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Larry Meyers  

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  • For Medallion Financial, The Future Is Arriving [View article]
    Paulo, if you really believe Uber is a sustainable model, you haven't examined the awful relationship it has with its labor pool, and that most drivers simply cannot make a living.

    http://bit.ly/1CXilOl

    http://seekingalpha.co...
    Apr 14, 2015. 06:02 PM | 1 Like Like |Link to Comment
  • For Medallion Financial, The Future Is Arriving [View article]
    James, there are claims to being conservative and then there are facts.

    What we are learning is that TAXI is actually conservative and has decades of experience, whereas the other lenders do not.
    Apr 14, 2015. 01:39 PM | Likes Like |Link to Comment
  • For Medallion Financial, The Future Is Arriving [View article]
    You are avoiding the question. Your entire short thesis is based on "zero incremental costs".

    Again, please post ALL costs associated with rideshare driving, including actuarial calculations involving accelerated depreciation, repairs, and maintenance; the additional costs of commuting into NYC; the effect on the human body of becoming a professional driver; gas; tolls; and all other costs.
    Apr 14, 2015. 01:38 PM | 1 Like Like |Link to Comment
  • For Medallion Financial, The Future Is Arriving [View article]
    James, I took an Uber to JFK in NYC.

    He didn't know how to get to the airport. When we got there, the sign clearly said "Depatures". The road split to an outer drop off point and one right by the terminal. He didn't know which to choose.

    Superior customer service?

    Look, some people are going to choose Uber and some will choose cabs. All we can do is wait it out and see what happens.
    Apr 14, 2015. 01:36 PM | Likes Like |Link to Comment
  • For Medallion Financial, The Future Is Arriving [View article]
    Yes, taxis are significantly faster in NYC than Uber, and always will be.
    Apr 14, 2015. 11:27 AM | Likes Like |Link to Comment
  • For Medallion Financial, The Future Is Arriving [View article]
    What is it we are disagreeing on?

    If one party values an asset at a higher price than they can get it for, then they will buy it. So of course, if TAXI sees these Citi medallions as being something they can buy for less than market price, they will.
    Apr 14, 2015. 11:27 AM | 1 Like Like |Link to Comment
  • For Medallion Financial, The Future Is Arriving [View article]
    That wait time has not changed in the 40 years I've been taking taxis.

    The relevant point is taxis are faster than Uber.
    Apr 14, 2015. 11:19 AM | 1 Like Like |Link to Comment
  • For Medallion Financial, The Future Is Arriving [View article]
    You have no understanding of this business.

    If TAXI believes the medallions have value, then they would buy them at a price where they see value. That's because THEY see long term value. If they don't, then they don't.
    Apr 14, 2015. 11:18 AM | 1 Like Like |Link to Comment
  • For Medallion Financial, The Future Is Arriving [View article]
    Any other lender outside of TAXI got into this business not understanding it. They are far too loose in their underwriting. Now they are panicking.

    What evidence do you have regarding the "Baton Moise" loan? Sources, please.

    What evidence do you have that this alleged borrower isn't making payments? If he is, then no refinance is necessary.

    You say "drivers have left in meaningful numbers". Sources, please.
    Apr 14, 2015. 10:24 AM | 1 Like Like |Link to Comment
  • For Medallion Financial, The Future Is Arriving [View article]
    What cost calculations are YOU using?

    Please post ALL costs associated with rideshare driving, including actuarial calculations involving accelerated depreciation, repairs, and maintenance; the additional costs of commuting into NYC; the effect on the human body of becoming a professional driver; gas; tolls; and all other costs.
    Apr 14, 2015. 10:21 AM | 1 Like Like |Link to Comment
  • For Medallion Financial, The Future Is Arriving [View article]
    The point, Paulo, is that the rideshare driver pays for regular insurance.

    At some point, sooner rather than later, they are going to have to upgrade to commercial insurance which is vastly more expensive. MetLife is now offering a hybrid policy that is more expensive than a regular policy in Colorado.

    That is a COST INCREASE for the rideshare driver, making his job as a rideshare driver less attractive, and possibly prohibitive.
    Apr 14, 2015. 10:19 AM | 1 Like Like |Link to Comment
  • For Medallion Financial, The Future Is Arriving [View article]
    Of course they won't. You are quite correct. If they want out, and the medallion principal is truly that low, TAXI will buy them if someone else doesn't step up.
    Apr 14, 2015. 02:48 AM | 3 Likes Like |Link to Comment
  • For Medallion Financial, The Future Is Arriving [View article]
    And this "study" did NOT even calculate costs! The cost increase is NOT incremental. It is substantial, particularly in regards to accelerated depreciation, repairs, maintenance, and unquantifiable costs like hardship on one's body driving as a professional.

    I asked the two Uber drivers I did take airport rides with about their cars. Both commute into the city to drive! That's a cost as well that is conveniently forgotten about.

    Paulo, you also forget that owner-drivers lease their medallions out on the shift they are not driving. Even at 50% market rate, those lease fees alone cover debt service on their loans.
    Apr 14, 2015. 02:04 AM | 1 Like Like |Link to Comment
  • For Medallion Financial, The Future Is Arriving [View article]
    "Uncivilized" is not the correct word. "Cool" is probably closer. I was just in NYC and nobody seemed terribly embarrassed about hailing cabs. Its just so much faster. I never had to wait more than 60 seconds, and every time I checked before hailing, I always had a 5 minute minimum wait for Uber.

    NYC people like to move FAST. Time is valuable.
    Apr 14, 2015. 02:01 AM | 1 Like Like |Link to Comment
  • For Medallion Financial, The Future Is Arriving [View article]
    What evidence do you have that the decline is the result of rideshare? Are yo aware that subway ridership increased by about 1%, or 17 MM rides, in 2014?
    Apr 14, 2015. 01:59 AM | 1 Like Like |Link to Comment
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