Author Topic: Hedge fund  (Read 279 times)

meter peter

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Hedge fund
« on: August 12, 2018, 06:08:21 AM »
Last September a hedge fund scopped up 46 forclosured medallions. Anyone know if they are on the road? Shelf?

YELLO

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Re: Hedge fund
« Reply #1 on: August 12, 2018, 09:27:51 AM »
June 2018:
Court filings last week described a stalking-horse bid—a practice used in foreclosure auctions to set a floor—for the 131 medallions by an entity called Nardo Acquisitions, Inc. Insiders identified Nardo as Marblegate Asset Management, the same Greenwich, Conn.–based hedge fund that bought 46 Freidman medallions last September. At that auction, Marblegate paid $186,000 apiece.

"Funds like Marblegate put a ton of effort into understanding the current and projected revenues in the industry," he said, adding that the investors were looking for more than a 7% return. "They are betting that Uber loses $5 billion a year and has to raise prices and a City Council bill will pass."

https://www.google.com/url?sa=t&source=web&rct=j&url=http://www.crainsnewyork.com/article/20180615/TRANSPORTATION/180619926/taxi-kings-medallions-go-for-170000-apiece-and-some-for-250000&ved=2ahUKEwiFw5W3zefcAhWjnOAKHdJpB2AQFjAAegQIBBAB&usg=AOvVaw2ROcOCz89BE1Cd7eTZ0JWA

YELLO

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Re: Hedge fund
« Reply #2 on: August 12, 2018, 09:34:08 AM »
Marblegate had purchased 46 of Freidman’s foreclosed placards in September. All told, the hedge fund is believed to now have 181 medallions, including four picked up at a smaller sale.
https://www.google.com/url?sa=t&source=web&rct=j&url=http://www.crainsnewyork.com/article/20180618/TRANSPORTATION/180619902/mysterious-new-player-betting-taxis-have-hit-bottom&ved=2ahUKEwiFmrzsz-fcAhXodN8KHQ-_Dj8QFjABegQIBxAB&usg=AOvVaw0gyRPlLR_eds2M8Ona3nnX

YELLO

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Re: Hedge fund
« Reply #3 on: August 12, 2018, 09:37:59 AM »
From September 2017:

Andrew Murstein, president of taxi lender Medallion Financial, said this sale "could be the tip of the iceberg." For much of the past year he has been advising hedge funds and private equity firms on how to approach the taxi industry, though he did not take part in Monday's auction.


meter peter

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Re: Hedge fund
« Reply #4 on: August 12, 2018, 01:16:48 PM »
Thanks for your replies but where are the medallions now? On cabs? Leased? Shelf? Maybe no one knows.

nyctaxinews

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Re: Hedge fund
« Reply #5 on: August 12, 2018, 04:12:30 PM »
Mine is working! That's one....don't know about the others!  I imagine they will all be working before long.

YELLO

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Re: Hedge fund
« Reply #6 on: August 13, 2018, 12:43:54 PM »
Last I heard the 46 medallions are not on the road.

meter peter

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Re: Hedge fund
« Reply #7 on: August 13, 2018, 03:34:17 PM »
If they are not on the road do they pay the tax stamp,renewal? That's a lot to pay to sit. Lets hope they stay off. Lets also hope for the 20 plus foreclosures every month. The less cabs on the road the better for the cabs on the road. More business for me. Every man for himself these days. No more long jobs from the airports this summer. Three hour wait at JFK not uncommon. The cap is good. Maybe the ubers will be down to 115,000 when the extra $2.50 kicks in. The cap and $2.50 are great victories. Things are looking up.

nyctaxinews

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Re: Hedge fund
« Reply #8 on: August 13, 2018, 04:15:45 PM »
Peter,

Why don't you just list what will make you happy and maybe we can all move in that direction.