Judge Freezes Some of Taxi Mogul’s Medallions and Cabs

March 24, 2015 – In The News
New York Post

Brett A. Berman was quoted in the New York Post article “Judge Freezes Some of Taxi Mogul’s Medallions and Cabs.” Full text can be found in the March 24, 2015, issue, but a synopsis is noted below.

A Manhattan Supreme Court judge froze 87 medallions and cabs belonging to the city’s largest taxi operator, but denied a bank’s request to seize the property after Evgeny Friedman’s attorney argued the move would crush the yellow cab industry.

The bank’s attempt to cover $31.5 million in past-due loans to Friedman would “destroy the medallion market,” said Friedman’s attorney, Brett Berman.

Berman also argued that putting Friedman out of business would harm the public by decreasing the number of cabs on the road.

The judge gave Friedman one month to settle his debt with the bank, warning that he may grant the seizure request at an April 30 hearing.

“We believe that Citibank simply does not want to be in the medallion industry any longer, and appreciate that the judge required them to negotiate,” Berman said. “Hardball is not beneficial in a time of radical change.”