An auction of 49 foreclosed New York City taxi medallions held by Capital One did not get any bids.
According to Crain's New York Business, "the bank started the bidding at more than $300,000, did not get the bids it was looking for and bought the medallions itself for $335,000 apiece."
The article quotes Andrew Murstein, president of Medallion Financial, as saying "[w]e were prepared to bid, but not at the prices they were looking for."
The failure to get a bid indicates that taxi medallion prices are less than $300,000.
However, the article does suggest that taxi medallion prices may be bottoming, which is attracting the interest of wealthy investors.
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The bid is below $335,000.
ReplyDeleteThe independent bid last week was $167,000.
Capital One bought at $335,000 is not independent.
And, we aren't at the bottom yet because there has really been no market.
All this to say, were it not for NCUA protecting themselves from public crucifiction, the melrose capital would be gone.
The reason NCUA wants to combine the corporate cu fund with the NCUSIF is because McW wants the funds to avoid having to assess credit unions before he leaves office.
Then there will be assessments for taxi loans and other stuff....as in, what's the real mark to market of corporate bonds?
Very good question.
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