Lemna v. Harry F. Shea & Co.

Defendants Harry F. Shea & Company, Richard E. Shea and Richard M. Shea (the Sheas) appeal from the circuit court’s confirmation of an arbitration award entered against them and in favor of plaintiff, William F. Lemna (Lemna). The facts of the case are as follows.

In October 1987 the Sheas entered into an agreement with Lemna to purchase his accounting practice. According to the agreement, the Sheas paid an initial amount in cash and signed a secured promissory note for the remainder. In November 1988 a dispute arose when the Sheas defaulted on the secured promissory note.

The purchase…