New York Taxi Mogul, Seeking a Bailout, Says He’s Too Big To Fail

April 10, 2015 – In The News
The New York Times

Brett Berman was featured in The New York Times article, “New York Taxi Mogul, Seeking a Bailout, Says He’s Too Big To Fail.” Full text can be found in the April 10, 2015, issue, but a synopsis is noted below.

The taxi industry seemed infallible a few years ago, but that is not necessarily the case anymore. In fact, Evgeny “Gene” Freidman, who is one of the largest owners of medallions (the license needed to operate yellow taxis), is requesting a bailout.

Both the buying and selling market of medallions is coming to a halt with the rise of other taxi service apps. So, Freidman is comparing his situation to that of the large banks and insurers after the housing market crash in 2008.

Freidman’s lawyer Brett Berman recently wrote a letter to city officials and others involved in the taxi industry. In the letter, Berman said, “Should you fail to act and permit or contribute to Mr. Freidman’s failure, such action or inaction will have an effect on the medallion industry across the country.”