Ed has a good idea. Let me throw another one your way. I would build a box or chase around the conduits, and attach it to the wall. IMHO if those conductors are going to "blow up" in the next 6 months, they are going to do it no matter what you do to try to prevent it. I wouldn't be as concerned about a phase to phase fault as I would a phase to ground fault that energizes one of the service entrance conduits.
I think I would call the City of Chicago electrical inspections department, and have an inspector come out to have a look at it with you. Tell him your situation, and I'm sure that y'all can come up with a solution.
This message will self destruct in 5 seconds,
Doc
