A secretive hedge fund that’s been rapidly amassing troubled taxi medallion loans has sat down with an advocacy group looking for to avoid wasting drivers from drowning in debt and dropping their cabs, The Publish has realized.
Greenwich, Conn.-based Marblegate Asset Administration met with embattled taxi drivers and their advocates on Monday in a transfer that might lay the groundwork for a deal to supply yellow cabbies with some wiggle room on their loans, sources stated.
“We had an introductory assembly with Marblegate yesterday,” Bhairavi Desai, government director of the New York Taxi Employees Alliance, advised The Publish. “We now have already made a mutual settlement to maneuver ahead and draw up some common requirements on debt reduction.”
Desai advised The Publish that Marblegate additionally agreed to indefinitely delay a Thursday public sale of 25 medallions, that may place troubled loans behind these medallions into new possession.
Marblegate declined to touch upon this story, however a supply aware of the agency advised The Publish that Desai’s characterizations of Monday’s assembly had been appropriate.
As The Publish reported final week, Desai and her members had been up in arms after Marblegate bought loans tied to some 3,000 taxi medallions from the Nationwide Credit score Union Administration for a reported $350 million. Marblegate, which already owned 1,300 medallions and loans, is now the biggest single proprietor of the placards that permit taxi drivers to function.
The acquisition comes as drivers have seen the worth of their medallions go from $1 million in late 2013 to under $200,000 due to the rise of ride-hailing startups.
As The Publish reported final week, the $1.four billion fund has been shopping for taxi medallions with a objective of proudly owning a “superfleet” of yellow cabs. However Desai’s group desires the values of the loans Marblegate purchased to be restructured to a uniform worth of $150,000 with month-to-month funds capped at $900.