Articles from Shenwick & Associates

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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

Bloomberg: The Taxicab Bubble Couldn’t Last Forever

Submitted by Anonymous (not verified) on Thu, 06/21/2018 - 00:56

by Joe Nocera
Bloomberg News on Monday posted an article about something that has become a pretty big deal in New York City: Taxi drivers are committing suicide.

New York Times: Taxi Drivers in New York Are Struggling. So Are Uber Drivers.

Submitted by Anonymous (not verified) on Thu, 06/21/2018 - 00:44

By Emma G. Fitzsimmons

After a growing furor among Uber drivers in New York City in 2016 over plunging incomes, Uber relented and made a rare concession: It agreed to recognize a local driver group.

CBS News: Uber CEO backs surcharge to aid struggling NYC taxi owners

Submitted by Anonymous (not verified) on Thu, 06/21/2018 - 00:15

NEW YORK -- The CEO of Uber says New York City should impose a fee on app-hailed rides to help taxi medallion owners who are struggling with debt.

CEO Dara Khosrowshahi told the New York Post on Monday the city should put the surcharge into a fund to help taxi owners who bought their medallions at sky-high prices. He didn't say how much the fee should be.

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