Thompson v. IFA, INC.

Plaintiff appeals from the circuit court’s denial of his petition to vacate an order of dismissal and from the denial of his motion for reconsideration. The issue raised is whether the circuit court abused its discretion in denying his petition to vacate an agreed order of dismissal because it was an agreement of the parties and not a “judicial determination.”

Plaintiff became the owner of one-third of the issued and outstanding stock of defendant IFA, Inc. (IFA), on December 31, 1981. Codefendants Raymond Harding and Paul Sheedy owned the remaining two-thirds of the shares in equal amounts.…