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  • Medallion Financial's 10-Q: A Port In A Storm [View article]
    Mr. Meyers, As for your comment on having readers note who uses their real name, I would suggest they do a websearch (yahoo! message boards, blogs) using the names of people writing or commenting on the short thesis for TAXI or the medallion industry (and your name too) to see the personal attacks being levied at them. No thanks.
    Aug 29, 2015. 12:23 AM | Likes Like |Link to Comment
  • Medallion Financial's 10-Q: A Port In A Storm [View article]
    Mr. Meyers, The purpose of directing readers’ attention to your articles and comments on Forcefield Energy Inc. (FNRG) was not because it was a notable loser, but because you are taking a similar, no black clouds, only silver linings, approach to TAXI and the Medallion lending industry that you did for a number of your comments and articles on FNRG. You vociferously touted that stock ( http://tinyurl.com/qjp... ) up to the point when the Chairman was arrested (for securities fraud conspiracy) and resigned (with one of the allegations that the company failed to disclose that reports touting the company’s stock were paid for by FNRG.) We haven't heard from you since on Seeking Alpha on this stock.

    See these articles on Justice Dept. website, http://tinyurl.com/q5s... Bloomberg business http://tinyurl.com/ngb... , Fortune http://tinyurl.com/o7b... and Barron’s http://tinyurl.com/qgq... )

    After reading any or all of these articles, read what Asymetrical Media Strategies will do for you. (the firm that Mr. Meyers founded and was the CEO of.) http://tinyurl.com/qf2... (Feb 22, 2015 cached version as the contents of the site were removed after FNRG’s problems arose.)

    Will the headline of your next article on FNRG read "FNRG to save millions on compensation and options!" now that the Chairman has resigned?
    Aug 28, 2015. 11:58 PM | Likes Like |Link to Comment
  • Once Again, NYC Data Shows Resilience Of Taxi Medallions [View article]
    Mr. Meyers: ""The Chicago transfer claims have no substance to them. Transfers are occurring in the high-200's. Any 150K transfer is an outlier." Your comment on another TAXI article yet you still haven't addressed the point that there is ample and verifiable data that medallions in Chicago are being offered for $150,000 including a public auction that failed to meet the minimum $150,000 price at the end of June. You seem like a pretty tenacious person, What did you find when you checked to see that these offers are real? What did TAXI tell you as they surely have a very close ear to the ground in Chicago and you have noted past conversations with Management? You must have done at least this much due diligence to make a statement like this.

    DO YOU DENY THAT MEDALLIONS ARE AVAILABLE IN CHICAGO FOR $150,000 or do you just choose to look at what gets reported to the City of Chicago as the transaction values and ignore the price of medallions offered in the market? I can't think of any reason why anyone would want values to appear higher then they actually are, can you?

    If anyone can readily buy a Chicago medallion for $150,000, how can you (or more importantly TAXI) value them at anything more than this?

    Go to this link to the Chicago Dispatcher and click on the link for "Chicago Taxicab Medallion Prices" for July 2015. This brings you to page 10 of the August edition of the Chicago Dispatcher. Note the advertisement in the middle of the page: "MEDALLIONS FOR SALE FROM $150,000 - CONTACT SHOIB HASAN." and a phone number listed. You should give him a call to see how many medallions you could get at $150,000.
    Aug 27, 2015. 03:44 AM | Likes Like |Link to Comment
  • Medallion Financial's 10-Q: A Port In A Storm [View article]
    Mr. Meyers:
    As for your suggestion that readers perform due diligence on authors, (including self professed experts) I would suggest readers examine how the author adapts his/her opinions to the facts or whether he adapts the facts to his/her opinions. I would suggest readers look to Mr. Meyer's articles and comments on the stock Forcefield Energy, Inc. (FNRG) on Seeking Alpha. ( http://seekingalpha.co... ) In addition to and alongside his prolific writing, Mr. Meyers was (is?) also the CEO of Asymmetrical Media Strategies:
    "Lawrence Meyers is the CEO of Asymmetrical Media Strategies, a crisis communications firm that specializes in protecting and defending the reputations of individuals, companies, and industries under attack by activists, the media, regulators, and legislators."

    Mr. Meyers, are you protecting TAXI or performing intellectually honest analysis of TAXI based on the facts as they are, not as you wish them to be? As you say above: 'I encourage investors NOT to ignore anyone. Read everything. Come to your own conclusion.'
    Aug 26, 2015. 05:52 AM | 1 Like Like |Link to Comment
  • Medallion Financial's 10-Q: A Port In A Storm [View article]
    Mr. Meyers:
    'Delinquencies are not losses.'
    You are correct. However, if you are TAXI, Here is how you make delinquencies turn into profit:
    In Q1 of this year, TAXI entered into troubled debt restructurings for 11 loans. These are loans that would have been non-paying and were restructured. The result, 11 loans with a pre-modification value of $7,469,000 were restructured and had had a post-modification value of $8,996,000. So TAXI took 11 loans that were not paying and presto-changeo, they become performing loans with an increased value of $1,527,000 to TAXI! Most likely the increased value is the capitalization of the default interest, restructuring fees, etc. Wouldn't these be income to TAXI and also decrease the amount of 'delinquent' loans on its books (at least until they default again?)

    It is called "extend and pretend" and it could work if the market were experiencing a transient 'blip' in economics (cashflows) and values and borrowers just needed a little temporary breathing space. However, if the market keeps trending as it has (lower medallion values putting loans under water (and making owners less inclined to continue paying) and lower cashflows needed to pay the loans) then these restructured loans may end up defaulting again. See how sweeping this stuff under the rug works for a while until it all starts to pile up?
    Aug 26, 2015. 05:30 AM | Likes Like |Link to Comment
  • Medallion Financial's 10-Q: A Port In A Storm [View article]
    Mr. Meyers: "The Chicago transfer claims have no substance to them. Transfers are occurring in the high-200's. Any 150K transfer is an outlier." There is ample and verifiable data that medallions in Chicago are being offered for $150,000 including a public auction that failed to meet the minimum $150,000 price at the end of June. You seem like a pretty tenacious person, What did you find when you checked to see that these offers are real? What did TAXI tell you as they surely have a very close ear to the ground in Chicago and you have noted past conversations with Management? You must have done at least this much due diligence to make a statement like this.

    DO YOU DENY THAT MEDALLIONS ARE AVAILABLE IN CHICAGO FOR $150,000 or do you just choose to look at what gets reported to the City of Chicago as the transaction values and ignore the price of medallions offered in the market? I can't think of any reason why anyone would want values to appear higher then they actually are, can you?

    If anyone can readily buy a Chicago medallion for $150,000, how can you (or more importantly TAXI) value them at anything more than this?

    "Illiquid markets do not reflect actual underlying value of assets. One does not value a stock that trades 0.5% of its shares in a one year period based on its share price." These markets have been "illiquid" for more than 18 months. You have called them "frozen" before. HOW MUCH TIME HAS TO PASS BEFORE A 'FROZEN' MARKET BECOMES A FAILED MARKET? If I had a stock in my portfolio that only trades 0.5% of its shares in a year, I would clearly have to apply a SUBSTANTIAL liquidity discount when valuing it. In fact, if I had such a stock and I bought it on margin, and values appear to be dropping, I'm sure my broker would have called in my margin long ago (no, I don't really believe that anyone would lend margin $ on such a stock in the first place!)
    Aug 26, 2015. 04:34 AM | Likes Like |Link to Comment
  • Once Again, NYC Data Shows Resilience Of Taxi Medallions [View article]
    My bad. I thought asset backed lenders lent on asset values and not on "stated purchase price." Lending $185,600 on medallions that can't be readily sold in the open market for $150,000 just doesn't seem conservative to me!
    Aug 24, 2015. 04:56 AM | Likes Like |Link to Comment
  • Once Again, NYC Data Shows Resilience Of Taxi Medallions [View article]
    "NOTICE OF PUBLIC SALE BY SECURED PARTY

    Under 810 ILCS 5/9-601 ET SEQ. - Uniform Commercial Code

    Secured Party: Progressive Credit Union
    Debtor(s): Michael O. George, Individual Owner
    Date of Sale: June 30, 2015
    Time of Sale: 1:00 p.m.
    Location of Sale: 161 N. Clark St., Suite 4700, Chicago, Illinois 60601
    Collateral: City of Chicago Taxicab Medallion Number: 1999TX
    TERMS OF PUBLIC SALE:

    The medallion described above will be sold to the highest bidder in satisfaction of an indebtedness owed by the above-referenced debtor(s) (the “Debtor”) to Progressive Credit Union (“Progressive”) in the approximate amount of $233,500.00. Opening bidding shall start at $150,000.00."
    - See more at: http://bit.ly/1Ktjswu

    "The Chicago Dispatcher was informed there were NO BIDS on the medallion during the public sale.[emphahsis supplied] However according to David Koshers, General Counsel of Progressive Credit Union, responding via email, "We were contacted by a buyer who made an acceptable offer and so the process was converted to a private sale. The complete sale information will be available from the Department of Business Affairs and Consumer Protection when the transfer is processed."

    I asked Mr. Koshers via email what the agreed upon price was but have not received a response as of the time of publication." Chicago Dispatcher
    - See more at: http://bit.ly/1KtkLM2

    Mr. Meyers: BELIEVE WHAT YOU SEE. DON’T SEE WHAT YOU BELIEVE!

    I'm sure that your contacts at TAXI are well aware of what is available in the market in Chicago and can fill you in. Or, you can call one of the brokers that have been cited and quoted in other articles offering Chicago medallions for $150,000. Or, you could just look at the notice of auction above and the reported failure to sell at $150,000.

    TAXI financed transactions with reported transaction value at $290,000 when medallions offered at $150,000 might illustrate which transactions are the "outliers." What motivation would TAXI have for doing this? I wonder?

    THIS IS NOT CONSERVATIVE, ASSET BASED LENDING!
    Aug 24, 2015. 01:37 AM | Likes Like |Link to Comment
  • Once Again, NYC Data Shows Resilience Of Taxi Medallions [View article]
    Mr. Meyers: "The most conservative lender in the industry" You can’t be referring to TAXI? Isn’t this the same lender who lent $185,600 on each of two Chicago Medallions in March that were sold at a "stated" price of $290,000 as part of their 'standard conservative underwriting procedures?' while medallions in Chicago are readily available for sale at $150,000? (there was also a failed auction for 1 (yes only one) medallion on June 30 in Chicago with a minimum required bid of $150,000, no takers!) Were these the same 'stated' prices used to value their portfolio of 159 owned Chicago medallions? Looks like their March loans were under water when they made them!

    "70 years experience." Easy to be 'conservative' when the tide is rushing in. It is when the tide goes out that we get to see who is wearing a bathing suit and who is not.
    Aug 23, 2015. 04:22 PM | Likes Like |Link to Comment
  • Once Again, NYC Data Shows Resilience Of Taxi Medallions [View article]
    Mr. Meyers, for how long does a market have to be "frozen" for you to accept that values have actually fallen (rather than suggesting that lower reported transaction values are not relevant because the market is illiquid?) It has been illiquid for more than 18 months, hasn't it?
    Aug 20, 2015. 05:26 AM | 1 Like Like |Link to Comment
  • Once Again, NYC Data Shows Resilience Of Taxi Medallions [View article]
    NFL, my comment was addressed to the author as he cites this item in his article. If only 2,000 active Ubers (plus increased metro use and increased bicycle use and additional Yellow licenses) are having this substantial impact on individual taxi revenues then it seems odd that the author is predicting upcoming stability and that we should all look at buying medallion lenders?

    Not really interested in regulatory reality as you would like it to be. I will stick with reality as it is as this is what is impacting revenues, medallion values, etc. and comment on the author's theme. Maybe you could write an article on the evils of extracting a substantial and non-productive rent from taxi drivers (medallion fees paid by the drivers to medallion owners (or medallion prices paid by owner-operators) in order to have a small piece of tin riveted to the hood of the vehicle they are driving.)
    Aug 18, 2015. 05:52 PM | Likes Like |Link to Comment
  • Once Again, NYC Data Shows Resilience Of Taxi Medallions [View article]
    Mr. Meyers, so your position is that:
    1. There has been a 7% drop in taxi revenues JUST IN THE PAST YEAR (actually,the article you cite indicates a 9% drop in revenue for each medallion which is more relevant than the total taxi revenues if you are looking at the impact on debt service for medallion loans or individual medallion values)
    2. There are ONLY 2,000 active Uber drivers in central Manhattan from 7 AM to 7 PM on the average day [Not all of these are UberX] during the time of this fall and subway ridership is rising. Would another 2,000 active drivers have a similar revenue impact going forward?
    3. You believe that the growth in the use of Uber will essentially stall from these levels (and presumably have no impact on taxi revenues after this year)? Really, so one would have to believe that Uber growth in NYC is finished to buy into your conclusion?

    How does this create a buying opportunity for medallion lenders as you suggest?
    Aug 18, 2015. 05:25 PM | Likes Like |Link to Comment
  • Medallion Financial To Report Today - What Should Be Disclosed [View article]
    Biological, Was that a buck on a stock purchased at $15 or a buck on a stock purchased at $8?
    Aug 4, 2015. 12:07 PM | Likes Like |Link to Comment
  • Fact-Checking The Taxi Medallion Market [View article]
    Mr. Steier, didn't TAXI just LEND $185,600 on each of two Medallions in March that were sold at a "stated" price of $290,000 as part of their 'standard conservative underwriting procedures?' Were these same 'stated' prices used to value their portfolio of 159 owned Chicago medallions? Looks like their March loans are already under water.
    Jul 3, 2015. 10:01 AM | Likes Like |Link to Comment
  • Fact-Checking The Taxi Medallion Market [View article]
    This auction took place on 30 June and failed to achieve a price of even $150,000. I wonder how TAXI will value its Chicago medallions for the quarter ended June 30, 2015? This is some nice fresh data. So which prices are the outliers Mr. Steier?
    Jul 1, 2015. 09:23 PM | 1 Like Like |Link to Comment
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