As a customer of Comed's who regularly flew 'IA', the chipmunk in question, I have to say that I was checked out on it by a Comed instructor, booked it from Comed and flew it from their dispersal area.
However at no time was I lead to believe that it was Comed's aircraft. It was always made clear to me that the aircraft was privately owned and leased out to Comed. That to me does not make it Comed's aircraft.
I have dearly missed flying IA because of the Chippie's in the North West it is by far the sweetest, and was aware of the impending litigation but not the details. Frankly I am horrified at what the airport is doing.
Most importantly though is the precedent set by this. Quite simply if the airport win, then the available fleet of light aircraft operated by flying schools nationwide will be decimated overnight. No private owner in their right mind is going to let their aircraft out to a school if it is going to be taken off them in the event of the school failing.
I hope your case goes well, but I also hope that in the meantime you get all light aviation societies and private owners to support your position. You also want the GA press to be publishing details of this once it is settled.