Medallion Financial Corp. (TAXI)

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Medallion Financial -3.9% as "Taxi King" files for bankruptcy
Jul 23 2015, 15:13 ET | About: Medallion Financial (TAXI) | By: Stephen Alpher, SA News Editor Contact this editor with comments or a news tip
Gene Friedman is NYC's largest owner of taxi medallions with more than 1K held in various vehicles, but the value of those medallions has been plunging thanks to Uber (and others like it). Creditor Citibank recently won a court order forcing him to give up some of those medallions in order to pay down debt.Yesterday's Chapter 11 filing is for protection on 22 of Friedman's companies collectively owning 46 medallions.Medallion Financial (NASDAQ:TAXI) is lower by 3.9% on the session.Previously: TAXI slumps as chunk of medallions could hit the market (June 12)