Cab Kingpin Gets Reprieve From Bank Trying To Seize 87 of His Taxi MedallionsMarch 24, 2015 – In The News
Brett A. Berman was quoted in the New York Daily News article “Cab Kingpin Gets Reprieve From Bank Trying To Seize 87 of His Taxi Medallions.” Full text can be found in the March 24, 2015, issue, but a synopsis is noted below.
A Manhattan Supreme Court judge has postponed a decision for five weeks on whether a bank can seize 87 of New York City taxi baron Evgeny Friedman’s 900 taxi medallions because he is late in making payments on a $31.5 million loan that used the medallions as collateral.
The judge made the ruling after Friedman’s attorney, Brett Berman, suggested that the bank was being unreasonably strict in its payment deadlines, arguing that foreclosure plans would be counterproductive because the value of the medallions would drop.
“It will surely destroy Mr. Freidman and harm the value of the medallions,” Berman said, warning that a foreclosure would have a negative ripple effect on the industry.