Reports from the New York City Taxi and Limousine Commission that were released for the July through October 2015 time period confirmed what many were presuming – the revenue a New York City taxi medallion generates continues to decline, which could be bad news for owners of medallions and their creditors.
The five-month moving average in taxi meter revenue in July 2015 was approximately $535. In October 2015, it was approximately $490.
Bank claims Gene Freidman transferred $70 million worth of real estate to hide assets from creditors
Known as the New York City “Taxi King”, Evgeny (Gene) Freidman has been sued by Citibank N.A., claiming that he hid $70 million in real estate properties from them and other creditors while they were attempting to collect on unpaid loans.
In March 2015, Citibank tried to seize approximately 90 of Freidman’s taxi medallions in order to recover just part of the $31 million of debt that has remained unpaid. At that time, Freidman agreed to a confidential agreement with Citibank that pushed off any property seizures until June 2015.
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