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  • Positive Developments In The Taxi Medallion Financial Industry  [View article]
    WickerMan20 says: “I do not believe these are losses.”
    BELIEVE WHAT YOU SEE. DON’T SEE WHAT YOU BELIEVE
    Unfortunately, what you “believe” and the facts are not the same. Really, you should read the Company’s financials (as reported in the most recent 10Q) or the quote from the CFO of TAXI as in my comment above. Losses have most definitely started and more are likely coming. As expected (although maybe not this soon,) a loan of $2.14mn of troubled debt that was recently restructured HAS ALREADY DEFAULTED AGAIN! What next? A write off? Maybe a creative “extend and pretend again?” Maybe the medallions will show up as new investments for TAXI? Who knows how creative TAXI management will be in further kicking the can down the road?

    You keep right on looking in that rear view mirror!
    Dec 7, 2015. 10:52 PM | 1 Like Like |Link to Comment
  • Positive Developments In The Taxi Medallion Financial Industry  [View article]
    Please try this link. I'm not sure why the above one doesn't work: http://bit.ly/1iieWqM
    Dec 6, 2015. 11:51 PM | 1 Like Like |Link to Comment
  • Positive Developments In The Taxi Medallion Financial Industry  [View article]
    Larry D. Hall, CFO of Medallion financial stated: “Medallion loans 90 days or more past due were 2.5% of the combined medallion loan portfolio, up from 1.3% last quarter. This rate is still down from historical levels, such as during the first 10 years of being a public company when delinquencies averaged 3%, yet the Company still experienced virtually no losses on medallion loans during such period." November 4, 2015 company press release.

    WickerMan20, More obfuscation of the facts? Is the CFO fabricating these losses? Maybe you should read some primary sources instead of relying on Mr. Steier's comments.
    Dec 6, 2015. 11:50 PM | Likes Like |Link to Comment
  • Positive Developments In The Taxi Medallion Financial Industry  [View article]
    'ZERO LOSSES' a great sound bite Mr. Steier but just not true! Losses starting, delinquencies up! Kinda runs contrary to your thesis though.
    Nov 30, 2015. 07:46 AM | 1 Like Like |Link to Comment
  • Positive Developments In The Taxi Medallion Financial Industry  [View article]
    'ZERO LOSSES' Who are you referring to Mr. Steier? TAXI? You should read a 10Q sometime. They did experience losses in the medallion portfolio which also showed an almost doubling of the percentage of 90 day delinquent loans from 1.3% to 2.5% over the last quarter. This, despite the constant 'extension and pretension' of previously delinquent loans that are presumably now classified as performing (at least until the borrowers stop paying again due to the dramatic drop in the value of the medallions as well as the drop in the lease rates on medallions.) Rising interest rates will make this game harder for TAXI to play going forward as debt service levels begin to rise.

    Your reference is to an article written by your friend Lawrence Meyers, who promotes a paid service that will write anything you want. Here is the link to better understand Mr. Meyers background, experience and perhaps motivations: Asymmetrical Media Strategies - The firm Mr. Meyers founded and was (and still is?) CEO of: A cached version of its website can be found here (cached as of Feb 22, 2015) http://tinyurl.com/qf2... . I encourage all to review.
    Nov 30, 2015. 07:22 AM | Likes Like |Link to Comment
  • Positive Developments In The Taxi Medallion Financial Industry  [View article]
    Mr. Steier, Why wait 1 month to post this comment? I have responded to your fantasy that suddenly the market has reversed and all will be ok in my comment above.

    You still haven't responded to this important question: What is your advice to all those readers who bought TAXI at $10-12 on your $15 price target? (WHILE YOU WERE ACTUALLY SELLING THE TAXI STOCK YOU OWNED!!) (see comments on Mr. Steier's June 11 article here: http://seekingalpha.co... ) I like the way you use the emotive term 'short seller' when you in fact have been a recent seller of TAXI stock
    Nov 30, 2015. 06:54 AM | 1 Like Like |Link to Comment
  • The Impact On Medallion Financial Of Uber Driver Pay  [View article]
    Hey Number Crunchers. Enough already. Really simple. Unless someone is predicting a precipitous net decrease in Uber drivers over the next year then it appears that the accelerating problems for the Yellow Taxi ecosystem will continue. How will this resolve? Will Yellow Cabs still exist? I think Yellow Cabs will continue to operate. The question really is will Yellow Taxi's need a piece of tin costing more than say, $100k or $200k to operate? I can't see how or why.
    Nov 4, 2015. 06:16 AM | 1 Like Like |Link to Comment
  • The Impact On Medallion Financial Of Uber Driver Pay  [View article]
    - Letter filed this week with the SEC informing of the extension of the stock buyback program.
    - Favorable recent press in Barron’s and other favorable articles espousing the virtues of TAXI
    - “Medallion’s president, Andrew Murstein, insists that the chances of cutting it are “slim to none.” Quote from Barron’s article regarding the “dividend”
    - Recent buyback of shares by TAXI with capital it can ill afford to give up.
    - Write up of Medallion bank to support the “distribution” (It is a distribution since a chunk of it is actually a return of capital.)
    - TAXI’s need for capital to try to grow its way out of its troubles by growing the non-medallion financing businesses.
    - Increased promotion of TAXI stock on SA despite accelerating deterioration in fare box revenue declines in NY….
    - Rumors of a takeover…
    - Taxi dusting off and updating its shelf offering recently………

    I SMELL AN EQUITY OFFERING COMING SOON!
    Oct 30, 2015. 04:17 AM | 1 Like Like |Link to Comment
  • Positive Developments In The Taxi Medallion Financial Industry  [View article]
    THE TITLE OF THIS ARTICLE IS LAUGHABLE!!
    Mr. Steier, I see you are continuing your obfuscation and misdirection campaign Answer is simple, FOCUS ON RELEVANT FACTS. Yellow Cab revenues are down significantly (when they would be expected to rise year on year) and Uber has only been a real factor in the market since Spring of last year. The evidence is directly contrary to your statements about stabilization. Misdirect attention away from this ACCELERATING TREND! Pretend the situation will magically change overnight. Pretend it isn't having a DRAMATIC impact on the entire Yellow Cab ecosystem.

    Aren't we here to get to the correct answer and not misdirect readers away from the key data?

    You still haven't responded to this important question: What is your advice to all those readers who bought TAXI at $10-12 on your $15 price target? (WHILE YOU WERE ACTUALLY SELLING THE TAXI STOCK YOU OWNED!!) (see comments on Mr. Steier's June 11 article here: http://seekingalpha.co... ) I like the way you use the emotive term 'short seller' when you in fact have been a recent seller of TAXI stock

    Also, despite substantial evidence that medallions are being offered in quantity at $150,000 in Chicago, you seem to believe that this is an aberration and the true value is $240,000. If this is the case, can I sell you some TAXI stock at $15 if I agree to finance you? (I would, of course want a personal guarantee and a lien on your no doubt substantial securities account.) Or is the purpose of this article to allow you to sell your current position like you did before?

    Can we assume that you do not consider TAXI as a "conservative lender" as it has disclosed (in their last 10Q) that medallion LTV's are as high as 164% even based on inflated medallion values (ie. those that they could not achieve if they tried to sell in the market?)
    Oct 26, 2015. 11:21 AM | 3 Likes Like |Link to Comment
  • Medallion Financial Shares Launched On Barron's Article, But Where's The Beef?  [View article]
    Mr. Yukos, perhaps you should spend less time waiving your arms on the streets of New York and look at the declines in farebox revenues and trips for yellow cabs in NYC. Yes, I'm sure "Uber is starting to rub people the wrong way. They want to make it too personal and "enjoyable"" as you say.
    Oct 13, 2015. 10:05 AM | Likes Like |Link to Comment
  • Medallion Financial Shares Launched On Barron's Article, But Where's The Beef?  [View article]
    rmark0601 - you still haven't addressed why anybody would pay 1.3x book for a small bank (Medallion) that has $355,000,000 in medallion loans?
    Oct 13, 2015. 09:56 AM | Likes Like |Link to Comment
  • Medallion Financial Shares Launched On Barron's Article, But Where's The Beef?  [View article]
    Mellar - "Yellow taxi drivers are making too much money according the fleet owners I have interviewed and are therefore working 4 days a week instead of 6." SERIOUSLY! This must be why there are taxis sitting idle in lots and farebox revenues have been down for the past 2 years when they would have been expected to rise? NOT!
    So Funny!
    Oct 13, 2015. 09:50 AM | Likes Like |Link to Comment
  • Medallion Financial Shares Launched On Barron's Article, But Where's The Beef?  [View article]
    For those not ready to click on the link, here is the other part of the Chicago ruling not mentioned by rmark0601-

    "Coleman dismissed the cab drivers’ takings and breach of contract claims, agreeing with the city’s assertions the city’s ordinance governing taxis did not create a guaranteed value for the medallions, nor a guarantee the taxi drivers would not ever face competition from other transportation services, like Uber and Lyft."

    The NY judge's previous ruling was to throw the case out on summary judgement (meaning that he did not even see a case to answer!) If he reverses that decision, it means that the case simply gets back on the multi-year trial docket. The medallion economic situation will likely sort itself out long before a resolution in either a Chicago or NY case. Hardly "(potentially) important legal developments." as rmark0601 suggests.

    BTW, here is a link to another SA article where Metlife extends its driver coverage to Lyft drivers in more jurisdictions. Another supposedly insurmountable hurdle for rideshare drivers to overcome (has been overcome.) "MetLife Expands Rideshare Insurance Policy to Five States, Including California" http://bit.ly/1G2JN5G
    Oct 13, 2015. 06:52 AM | Likes Like |Link to Comment
  • Medallion Financial Shares Launched On Barron's Article, But Where's The Beef?  [View article]
    rmark0601: Here is the full context:
    - So you are saying that NYCB bought these loans and now, "it's quite understandable that they would seek to sell these credits, irrespective of developments in tmeallion lending!" REALLY? Here is the article which notes that Joseph Ficalora, NYCB's CEO, indicated he had "hopes" that NYCB might sell the loans in 2015, but if it can't, then New York Community Bank will hold the portfolio until it runs off. So they see the problems in the industry developing and try to get ahead of the curve and sell the portfolio in 2014 and fail and SURPRISE, they will end up holding the loans. Sounds like they have a better and earlier grip on the problems of the medallion lending industry vis-a-vis TAXI!
    Are Banks Running Scared of Medallion Loans? (NYCB,TAXI) http://bit.ly/1G2Babb

    - NYCB may not have ORIGINATED the portfolio of loans, but are you implying they did not do credit due diligence on the underlying loans? What is your point in making this distinction? That they do not understand the underlying asset? It doesn't look like TAXI is originating many new medallion loans either outside of their restructured non-performing loans or loans at substantially above the prices they are available in the market! TAXI certainly is intimate with the sorry and deteriorating state of medallion market economics! Maybe they could buy NYCB's portfolio....Woops, didn't TAXI suffer losses in the credit participations of medallion loans they (and Medallion Bank) bought from a finance company in April 2013 just as that finance company was put into involuntary bankruptcy?(see latest 10Q pp. 12-13) To be fair, this was probably equally a failure of legal due diligence in addition to credit due diligence on the part of TAXI.

    Is your goal is to interpret all news as either good or irrelevant for TAXI? A conservative bank's determination to exit the medallion lending market and their inability to sell their medallion loan portfolio probably wouldn't be interpreted good or irrelevant for TAXI's situation by most readers!
    Oct 13, 2015. 04:09 AM | Likes Like |Link to Comment
  • Medallion Financial Shares Launched On Barron's Article, But Where's The Beef?  [View article]
    New York Community Bank (NYCB) has been trying to dispose of a portfolio of app. $165,000,000 of medallion loans for the past year and has had no takers. NYCB is reputationally a conservative lender (primarily focused on the NYC multi-family housing market.) Why would anybody pay 1.3x book for a small bank (Medallion) that has $355,000,000 in medallion loans? Keep in mind that TAXI and Medallion Bank are VASTLY overstating the value of their medallions to arrive at their LTV ratios compared to what they could expect to get in a sale in the open market. How far does the knife fall, I don’t know, but I bet it is much greater than the 15% reduction Mr. Yukos supposes in his “bear” case above based on reported transactions and offers of medallions as well as a likely surge in foreclosure sales.
    Oct 12, 2015. 12:26 AM | Likes Like |Link to Comment
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