Fund Linked to Marblegate Bought NYC "Taxi King's" Foreclosed Medallions According to documents filed with the New York County Clerk, Citi's average loan per Freidman medallion is $348,000. After [my husband] died, I didnt have money for the funeral. A Greenwich hedge fund is behind the mysterious buyer of the NYC 'Taxi King's' medallions. Taxi and Limousine Commission data shows there were 42 medallion foreclosures last month after 94 in January, 87 in December and 72 in November. Yet, after 31 days of sustaining the encampment without any response from the mayor, the drivers felt forced to switch tactics. As of 2018, eight drivers have died by suicide. Over the same time span, as a record number of cabbies lost their grip on their medallions, Uber and Lyft hollowed out the foundation of the yellow cab industry by siphoning off their riders. I have questions about my finances. According to the TLC, the program has, as of Wednesday, provided 275 grants to medallion owners, totaling $40.3 million in debt forgiveness. Please. The case drew countering amicus briefs because of its potential wide-ranging impact. Lenders are getting more and more tough nevertheless this option should be fully explored. Jun 12, 2015 1:54 PM EDT. Kathy Hochul outlines a $229 billion spending plan that leaves many questions unanswered but helps New York City, from NYCHA to the MTA. 0 Comments. but this is even a more trickier maneuver and can become very complicated. We have been shutting down bridges and having rallies and we have been camped outside of City Hall 31 days straight but still there has been no movement. Lawmakers start passing NYs $229B budget. Taxi Medallion Owners Hail Win In Fight Against Holdout Loan Firm But for some medallion owners, that moment of hope has proven to be fleeting. On a more somber note, multiple medallion owners in recent years have even taken their own lives in the face of this sea change in NYC medallion economics. A $65 million relief fund was created through the federal . Technology-based services cut deep into the Yellow Taxi market. Here is how New York City manufactured the taxi medallion crisis. Our NYC taxi medallion bankruptcy attorney is ready to walk you through your options and help you make an informed decision about how to proceed during these difficult times. Schumer credited that reporting with highlighting the plight of medallion owners who were facing foreclosure on the once-prized piece of metal on taxi hoods that allows drivers to pick up street hails. By delivering their respective Offers and/or Deposits, all Bidders acknowledge that they have had the opportunity to review and inspect the Medallions, the state of title thereof and laws, rules and regulations applicable . Simplified example: You own a home worth $300,000 and have a $100,000 mortgage, leaving $200,000 in equity, of which we can protect about $170,000 of the $200,000 in equity as a homestead exemption.