DEVASTATING NEWS: MEDALLION PRICES OFF 88% FROM PEAK

Medallion transfer values for Q2 2017 are now in for New York, Chicago and Boston.

The value of Boston taxi medallions reached a new low of $50,000 for the quarter ending June 30, 2017.

Boston medallion #711 was transferred on May 16, 2017 by Larisa Pogreb, as S L CAB, INC, to Navjit Singh, as JATT CAB, INC, in an all cash deal for $50,000. Pogreb’s husband and business partner is Mikhail J. Deychman. She can be reached at (617) 553-0824.

Pogreb’s loan from Brookline Bank (NASDAQ: BRKL) was paid in full on June 6, 2017. In a previous disclosure BRKL reported $36,000,000 in taxi medallion loans. For more information, you can contact Carl Carlson, Chief Financial Officer, ccarlson@brkl.com, (617) 425-5331.

Since the peak price of $700,000 in spring 2014, Boston medallions have dropped 93% in value to $50,000.

As of December 31, 2016, MFIN reported to the SEC a portfolio value based on a Boston price of $300,000. Marking to market as of June 30, 2017 requires an 83% drop in the value of their Boston portfolio over the 6 months.

Since the peak price of $1,050,000 for an individual medallion in spring 2014, New York medallions have dropped 87% in value to $150,000.

As of December 31, 2016, MFIN reported to the SEC a portfolio value based on a New York price of $500,000. Marking to market as of June 30, 2017 requires a 72% drop in the value of their New York portfolio over the 6 months.

Since the peak price of $375,000 in spring 2014, Chicago medallions have dropped 88% in value to $45,000.

As of December 31, 2016, MFIN reported to the SEC a portfolio value based on a Chicago price of $60,000. Marking to market as of June 30, 2017 requires a 25% drop in the value of their Chicago portfolio over the 6 months.

The 10Q for the quarter ending June 30, 2017 will be published during the first week of August 2017.

The values of New York, Chicago and Boston medallions used to report the balance sheet by Andrew Murstein, MFIN management and MFIN’s Board of Directors MUST REFLECT A 70% LOWER weighted average of ACTUAL MARKET PRICES as of June 30, 2017 compared to the wildly inflated values they used for December 31, 2016.

If medallion values used to estimate the sickness of the balance sheet are not used, then Murstein and his cronies are lying to you and have committed securities fraud.

 

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