Debt Relief for Medallion Owners

The New York City Taxi and Limousine Commission and Senator Charles Schumer announced an agreement between the City, the New York Taxi Workers Alliance, and Marblegate Asset Management, the largest medallion lender, to create a City-funded deficiency guarantee to achieve greater principal reduction and lower monthly payments for medallion loans.Under the agreement, Marblegate will restructure outstanding...
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The ‘Taxi King’ Is Dead

Evgeny Freidman, a cabdriver’s son who came to own hundreds of medallions and to manage even more, died the other day at age 50. Freidman was a notorious tax cheat and a disbarred lawyer, who caused his partners millions in losses, but avoided prison by having the good luck of having what has been called...
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City Says Medallion Relief Program ‘In Full Swing’

Mayor Bill de Blasio announced this week that  the City’s $65 million Medallion Relief Program was “in full swing.” That’s true if “full swing” means minimal swing.  The city say that 57 loan restructuring deals have been approved, “delivering $10.4 million in debt cancellation to financially distressed Owners.”  But there are roughly 13,000 medallions and pretty much...
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Doubts about Driver’s Honesty Leads to Upholding of Suspension

In an unusual suspension-on-arrest case called TLC v. Ault, the OATH judge recommended continuation of the driver’s suspension following an arrest for conspiracy to commit money laundering. The scenario was highly unusual in that the charges were federal. Despite finding that the driver maintained a good driving record, ALJ Lee said that the accusations called...
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