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Bank Seeks Funds from Shuttered Company

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An emergency motion has been filed by BMO Harris Bank, a move reportedly being sought to protect and manage the remaining assets of McDaniel Fire Systems. The Times reports the bank asked the courts to appoint a receiver to take control of the Valparaiso fire protection equipment company, which owes more than two-million dollars to the bank, and additional funds to other creditors and former employees. Published reports say McDaniel Fire Systems closed its doors last month, after 75 years, reportedly due to the alleged failure of its bank to extend financing terms. A hearing in Porter County Superior Court is scheduled for Wednesday morning at 9:30.

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