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Cabbies worry as hedge fund snaps up taxi medallions New York Post February 20, 2020

Submitted by Anonymous (not verified) on Fri, 02/28/2020 - 00:54

New York taxi drivers and politicians are raising alarms after a secretive hedge fund this week quietly became the city’s largest owner of taxi-medallion loans.

Marblegate Asset Management — a tight-lipped investment firm that has already scooped up some 300 medallions and 1,000 loans, many of them previously owned by disgraced “Taxi King” Gene Freidman — has taken over loans tied to an additional 3,000 New York medallions, sources told The Post.

New York Attorney General Accuses N.Y.C. of Fraud Over Taxi Crisis from New York Times

Submitted by Anonymous (not verified) on Thu, 02/27/2020 - 01:36

The state’s attorney general is seeking $810 million from the city to compensate financially struggling taxi medallion owners. New York State’s attorney general on Thursday accused New York City of committing fraud by artificially inflating the value of yellow taxi medallions, and she demanded $810 million from the city to compensate the thousands of cabdrivers who are now saddled with enormous debt.

The Best Way to Use a Credit Card? Treat It Like Cash from New York Times

Submitted by Anonymous (not verified) on Wed, 02/12/2020 - 17:27

The Best Way to Use a Credit Card? Treat It Like Cash from New York Times February 12, 2020
Fewer people than ever carry cash these days, it seems. Life can seem ultraconvenient when you don’t have to worry about a wad of bills in your pocket (or even a wallet in your pocket, for that matter).

But it can hurt people with low incomes when businesses go cashless, it can hurt workers who rely on cash tips and — even if you’re not in either of these groups — it can hurt you because it’s easy to get into financial trouble with credit cards.

Section 108 of the Internal Revenue Code Relief of Indebtedness Income and Workouts

Submitted by Anonymous (not verified) on Wed, 02/12/2020 - 00:10

Section 108 of the Internal Revenue Code Relief of Indebtedness Income and WorkoutsOne of the most overlooked areas of the law when doing a workout is Section 108 of the Internal Revenue Code (“IRC”). Section 108 is a trap for the unwary and unless the attorney or lawyer is aware of this tax code section, it can upend a workout or result in a taxpayer having to recognize, report, or pickup unknowingly a significant amount of taxable income. This could ruin the attorney-client relationship or worse yet a malpractice lawsuit by the client against the attorney.

How Uber and Lyft doomed NYC's yellow cab business - New York Daily News

Submitted by Anonymous (not verified) on Fri, 01/31/2020 - 06:29

Driving NYC taxis out of business: How Uber and Lyft doomed the once-solid yellow cab industryBy: Clayton GuseFrom: nydailynews.comhttps://www.nydailynews.com/new-york/ny-medallion-foreclosures-taxi-bailout-plan-uber-lyft-20200130-s2mjkhjubzgptdxasoxddwdote-story.html 

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