Articles from Shenwick & Associates

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

Submitted by Anonymous (not verified) on Mon, 08/06/2018 - 20:18

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

Submitted by Anonymous (not verified) on Mon, 08/06/2018 - 19:46

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

Submitted by Anonymous (not verified) on Mon, 08/06/2018 - 19:24

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.

Cramming Down Taxi Medallions in Chapter 11 Bankruptcy

Submitted by Anonymous (not verified) on Wed, 08/01/2018 - 19:44

One of the most common questions that we’re asked by clients who own “underwater taxi medallions” (where the value of the medallions is less than the amount of the loan secured by the medallions) that are owned by a corporation or a LLC is if we can “cram down” the taxi medallion loan in a chapter 11 bankruptcy filing. “Cram down” means that the bank/secured lender is required to accept less than full repayment of their loan.

NY Daily News: City Council tries again to cap Uber and other ride-hailing services

Submitted by Anonymous (not verified) on Mon, 07/30/2018 - 22:02

By Dan Rivoli and Jillian Jorgensen  The City Council will once again explore capping the number of vehicles driving for Uber and similar app-based taxi services in New York City streets — beginning with a yearlong ban on issuing new licenses for most for-hire cars.

New York Daily News: Taxi drivers rally for new City Council regulations

Submitted by Anonymous (not verified) on Thu, 07/12/2018 - 21:23

By Dan Rivoli

City taxi drivers’ patience meter is running out.

The New York Taxi Workers Alliance rallied outside City Hall on Tuesday as cabbies said they want new regulations to boost wages and the values of yellow taxi medallions.

The driver group has advocated for a cap on for-hire cars and to make the meter fare the minimum rate industry wide and give app drivers 80% of trip fare.

The city Taxi & Limousine Commission, meanwhile, proposed a minimum wage standard so app drivers could make $17.22 an hour.

June 2018 TLC medallion sales

Submitted by Anonymous (not verified) on Mon, 07/09/2018 - 19:38

The June 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 rose from May. In June, there were 41 taxi medallion sales.

Another success story for an individual with too much debt!

Submitted by Anonymous (not verified) on Thu, 07/05/2018 - 20:24

An individual who incurred excessive debt due to a failed business and divorce came to us for a consultation.  He was concerned not only with the amount of debt he had, but also about how that debt would impact his credit rating and ability to borrow money in the future.   We asked him to prepare the following information for the initial consultation: (1) the amount of money he owed creditors, including any pending lawsuits; (2) the property or assets that he owned; and (3) an after tax monthly budget, starting with the amount of money he made each month after taxes less his ordinary and ne

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