Lawsuit sinks Lakeside Marine

Boat services company Lakeside Marine has shut down after being sued by its bank.The business at 650 SE Catawba Road offered a variety of services, including boat storage and brokerage of boat sales.It closed late last week after Firstmerit Bank of Akron got court approval to appoint a receiver, Mark Abood of Chartwell Group LLC of Cleveland."We have temporarily suspended operations at this point," Abood said Wednesday.He said what will happen next is unknown.Firstmerit had won a $2,413,469 judgment against Lakeside and against Lowell Joy and Elaine Joy after suing the business in Ottawa County Common Pleas court.Toledo attorney Brad Hubble, who represents the Joys, declined comment when contacted Wednesday.Lakeside also has been sued in federal court. Caterpillar Financial Services filed a breach of contract lawsuit in Toledo on Aug.18.In a July 8, 2010, letter to Lakeside Marine, Caterpillar claimed Lakeside has breached an agreement over a $1,656,542 loan made on June 2, 2007.Lakeside employed about 35 people.On its website, the business states it owns "the largest hoist on Lake Erie" and offers a variety of services, including renovating and repairing boats, storing boats, yacht hauling, custom aluminum and stainless steel fabrication, and sales of new and used boats.