Crain’s
New York recently reported that based upon a bankruptcy filing by a company
(Hypnotic Taxi LLC) owned by Evgeny “Gene” Friedman, an auction held September
18th, 2017 the answer is about
$186,000 . Maltz Auctions was the auctioneer, at
the LaGuardia Marriott Hotel, of 46 medallions that were assets of the
bankruptcy estate in In re Hypnotic Taxi LLC. This case involved medallion owner Evgeny
“Gene” Friedman, who once owned 800 medallions, resulting from a foreclosure by
Citibank and tax
fraud charges.
With the 6% buyer premium
owed to Maltz, the purchase price was about $198,000 per medallion or $9.1M in
total for all 46 medallions.
According to Crain’s New York, the winning bidder was out of
state hedge fund MGPE, Inc. A hearing to
confirm the results of the sale will be held in the U.S. Bankruptcy Court for
the Eastern District of New York on September 25th. Accordingly, based on the auction results for
the 46 medallions at the Maltz auction, the value of medallions appears to be
$198,000. The banks that have financed NYC medallions may argue that
one auction (albeit of 46 medallions) is not the indicator of true value,
others may argue that yesterday’s auction results are a true indicator of medallion
value. Jim Shenwick.
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