About Ahead of Auction, Minimum Bid for 46 New York City Taxi Medallions Set at $165,000 Each "Credit News 24" - Taxi Medallions, Credit News 24, we has prepared this article well for you to read and retrieve information in it. Okay, happy reading.

Ahead of Auction, Minimum Bid for 46 New York City Taxi Medallions Set at $165,000 Each "Credit News 24"

The Wall Street Journal is reporting that trustee liquidating part of New York taxi mogul Evgeny “Gene” Freidman’s holdings has found a bidder offering $165,000 for each of 46 taxi medallions ahead of a planned auction.

The stalking-horse offer, which requires bankruptcy court approval, would put a floor under the medallions’ price at a public auction scheduled to take place on September 18.

Even if bids come in higher than the floor of $165,000, this will probably be bad news for credit unions holding New York City taxi medallion loans, as they will see a significant mark down in the collateral backing these loans.

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Title : Ahead of Auction, Minimum Bid for 46 New York City Taxi Medallions Set at $165,000 Each "Credit News 24"
link : Ahead of Auction, Minimum Bid for 46 New York City Taxi Medallions Set at $165,000 Each "Credit News 24"