I would like to run two 120 amp breaker panels (each in a separate building) from one service feed. Currently I have triplex overhead wire with aluminium 1/0 from the mast head to a 120 amp breaker panel. I would like to have another 120 amp breaker panel in a building 70 feet away without putting in a sub panel. So, really what I want to know is there a way to take the main feed from the first breaker panel, use a junction box and then send a main feed to each breaker panel so each is independent of each other

Sorry, but your description is too difficlut to understand the exact details. Any chance you can provide some photos and/or sketchs to illustrate what your trying to do?

The new panel will need a breaker to protect the new feeder and panel, somehow.

Plus, if you add a panel to the overhead, how are you sure the overhead can handle the added load?

Where is the meter in all of this?

You may be better having an electrician come out and determine how to accomplish what your trying to do.