There is no argument to estimate the market value of a Boston taxi medallion to be greater than $72,000 as of March 31, 2018.
With two sales at $50,000, the market value could credibly be set at $50,000.
Below are the average Boston medallion transfer prices that appear to be arm’s length at maximum. A significant number may not be arm’s length.
| Q1 2017 | $95,500 |
| Q2 2017 | $76,667 |
| Q3 2017 | $78,792 |
| Q4 2017 | $70,615 |
| Calendar 2017 | $75,483 |
| Q1 2018 | $71,667 |
See the complete list of the 64 Boston medallion transfers between January 1, 2017 through March 31, 2018 way down below.
Will Andrew Murstein continue to use fantasy exit prices in New York, Chicago and Boston for evaluating his loan portfolio as of March 31, 2018 in the upcoming 10Q?
The FASB Fair Value Measurement (Topic 820) method is very clear. Murstein must use the exit price as determined by the market, not some estimate dreamed up by a crony “valuation firm.”
820-10-35-9A:
“Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market conditions (that is, an exit price)”
If Murstein continues to use falsely inflated exit prices to value the Q1 2018 balance sheet, is he guilty of securities fraud?
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| The following are the new owners of each medallion transferred since January 1, 2017 as of March 31, 2018. | |||||
| Medallion Number | Corporation Name | Last Name | First name | Transaction Date | Transfer Price |
| 1508 | BU TAXI INC | SALGAN | ALBERT | 2/17/17 | $445,143 |
| 474 | SAMUEL AND ISIAH CAB INC | VAVAL | DIEUSEUL | 1/12/17 | $380,000 |
| 840 | DANIEL W.A.TAXI INC | CERA | JEAN WESNER | 1/12/17 | $380,000 |
| 1044 | BEN BEN CAB INC | JEAN JULES | REMY | 2/17/17 | $380,000 |
| 1162 | A.M.P. CHERY, INC. | CHERY | PHILIPPE | 2/17/17 | $380,000 |
| 1454 | D NICE TAXI INC | SANON | DONALD | 2/28/17 | $380,000 |
| 1035 | ROUSSEL CAB INC | ROUSSEL | HUGUE | 5/1/17 | $380,000 |
| 1467 | GEMINI CAB INC | LABOSSIERE | JEAN | 5/16/17 | $380,000 |
| 1612 | RIDERWAY CAB INC | STEVENSON | DESIRE | 7/24/17 | $380,000 |
| 1347 | ST VIL CAB INC | STVIL | HITLER | 8/15/17 | $380,000 |
| 897 | WIDFREECA CAB INC | ODNE | JEAN | 8/18/17 | $380,000 |
| 402 | LYRIQ CORP | LERICK | FRIDNEL | 8/31/17 | $380,000 |
| 1652 | FRANCO BARESI INC | JOSMA | LUCIEN | 1/12/17 | $351,940 |
| 1678 | WARRIOR TAXI INC | GAROFALO | LINDA | 4/5/17 | $350,000 |
| 1300 | MICHAEL JOJO CAB INC | GARGANO | ERMINIO | 10/25/17 | $325,000 |
| 320 | FUNG KYI TAXI INC | KYI | FUNG MUI LI | 5/1/17 | $320,000 |
| 1691 | MLJ TAXI INC | GAROFALO | LINDA | 6/22/17 | $310,000 |
| 678 | LOUIS JACQUES FAMILY TAXI | LOUIS-JACQUES | PIERRE | 6/14/17 | $292,000 |
| 1716 | GLADSTONE TAXI CORP | JURE | JEAN FANFAN | 10/11/17 | $292,000 |
| 1596 | JULIO TRANSPORTATION INC | MOMPLAISIR | JULIO | 8/21/17 | $240,000 |
| 902 | BAMKEL INC | KHAN | AMIR | 1/4/17 | $225,000 |
| 98 | ST TALA INC | DUMERANT | PIERRE | 12/13/17 | $225,000 |
| 394 | SIMON CAB INC | PYRONNEAU | MAURICE | 3/6/18 | $225,000 |
| 1806 | KIMBERLY CAB INC | MICHEL | DANIEL | 3/29/17 | $200,000 |
| 147 | FERRY CAB INC | DAUPHIN | MAURICE | 12/1/17 | $200,000 |
| 1661 | TAINA INC | HORATIUS | ANTONIO | 2/1/18 | $200,000 |
| 225 | LOUIS FAMILY TAXI INC | LOUIS | JEAN | 2/2/18 | $200,000 |
| 1489 | PERU ROSAS CAB INC | ROSAS | RENE | 1/11/18 | $180,000 |
| 1824 | ZCJ CAB INC | PAUL | MARIO | 8/31/17 | $165,000 |
| 1195 | K AND Y BROTHERS INC | KHALID | MOHAMMAD | 4/6/17 | $105,000 |
| 1479 | ALL STATE TAXI INC | KADDURA | MONEER | 1/27/17 | $95,500 |
| 591 | BEN AND ROSE INC | VERNET | BENITO | 8/11/17 | $95,000 |
| 1307 | OHM CAB INC | PABLA | GURDEEP | 7/20/17 | $85,000 |
| 1516 | AMREEN CAB INC | GJUMAN | KOMAL | 7/20/17 | $85,000 |
| 501 | KAP CAB INC | MANNAN | MANOJ | 9/25/17 | $85,000 |
| 1096 | VA ONE TRANS INC | CHIBANE | OMAR | 9/28/17 | $85,000 |
| 1408 | JHL CAB INC | JIANG | YANLIN | 9/22/17 | $83,000 |
| 473 | GABI ESCU TAXI INC | DUMITRESCU | GABRIELA | 8/22/17 | $80,000 |
| 140 | MOM & DAD INC | JULCE | KESHIA | 9/22/17 | $80,000 |
| 307 | YALTA INC | LAINER | NATALIA | 11/7/17 | $80,000 |
| 1449 | KAREN AND RODSON CAB INC. | ULYSSE | JEAN | 12/22/17 | $80,000 |
| 677 | GARD TRANS INC | FERRANTE | ANNMARIA | 11/30/17 | $78,000 |
| 1315 | L AND Z SERVICE INC | ZHU | STEVEN | 6/15/17 | $75,000 |
| 482 | HOLY NAME TAXI, INC. | NASR | ANDRE & KAMIL | 9/25/17 | $75,000 |
| 1073 | LE ROSEAU INC | THENOR | MICHELET | 10/2/17 | $75,000 |
| 1640 | AMAZING GOD CAB INC. | ALSAINDOR | CARL | 10/6/17 | $75,000 |
| 1580 | DON AND ASH INC | JAVINER | ASHLEY | 11/3/17 | $75,000 |
| 760 | I. C. TAXI INC | JAVINER | ASHLEY | 1/16/18 | $75,000 |
| 103 | JULCE FAMILY INC | JULCE | MICHAEL | 2/28/18 | $75,000 |
| 454 | RENAISSANCE CAB INC | FRITZNEL | GUERRIER | 3/9/18 | $75,000 |
| 1439 | SARAH JANE CAB INC. | ZADAKI | KARIM | 9/25/17 | $72,500 |
| 1034 | OUMI AICHA CAB INC | ZAKAKI | KARIM | 10/2/17 | $72,500 |
| 1440 | BOU AYAD CAB INC | ZADAKI | KARIM | 10/2/17 | $72,500 |
| 414 | MOAID CAB INC | SALLAT | RABAA | 9/22/17 | $70,000 |
| 1077 | INGRID CAB INC | ORISMA | MARCAUREL | 1/24/18 | $70,000 |
| 1376 | BIFA TRANS INC | ELHAJI | MOHAMED | 3/29/18 | $70,000 |
| 155 | MAJHA INC | SINGH | NAVJIT | 12/20/17 | $65,000 |
| 744 | AKAAL CAB INC | SINGH | AMARPREET | 12/20/17 | $65,000 |
| 352 | BEN NY TAXI INC | ASGDOM | BENYAM | 2/13/18 | $65,000 |
| 114 | ALEX TAXI, INC | VORONOV | GARY | 10/17/17 | $60,000 |
| 291 | ALEX TAXI, INC. | VORONOV | GARY | 10/17/17 | $60,000 |
| 1330 | WOODSIDE TAXI INC | VORONOV | GARY | 11/28/17 | $60,000 |
| 711 | JATT CAB INC | SINGH | NAVJIT | 5/16/17 | $50,000 |
| 1124 | RVF CAB INC | FORZIATI | RICHARD | 9/15/17 | $50,000 |
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