Hello Jason,
I found the bug, but it is not in IBO.
The bug is in FB 1.5 and it is really really easy to reproduce.
If you create a trigger using the syntax:
CREATE TRIGGER <TRIGGERNAME> FOR <TABLENAME> ACTIVE
AFTER INSERT OR UPDATE OR DELETE POSITION <N>
<ETCETCETC>

It works correctly
But if you issue the command inverting INSERT and UPDATE so in this
manner:
CREATE TRIGGER <TRIGGERNAME> FOR <TABLENAME> ACTIVE
AFTER UPDATE OR INSERT OR DELETE POSITION <N>
<ETCETCETC>

The trigger is created but after creation extracting metadata it
results:
CREATE TRIGGER <TRIGGERNAME> FOR <TABLENAME> ACTIVE
POSITION <N>
<ETCETCETC>

And the database hangs with a stack overflow after a try to insert or
update a record on the table.

I wrote a message in fb-support but it has been ignored, but I already
know that almost all my messages written there are ignored....

I am thinking about writing a message in fb-devel.

If you want I can send the script to you by email.
Regards
Marco

P.S. The same behaviour appears with IBManager, IB_SQL, TIB_Script from
a program of mine using latest stable IBO version against both RC6, RC7
and production release of FB 1.5