The man known as New York’s taxi kingpin has won the latest round in his fight with Citibank (C). Taxi medallion owner Gene Friedman was sued by Citibank, which claimed Freidman had about $30 million in overdue loan payments for some of his medallions. A court ruled late last week that the bank could seize 89 of Friedman’s medallions, but an appeals court on Monday granted a temporary stay to the seizure. Freidman is CEO of Taxi Club Management, the largest privately held taxi company in the U.S. At issue in the case is the falling prices of taxi medallions not just in NY, but across the country, because of new services like Uber. But Freidman said he’s not threatened by Uber. ‘Uber’s not eating my lunch,’ said Freidman. ‘Uber is a photocopy it’s not a Xerox.’ Freidman added that while Uber has challenged him, ‘the service that I’m providing to my clients, who are the drivers, and to their clients, who are the passengers, is completely different and it’s better.’ Friedman owns hundreds of medallions and says he’s cash flow positive, thanks to a drop in expenses, which counters the decline in medallion prices.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
