Preliminary auction reports indicate 7 NYC taxi medallions were sold for ~$175k, with Marblegate itself potentially purchasing a few. Recent cash transactions tell a different story though
Seeing as Marblegate needed relatively higher medallion prices ($175k and above) in order to justify their lofty firm valuation, I would say today’s auction was a sham, especially if they bought their own (???) medallions to prop up the bids. I have much more confidence in the cash market prices as those are the spot prices, so $110k to $130k (depending on type) is it for me. Yes, I could see financing bumping the price a little higher but not by 35-60% higher at the $175k valuation. Imagine trying to buy a house for $500k cash or $750k if you finance. Makes no sense.
The the first ruling by Judge Weiss was Uber is legal because it's pre-arranged. On appeal, the same judge literally claimed Uber is legal because (quote) "it is an 'immediate livery' for people who have NOT pre-arranged a ride." He invented that term. It means it's a taxi, and it means Uber is 'legal' on both sides of the law.
Seeing as Marblegate needed relatively higher medallion prices ($175k and above) in order to justify their lofty firm valuation, I would say today’s auction was a sham, especially if they bought their own (???) medallions to prop up the bids. I have much more confidence in the cash market prices as those are the spot prices, so $110k to $130k (depending on type) is it for me. Yes, I could see financing bumping the price a little higher but not by 35-60% higher at the $175k valuation. Imagine trying to buy a house for $500k cash or $750k if you finance. Makes no sense.
Give me a break , the author is patronizing, we know what your doing
The the first ruling by Judge Weiss was Uber is legal because it's pre-arranged. On appeal, the same judge literally claimed Uber is legal because (quote) "it is an 'immediate livery' for people who have NOT pre-arranged a ride." He invented that term. It means it's a taxi, and it means Uber is 'legal' on both sides of the law.
Weiss was a last minute replacement.
TLC transfer data for Sept is out.
Eight medallions transferred at or above $175k. Not sure what “alt-fuel” does to the price. 26 others mostly at and around $120k.
I think your estimate of $175k for financed, $120k all-cash seems reasonable.