427 Boston Taxi Medallion Owner Operators Owe Big Taxi Lenders A Total Of $128 Million

Many blame Uber for the plight of cabbies driving medallion taxis. Uber is not the problem. The problem is Big Taxi’s medallion system. The solution is not hoping that Uber will magically disappear in New York, Chicago and Boston by waving a regulatory magic wand.

The problem in the medallion taxi industry is the massive overhang of medallion loans.

Combined, the Top Twelve Big Taxi Lenders have $5.7 billion in medallion loans outstanding.

Medallion owners have ALREADY paid the price of Uber’s competition.

They will never pay back anywhere near $5.7 billion.

Extend-and-pretend must end.

It’s time for the BANKS to

  • Take their haircut
  • Stop fooling regulators by writing off 100% of these loans from their balance sheets
  • Forgive ALL $5.7 billion in taxi medallion debt in New York, Chicago and Boston

Over 99% of taxi industry stakeholders have many, many reasons to be Big Taxi Opponents.

Despite this, many remain unclear how the taxi industry works.

The Big Taxi Cartel has CONTROLLED the taxi industry for their own benefit, not for the benefit of the thousands of industry stakeholders.

Let’s take a look at Boston industry.

Often known as “the fleets”, Big Taxi medallion owners in Boston only include the 16 individuals who own 10 or more medallions. They are only 2% of all Boston medallion owners.

What about the remaining 98% of medallion owners and the shift drivers who don’t own medallions?

The OTHER 710 Boston medallion owners are NOT Friends of the Big Taxi Cartel.

427 owner-operators working 12 hours a day struggle behind the wheel to make their medallion payments. Their New American Dream is dying.

They  are not Friends of Big Taxi.

257 owners of small taxi businesses with between 2 and 9 medallions each possess total medallion assets below market value and crippling negative cash flow.

They  are not Friends of Big Taxi.

6,800 licensed shift drivers in Boston making less than a $15 living wage under horrible working conditions have no power.

They  are not Friends of Big Taxi.

They are all Big Taxi Victims.

Effective control of victims is enforced by Big Taxi’s stranglehold on every angle of the taxi industry. In many cases, Friends of Big Taxi play multiple roles creating flagrant conflicts of interest.

Below is the list obtained from Hackney as of March 8, 2016 of individuals they list with the “Owner Operator” designation. Hackney’s list includes 450 entries. However Hackney’s database contains duplicates and errors. The list below was delivered in response to my Freedom of Information Request for owners of all 1825 medallions on March 8, 2016. Despite obvious errors, field values are identical to Hackney’s database. My analysis to date yields an unduplicated list of 427 owner operators. Phone numbers provided by Hackney and other information is available from me upon request.

Commerce Bank describes themselves as the leading taxi medallion lender in Boston. They are privately held, so it is difficult to obtain a comprehensive look at their loan portfolio. I believe Progressive Credit Union and Brookline Bank are the second and third by market share. For several reasons it is also difficult to obtain detailed information on their Boston medallion loans. New York-based Medallion Financial only has a single digit Boston market share. However they are publicly held and approximately half of their assets are medallion-related. Due to SEC reporting requirements, we therefore have a complete list of Medallion Financial’s borrowers, loans and principal due.

Medallion Financial (NASDAQ:MFIN):

  • 30 individual borrowers in Boston
  • With a total of 39 Boston medallions held as collateral
  • Averaging 1.3 medallions per borrower
  • Total outstanding balance of $13,863,000
  • Average of $355,462 balance per medallion

In discussions with owner operators, I’ve been told that virtually all owner operators borrowed against their medallions, especially during the bubble that inBoston reached a peak of $700,000 in Spring 2014.

Assuming an average outstanding balance of $300,000, the 427

Taxi Medallion Owner Operators in Boston owe Big Taxi lenders a total of $128,000,000

On November 28, 2016, Navjit Singh of 8 Albany Street, Woburn, MA 01801 (as Preet Trans Incorporated) purchased Boston medallion #517 for $107,100.

At the 2016 rate of arm’s length transfers, it would take 53 years to absorb sales of 427 medallions. Even if possible, total collateral held by Big Taxi lenders as of December 31, 2016 is at best $46,000,000 for a current average loan to value ratio (LTV) of 278%.

Was selling and refinancing Boston medallions in 2016 over $300,000 predatory lending?

Readers: I’m not an attorney. However ask your attorney this question.

What does she say?

On this past Christmas Eve, Big Taxi threatened to ask a judge to issue an injunction to immediately stop me from publishing and making statements critical of lenders, advocating for and attending meetings of borrowers and promoting coops of taxi medallion owner operators in Boston and other cities.

Due to this legal threat, I canceled a meeting of borrowers scheduled for yesterday, January 10, 2017.

If you are or know an attorney who can help us, please contact me or have her contact me at gordongossage@gmail.com or 617.694.1624.

I have or will be contacting all 427 Boston taxi medallion owner operators. We have the constitutional right to discuss each other’s financial situation and choices available going forward.

Signature Bank CEO Joseph DePaolo has said publicly that medallion loans differ from other types of commercial loans because the medallion itself is key to a taxi driver’s job.

With medallions, we call them “hostage collateral”. What that means is, this is their livelihood. When they give up a medallion, they are not just giving up an asset, they are giving up their job. That’s very different from the collateral on another type of loan. That’s why we’re willing to work with them.

As of February 2016, Hackney data shows that Uber has taken away 47% of the medallion taxi business. Over the past year, the devastation has continued. Although to date, Hackney has concealed this information from public view despite my many Freedom of Information Requests.

The 427 owner operators below are not deadbeats without morals. They can’t make their debt payments to Big Taxi lenders BECAUSE of the unforeseen, unprecedented and relentless competition with Uber. Uber ripped off the scab of Big Taxi’s corrupt medallion system.

The families of taxi medallion owner operators are not “hostage collateral”.

They are human beings.

OWNER’S LAST NAME OWNER’S FIRST NAME
ABBASI WAHEED
ABDELREHEM RASHED
ABDELREHEM RASHED
ABRAMORICH WALTER
ACHILDIYEV RUBIN
ADDISU YEMANE
AESSILA ALLAL
AGHGOLIAN MATT
AGUDOSI SIMEON
AIME HENRY
ALASA DIRISU
ALEXANDRE GEORGE
ALEXIS KESNER
ALEXIS LEOCLES
ALHADY MOHAMAD
ALHADY GAWDAT
ALI MOHAMED
ALTIDOR JOSEPH W.
AMIN SARWAR
AMISIAL SR CHARLES R.
AMLESOM AMANUEL
ANNYLUSSE JEAN FEDANI
ARNOUX ABADY
ASFAW BEREKET
ASFAW BEREKET
ASSEFA GIRMA
ASSOUR MOHAMED
ATSBAHA YIRGA
ATSBAHA YIRGA
AUBRY PIERRE J
AUGUSTE VALVILLE
AUGUSTE JEAN E.
AUGUSTE AUDINEL
AUGUSTE JEAN JOCELYN
AUGUSTIN SIVENY
AUGUSTIN JACQUELINE
AWAD GHADA
AZATYANTS SERGEY
BAH MAMADOU
BAHRAMPOURI MANSOUR
BAHRAMPOURI MANSOUR
BAPTISTE JEANMARY
BARRIE AMIDU
BARTHELEMY MAX
BARTHELEMY EDITH
BARTHELEMY JOSEPH
BARTHELEMY JEAN
BARTHELEMY MAX
BATHARD SERGE
BEKELE ABEBE
BEKER OLEG
BELEACOV LEONARD
BELLAMY ANTOINE
BERCHTEIN ALEXANDER
BERGHOL AMER
BERNADEAU BETENGO
BICHEKAS JOYCE
BIEN-AIME MADSEN
BIRU GEMECHU
BOGOSLAVSKI ARON
BORODOVSKIY MARAT
BORUKHOV EDUARD
BOUHAKRAOUY BOUCHAIB
BRIOCHER MICHELET
BROMBEG FYODOR
BROWN TIMOTHY
BURUKHIN IGOR
C0UYOUTE CELESTINE
CARASSO DONALD
CASSEUS JEAN
CASSIDY PAUL
CETNER MARK
CHAHINE TONY
chahine elias
CHARLES WESLER
CHARLES CASIMIR
CHARLES MARCKINSON
CHARLES YVES
CHARLES CASIMIR
CHAU GEORGE
CHERILUS JENEL
CHERNENKO TATIANA
CHNIOULI JALIL
CHRISPIN MONTREVIL
CHRISTIE JAMES P
COHEN JOSEPH
COLAS ANDRE MICHEL
CRETU ADRIAN
CURRAN PATRICK
CZECHOWSKI DARIUSZ
D’ IPPOLITO FRANCIS
DALUSMA MARIE L.
DAMESTORIE INNOCENT
DAPHINE PHILIPPE
DARILUS SAINT ARMAND
DARIUS JEAN
DELLORUSSO JONATHAN
DELUCE IMMACULA
DELUCIEN WINZOR
DENIS HYACINTHE
DESAMOURS RAYMOND
DESSOURCES LIONEL
DIEUSEUL JEAN
DILIGENT PIERRE
DOKIN KONSTANTIN
DORCELUS WILSON
DORINIVIL LEMOINE
DORMEY BUTEAU
DORMEY BUTEAU
DUMERANT PRUDHOMME
DUMITRESCU MIHAI
DUPRE JEAN
DUVERGE JEAN
ED-DAOUIA RADOUANE
EJAZ MOHAMMED
EL-SWEESY AWAD
ELAKAR RIDA
ELDALI ABDELMAHMOUD
ELIAS ABEBE
ELOI JEAN
ELYSSE PIERRE
ELZANKALOUN HESHAM
EMILE JOSEPH
EMMANUEL FRITZNEL
ENGELSON YEVGENIY
ESTEVES JAIME
ESTIME FRANS
ETIENNE JEAN
ETIENNE BRIOL
EVORA EURIDIDO
EXCELLENT CASTERA
EXUME FRITZ
FABRE MICHAUD
FALAISE JEAN
FALAISE JEAN
FARHAT HASSAN
FAROUQI DANIEL
FAVAKEH KARIM
FEINBERG MARIAN
FERNANDES PLINIO
FERRANTE THOMAS
FETENE ENDAWOKE
Figaro Lubren
FINKELBERG YURIY
FIRZON EDWARD
FLEKEL VADIM
FLEKEL YEFIM
FORZIATI RALPH
FRITZ PAUL
FRITZ ALTIDOR
FROYMAN VLADIMIR
FROYMAN FILL
GABRIEL DESTINE
GABRIEL CHENET
GEBREMARIAM DEREGE
GEBREMEDHIN GIDEON
GEBRESELASSIE FASIL
GEBRU HABENOM DESTA
GELETA HIBRET
GEORGES GENER
GERAKIS EMMANUEL
GERAKIS JOHN D.
GESNER CEMESCA
GESNER CEMESCA
GILES CHRISTIAN
GILL BALWINDER
GILMARTIN JOHN
GIMMELFARB BENJAMIN
GIRAN KARAM S
GLUSKIN LEONID
GODES DMITRIY
GOLDBERG STEVEN
GOLDBERG SCOTT
GOYAU JEAN EDDY
GOZMAN EUGENE
GRACIEN CARLOT
GRACIEUX GEORGES
GRACIEUX GEORGES
GRIGORYN HAYK
GRIOGORIADIS AMALIA
GUAN RONG
GUAN RONG
GUERRIER EMILE
GUSTAVE NERET
HAMADI ALI
HANY GEORGE
HASAN ABDI
HASSAN RIAD
HILAIRE ALTES
HILAURE SERGE
HUNDESA ADAM
IJAZ AKHTAR
JACQUES BERNADETTE
JACQUES BERNADETTE
JACQUET RENORD
JANOUDI RABEH
JEAN WESNER
JEAN HENRY
JEAN HERODE
JEAN LOUINE
JEAN DONALD
JEAN YVES
JEAN JUBERT SAINT SIMON
JEAN-GILES JEAN E
JEAN-LOUIS GERARD A.
JEAN/GILES JEAN L
JOACHIN PROSPER
JOITA IONEL
JOSEPH REMY
JOSEPH ALPHONSE
JOSILE LEONEL
JULCE MIKERLANGE
JULES ANTOINE J.
JULES REMY
KAHN FIMA
KALISSKY LEV
KALISSKY EDWARD
KAMEL BOULOS
KAMINSKY LILA
KAMRAN-RAD MOHAMAD
KAOUK SAMIR
KARAMOV ALEXANDER
KARBASI SAMAD
KASSA MEBATSION
KASSAHUN GETAHUN
KASSAYE YILMA
KASULE AGNES
KAUR JAGPREET
KEHTRMASH MEHDI
KHAIT YURY
KHAN SAIFULLAH
KHAN RAEEL
KHAN MOHAMMAD
KHAN JEHAN
KHAN NAZIR
KHUZ ALEX
KIANFAR KIAN
KIRSANOV SERGEY
KONDKHROROV DMITRIY
KOUCHNIR MAX
KOURACLES PETER J.
KOYFMAN MICHAEL
KOZBE ALEX
KRACOV JEFFREY
KRATSBERG MICHEAL
KUBINEC TOMOMI
KURLYANCHIC LEONID
LABATHE JEAN CLAUDE
LAI WAI SUM
LAMOUR VICTOR
LAPORTE ARNOLD
LAVITA TONY
LAVITMAN DAVID
LEE KIN PING
LEFEBOURS GARY
LEIBMAN EFIM
LEMMA AMARE
LEON BERNIER
LEROY PIERRE
LEYFERMAN LEONID
LITVAC ALEKSANDR
LITVACK JOSEPH
LOPERA ALBERTO
LOUBENS TOUSSAINT JEAN
LOUIS BERNADOTH
LOUIS -CHARLES JEAN R
LOUKIANOV YURI
LOVAINCY ROCHENEL
LUCIEN CESARD
MAGHONLI FARD HAMID
MAGHONLI-FARD HAMID
MAHMOUD RAMADAN
MAHMOUDI BAHMAN
MAKAGON STANISLAV
MAKONNEN AYALEW
MALKIN MICHAEL
MANNAN BAWA
MARIO KASSAYE
MARTCHENKOV NATALIA
MATAEV AETAN
MATAIEV JONI
MATHIEU JEAN
MATHIEU FRANCOIS
MATIT ABDALLA
MENGESHA HAILE
MERCADEAU EXAVIER
MESIDOR JEANETTE
MESIDOR ERNST
MESIDOR JEANETTE
METCALF PETER
METELLUS YCCLESIAS
MEUS WISNERE
MICHEL GELIN
MILORD JEAN
MIMY MERLANGE
MINEVICH ALEKSANDER
MIRKA WONDWOSSEN
MOBARAK WALID
MORKOS LILIANE
MOSTAFAVI ABDOLMAJID
MOUHIB ABDELAZIZ
MOUSHIGIAN VARTKES
MUGAL HANEF
MUGAL HANEF
MUGAL HANEF
MUGAL HANEF
MUGAL HANEF
MUGAL HANEF
MUGAL HANEF
MULLER AARON
MULUGETA MELAKU
MUSTAFA ASHRAF
MYASKOVISKY – URMAN RUSLANA
NEJATIAN MOHAMMED
NELSON EDDY
NEYSHTADT LEONID
NOEL ROGES
NOEL KESNER
NUR ABDIRAHMAN
NURU SEIFU
OLSZEWSKI ANDREW
OMAR MAHDI
OMARA MOHAMED
ORISMA LARRIEUX
OSCAR YVENS
OSCAR YVENS
OSMAN MOHAMMED
OSMAN SALIH
OULD-SAHRAOUIA ABDALLAH
OULDSAHRAOUIA SAID
PABLA PIARA SINGH
PAPADOGIANNIS HARILAOS
PAPPAS CHARLES
PARAS PAUL
PARIS FERER
PAUL MICHELET
PAUL JEAN CLAUDE
PAUL JEAN EDDY
PAUL-SAINT ROBINSON
PAULSAINT EDNER
PAVLOTSKY ALEX
PAWAN MANNAN
PERCEVAL JOSEPH F.
PEREZ BARBARO
PIERRE JEAN
PIERRE JEAN
PIERRE AUREL
PIERRE ALEX
PIERRE ABDIAS
PIERRE JOSEPH
PIERRE LOUIS ALEX
PIERRE LOUIS JEAN
PIRES LUIS
POCHETTE HYPPOLITE
PODOBEDOV IGOR
POTAPOVSKY BORIS
RABBAT SALIM  H,
RANA HARDIAL
RAYMOND WALTAIRE
RAYMOND JEAN
RICHA JOSEPH
RIFAI JAMAL
RIVAL OLGARD
RIVAL OLGARD
ROD MARC
RODRIGUES JOYCE PANTONE
ROGOTIS NICK D.
ROMAIN IBSEN HENRICK
ROMULUS JOHN
SAAB SAMIR
SABZEVARI IRAJ
SABZEVARI ESMAEIL
SACHS STEPHEN J
SAINCYLUS YOLETTE
SAINT LOUIS FRITZ
SALVATIERRA JUAN
SANDBERG DAVID
SEIFU YOSEF
SERIZIER ROLDOPHE
SERTYLE NOTHES
SHAPIRO YEFIM
SHEIKH SHEZAD
SHEPSIS SIMON
SHIBABW EYOB
SHRIFTMAN YEFIM
SHUSTER SAMUIL
SIDIROPOULOS PANTELIS
SIMKIN VLADIMIR
SIMY EZECHIEL
SINGH GURDIN
SINGH JAGTAR
SINGH SARABJEET
SINGH AMANDEEP
SINGH KULDIP
SOBOLEV IGOR
SOLOMON ARTHUR
SOLOMON TED
SOSINOV FRED
SOUFFRANT CHANDO
ST LOUIS GERMAIN
STANIZZI NATALIE
STEIN GARY
STUKOLOV SEMYON
TAHERI KARIM
TARABAY NAZIH
TASKA GRIGORY
TELFORT JEAN
TELKEWELDE DEREJE
TELUSMA JOSEPH
THELUSMA JEAN
THENOR EGLEMO
THENOR MICHELET
THERMORA JEAN
TILLES BARRY
TOCHIN BORIS
TONDREAU RUBEN
TONDREAU RUBEN
TOUAILAT HICHAM
TOUROYAN CHARLES
TRIKOLODIS CHRISTOS
TUNICE JEAN
TUNIS JEAN
TUNIS JEAN
TUR PAVLO
TUROLSKI STEFAN
TXICANJI JOAO
ULYSSE MARIE
ULYSSE – SR TRISTAN
URIM BORIS
VARICE DIEUVIL
VARSMAN NAUM
VEIGA AMARAL
VEIGA MANUEL
VERNET BENITO
VILDROVIN SERGE
VILKOMIR ALEXANDER
VIXAMA OVENDO
VIXAMA OVENDO
VOLCY PIERRE
VOLCY ANDREA
WAHAB SHER
WOLDEMICHAEL DEREGE
XAVIER DUCLAUDE
YOUSUF MUHAMMAD
YOUTE EMILIO
YUFA ALEXANDER
ZAMANIAN AFSHIA
ZENG RICKY
ZHANG KENNY
ZOBARSKIY VLADIMIR

 

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