second Division.

December 28, 2001.

Attorney(s) appearing for the Case

Daniel T. Graham, Levin & Funkhouser, Ltd., Chicago, John Talbot Sant, Jr., Armstrong Teasdale LLP, St. Louis, MO, Katherine E. Blumenthal, Cowen, Crowley, Nord & Staub, P.C., Chicago, Kenton E. Knickmeyer, Knickmeyer, Kinsella and Bloch, Nelson L. Mitten, Michael A. Ellenhorn, Reizman Berger, P.C., St. Louis, MO, Charles L. Philbrick, McBride Baker & Coles, Raymond A. Fylstra, Bethany E. Amnions, Kubasiak, Cremieux, Fylstra, Reizen & Rotunno, P.C., Chicago, Seyfarth, Shaw, Fairweather & Gerald, Kenneth Michaels & Associates, P.C., Handler, Thayer & Duggan, D'Ancona & Pflaum, Chicago, Maureen B. Connaughton, Atlanta, GA, Lanphier & KowalkowsM, Ltd., Elmhurst, Doyle & Bolotin, Ltd., Nisen & Elliott, Katten, Muchin & Zavis, Chicago, Ralph Bertacchi Poa, Orland Park, Norman Bard, East Meadow, NY, Arnstein & Lehr, Sidley & Austin, McBride, Baker & Coles, Chicago, Michael McKitrick, Blumfield, Kaplan & Sandweiss, St. Louis, MO, J. William Norton, St. Paul, MN, Handler, Thayer & Duggan, Chicago, Howard Z. Gopman & Associates, Skokie, Paul M. Baught & Associates, Chicago, for Appellants.

Jonathan Silverman, Kirkland & Ellis, Roger P. Flahaven, Assistant Attorney General of Illinois, James E. Ryan, Attorney General of Illinois, Dale Turner, Office of Banks and Real Estate, Chapman & Cutler, Chicago, Krafsur Gordon Mott P.C., El Paso, TX, for Appellees.

Justice GORDON delivered the opinion of the court:

Appellants, numerous groups of approximately 1,200 non-cash-asset account holders,1 appeal an order of the circuit court of Cook County allocating a $68.1 million cash shortage from trust funds deposited for investment with Independent Trust Corporation (Intrust). The trial court allocated the shortage among all account holders, even those whose assets were noncash at the time Intrust...

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