Bank of America, N.A. v. Moglia (In Re Outboard Marine Corp.)

MEMORANDUM OPINION AND ORDER

ASPEN, Chief Judge.

This case is before us on appeal from a final judgment of the United States Bankruptcy Court for the Northern District of Illinois. The issue is disputed ownership of $13.5 million held in trust by The Northern Trust Company for the benefit of certain executives of the Outboard Marine Corporation (“OMC”). Alex D. Moglia, trustee for OMC’s bankruptcy estate, seeks to establish OMC’s estate’s rights to the trust corpus and trust proceeds. Bank of America and certain beneficiaries of the trust have their own ideas about who has rights to the money.…