Yellow Cab

I Can’t Pay My Bills. It’s Uber’s Fault

Of course it’s Uber’s fault.  One of the behind-the-scenes barons of the NYC taxi industry can’t pay his bills, and he’s asked the judge to keep the banks from taking his collateral.  An eye-popping 900 medallions. While the value of medallions has been dropping, they’re still worth a lot of money (the article quotes a price of $800K a piece).  Assuming Friedman’s “control” of the medallions doesn’t mean 100% ownership (I’d guess he has backers), he still probably owns a big piece of a $700MM business. He owes a lot […]