Investment Firm Forgives $70 Million in New York City Taxi-Cab Debt

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The largest holder of New York City taxi-medallion loans is throwing lifelines to thousands of drivers who are struggling to survive the collapse in ridership caused by the pandemic

Marblegate Asset Management LLC, a Greenwich, Conn., investment firm, has given about 2,000 medallion-owner drivers a loan payment holiday every month since mid-March. It has also continued a process that began last year of writing down medallion loans, in some cases deducting hundreds of thousands of dollars from struggling drivers’ debts to a ceiling of about $300,000.

Andrew Milgram, managing partner and chief investment officer of Marblegate said in an interview that Marblegate has so far forgiven $70 million of $215 million in debt attached to 483 medallions. About half of that debt, Mr. Milgram said, was restructured after New York City shut down because ofMr. Milgram said that average monthly payments for the loans that have been restructured have been reduced to about $1,500 from $2,800.

“We are constantly working to restructure loans because we believe it is the best approach to stabilize the industry, bolster drivers’ long-term economic prospects, and return value to our investors,” he said.

 

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In this situation, no body can’t afford

Nearly 1 in 3 workers said they would move to a new city or state if remote work continued indefinitely. Some people have moved to less expensive places, or to be closer to family or nature. Among the top priorities? Outdoor space and home office space.

Wait til the cabbies see the next tax bill for lunch an forgiveness

Mitch, YOU DECIDED TO KEEP AN INCOMPETENT PERSON IN THE WHITE HOUSE! His continuing FAILURE TO MANAGE THE FEDERAL GOVERNMENTS RESPONSE to the Pandemic HAS NOW resulted in 197,473 DEATHS 1K/D as 30 Million unemployed lose insurance, Bankruptcies, Foreclosures & Evictions CONTINUE!

Duhhhhhh it has too

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