Hadley Gear Mfg. Co. v. Zmigrocki

The defendants, James Zmigrocki, Mildred Heydt and Camille Bradaric, appeal from a trial court order denying their request for statutory interest under section 2-1303 of the Illinois Code of Civil Procedure (Ill. Rev. Stat. 1985, ch. 110, par. 2-1303), and their request for attorney fees incurred with respect to court proceedings that arose out of an arbitration award. Pursuant to a stock purchase agreement entered into by the parties, three arbiters were selected to determine the stock purchase price to be paid by the plaintiffs for the Hadley Gear Manufacturing Company. The arbiters determined the purchase price and entered an award and payment schedule pursuant thereto. The plaintiffs then filed a complaint to vacate and correct the arbitration award under the Uniform Arbitration Act. (Ill. Rev. Stat. 1985, ch. 10, par. 112.) In response, the defendants moved to deny that motion. The defendants further sought attorney fees pursuant to the stock purchase agreement and statutory interest under section 2-1303 of the Code of Civil Procedure. (Ill. Rev. Stat. 1985, ch. 110, par. 2-1303.) The trial court denied the plaintiffs' motion, confirmed the arbitration award and entered judgment thereon. In addition, the court denied the defendants' motion for statutory interest and attorney fees. The defendants appeal.