Friday, September 8, 2017

Ahead of Auction, Minimum Bid for 46 New York City Taxi Medallions Set at $165,000 Each

The Wall Street Journal is reporting that trustee liquidating part of New York taxi mogul Evgeny “Gene” Freidman’s holdings has found a bidder offering $165,000 for each of 46 taxi medallions ahead of a planned auction.

The stalking-horse offer, which requires bankruptcy court approval, would put a floor under the medallions’ price at a public auction scheduled to take place on September 18.

Even if bids come in higher than the floor of $165,000, this will probably be bad news for credit unions holding New York City taxi medallion loans, as they will see a significant mark down in the collateral backing these loans.

Read the story (subscription required).

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4 comments:

  1. AnonymousSeptember 8, 2017 at 9:36 AM

    How much in assessments should we be bracing for?

    ReplyDelete
  2. AnonymousSeptember 8, 2017 at 9:38 AM

    How does NCUA look at itself in the mirror?
    Allowed the CUs like melrose to go to 70% of balance sheet in medallion loans.
    Hey hensarling, wake up.

    ReplyDelete
  3. AnonymousSeptember 8, 2017 at 9:39 AM

    Mcwatters, what say you about this??

    ReplyDelete
  4. tony costanzoSeptember 11, 2017 at 10:07 AM

    Where is the NCUA capital market specialist? Where is the NCUA concentration risk specialist? Who at the NCUA allowed these credit unions to ramp up medallion loans? Is anyone held to account on Duke Street? I didn't think so. To these NCUA exam specialist(s) I say: Your'e Fired.

    ReplyDelete

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