Fund Linked To Marblegate Bought NYC "Taxi King s" Foreclosed Medallions

Amanda Macias/Business Insider



A Greenwich, Connecticut-based hedge fund that focuses on distressed credit and special situations is behind the purchase of a block https://congtyluatnoitienghcm.site123.me/g%E1%BB%91c-tin-t%E1%BB%A9c-ph%C3%A1p-lu%E1%BA%ADt-1 of 46 taxi medallions
that were snapped up in a foreclosure auction this week.

The medallions — the metal plates on yellow cab hoods allowing them to legally pick up street-hails — have plunged in value since the arrival of Uber and other ride-sharing https://congtyluatnoitienghcm.site123.me/g%E1%BB%91c-tin-t%E1%BB%A9c-ph%C3%A1p-lu%E1%BA%ADt-1 services in the city.


They once fetched as much as $1 million but were sold for $186,000 each at the auction, an industry source told Business Insider. They once belonged to Evgeny "Gene" Freidman — a man known as the 'Taxi King'
— who is now in legal and financial trouble as the value of his assets http://www.encyclopediaitalica.com/index.php/Utente:RemonaSwart633 plunged.


The buyer, identified in bankruptcy court documents as MGPE Inc., was 
incorporated in 2010 by Mark Zoldan
, who is chief financial officer of 
Marblegate Asset Management, legal filings show. We called Marblegate to ask about its strategy with the medallions and how MGPE fits in, but the firm declined gốc tin tức pháp luật to comment.


Hedge funds are closed to most public investors so they only have to disclose a very limited amount of information.