Articles from Shenwick & Associates

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November 2018 TLC medallion sales

Submitted by Anonymous (not verified) on Thu, 12/13/2018 - 19:29

The November 2018 New York City Taxi & Limousine Commission (TLC) sales results have been released to the public. And as is our practice, provided below are Jim Shenwick’s comments about those sales results.
1. The volume of transfers rose again from October. In November, there were 154 unrestricted taxi medallion sales.
2. However, almost all those transfers were bankruptcy and foreclosure transfers!

Crain's New York: TLC approves historic pay rules for app-based drivers

Submitted by Anonymous (not verified) on Tue, 12/04/2018 - 20:01

By Matthew Flamm

The Taxi and Limousine Commission made history on Tuesday morning when its commissioners voted to set the first minimum pay-rate in the nation for app-based drivers. 
Driver groups are declaring victory on—and claiming credit for the win—while Uber, Lyft and Juno found a lot to complain about. Only the pooled-ride service Via, which already pays its drivers better than minimum wage, applauded the changes.

New York Times: Why Are Taxi Drivers in New York Killing Themselves?

Submitted by Anonymous (not verified) on Tue, 12/04/2018 - 18:16

By Emma G. Fitzsimmons
A taxi driver named Roy Kim recently became the eighth professional driver to die by suicide in New York over the last year.

Repossessions of Taxi Medallions by Secured Lenders

Submitted by Anonymous (not verified) on Wed, 11/28/2018 - 23:09

Here at Shenwick & Associates, an increasing part of our law practice involves workouts of loans for borrowers with taxi medallions as collateral for the loan.   Over the past three months, we’ve noticed a trend in which the bank or secured lender repossesses the taxi medallion(s) when the loan is in default, instead of allowing the borrower to retain the medallions during workout negotiations.

Credit repair services

Submitted by Anonymous (not verified) on Thu, 11/15/2018 - 21:22

Here at Shenwick & Associates, as an adjunct to our bankruptcy and debtor/creditor practices, we also offer credit repair services.  Although the three major credit reporting agencies (Experian, Equifax and TransUnion) (“CRAs”) have received positive press recently for implementing the National Consumer Assistance Plan (NCAP) in March

Proofs of claim in bankruptcy

Submitted by Anonymous (not verified) on Thu, 11/15/2018 - 21:20

Here at Shenwick & Associates, our clients are both debtors and creditors. When a person or entity files for bankruptcy protection (such as in the recent Sears bankruptcy), we’re often contacted by creditors who are seeking to protect their claim against the debtor. Usually, this requires the filing of a proof of claim. In this post, we’ll examine some of the basics of filing proofs of claim.

NY Post: Another NYC cab driver deep in debt kills himself

Submitted by Anonymous (not verified) on Thu, 11/15/2018 - 19:48

By Danielle Furfaro and Gabrielle Fonrouge
Another debt-burdened New York City cabbie has committed suicide — the eighth for-hire driver to kill himself in the past year, Taxi and Limousine Commission officials confirmed on Wednesday.

October 2018 TLC medallion sales

Submitted by Anonymous (not verified) on Mon, 11/05/2018 - 21:40

The October 2018 New York City Taxi & Limousine Commission (TLC) sales results have been released to the public. And as is our practice, provided below are Jim Shenwick’s comments about those sales results.
1. The volume of transfers rose dramatically from September. In October, there were 106 unrestricted taxi medallion sales.

The Economist: The social costs of ride-hailing may be larger than previously thought

Submitted by Anonymous (not verified) on Mon, 11/05/2018 - 21:29

Economists have always been fond of Uber. Its willingness to battle incumbents, use of technology to match buyers and sellers, and embrace of “surge” pricing to balance supply and demand make the ride-hailing giant a dismal scientist’s dream. Steven Levitt, the author of the bestselling “Freakonomics”, called it “the embodiment of what the economists would like the economy to look like”. But if economists subjected Uber and its competitors to a cost-benefit analysis, they might not be so impressed.

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