Articles from Shenwick & Associates

The Uber ridesharing cap

The New York Times reported that on August 8th, the New York City Council voted to issue a cap on licenses available for for–hire vehicles for one year, which went into effect on August 14th.  The City Council vote was 39 to 6 in favor of the cap.

New York Times: Uber and Lyft Drivers Rush to Register Cars Ahead of City’s New Cap

By Mariana Alfaro
 In the pouring rain, hundreds of people lined up outside a building in Queens on Monday, clutching umbrellas and paperwork. The frenzy was not driven by a buzzy new restaurant or a new Apple store. Instead the line led to an Uber office and was prompted by the City Council’s recent decision to limit ride-hail apps by imposing a cap on new vehicle licenses.

New York Post: More Americans are defaulting on their credit cards: analyst

By Gregory Bresiger
Despite a booming economy, many Americans are having trouble paying credit card bills, industry observers warn.

An increasing number of auto borrowers are also asking for more time to pay.

These trends disturb card industry experts.

“It is a problem we should watch,” says Bill Hardekopf, founder of LowCards.com.

New York Times: Riders Wonder: With Uber as New York’s Plan B, Is There a Plan C?

By Winnie Hu and Mariana Alfaro
Jenine James no longer worries about getting stranded when the subways and buses are unreliable — a constant frustration these days — or cannot take her to where she needs to go. Her Plan B: Uber.

New York Times: New York City Caps Uber and Lyft Vehicles in a Crackdown

 By Emma G. Fitzsimmons
New York became the first major American city on Wednesday to halt new vehicle licenses for ride-hail services, dealing a significant setback to Uber in its largest market in the United States.

Cramming Down a Taxi Medallion Loan in Chapter 13

Many individuals who owns taxi medallions that are “underwater” (the amount of the bank loan exceeds the value of the medallion) are interested in cramming down the taxi medallion loan so that the secured portion of the taxi medallion loan equals the value of the taxi medallion and the remainder of the taxi medallion loan would be treated as unsecured debt.

July 2018 TLC medallion sales

The July 2018 New York City Taxi & Limousine Commission (TLC) sales results have been released to the public. And as is our practice, provided below are James Shenwick’s comments about those sales results.
1. The volume of transfers fell from June. In July, there were 36 taxi medallion sales.

New York Times: Taxi and Uber Drivers Are United in Backing a Cap on Ride-Hail Vehicles

By Emma G. Fitzsimmons and Aaron Robertson
As New York City weighs new regulations for Uber and other ride-hail companies, a group that is often overlooked has entered the spotlight: the thousands of drivers who ferry New Yorkers across the city every day.

New York Times: ‘Too Little Too Late’: Bankruptcy Booms Among Older Americans

By Tara Siegel Bernard
For a rapidly growing share of older Americans, traditional ideas about life in retirement are being upended by a dismal reality: bankruptcy.

The Verge: Uber and Lyft offered to bail out struggling taxi drivers, but New York City said no

Facing a new regulatory crackdown that they say will severely impact their business, Uber and Lyft made an unusual proposal to New York City’s government: stand down, and in exchange we’ll bail out struggling yellow taxi drivers. The response was a polite no thanks.

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