🚕📈 Marblegate Discloses Ownership and Loan Stakes in 3,800+ NYC Taxi Medallions (Part 1)
Recent SEC filing reveals Marblegate’s taxi medallion holdings as of September 30, 2024, with the firm nearing completion of plans to publicly list its NYC taxi medallion-related portfolio
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We last updated our [+] subscribers on Marblegate’s plans to publicly list its NYC taxi medallion-related holdings in early January. At the time, we noted that the investment firm had until March 31st to complete a deal.
As a reminder, Marblegate has been attempting to list its sizeable medallion-related holdings via Marblegate Acquisition Corporation (Ticker: GATE, GATE 0.00%↑ ), a publicly-traded “blank check” company, or SPAC. The idea being that Marblegate would publicly list its yellow cab assets, primarily NYC taxi medallions and medallion-backed loans, via the SPAC. It’s similar to an initial public offering (IPO), often known as “taking a company public”.
The investment firm first revealed specific intentions for its SPAC in February 2023, when it proposed a merger with the DePalma Companies. These companies primarily consist of entities holding Marblegate’s NYC taxi medallion-related investments but also include medallion assets in Chicago, Philadelphia, Miami, and Newark, which are not considered to hold significant value.
According to SPAC Insider, referencing an article published in the Credit Union Times, when Marblegate was initially buying distressed taxi medallions and medallion loans it did so via LLCs named after characters of the popular sitcom Taxi that aired in the late 1970s and early 1980s. Louie De Palma, played by award winning actor Danny DeVito, is the head dispatcher of the fictional Sunshine Cab Company.
With all signs pointing to the approval of a deal—formally known as the Business Combination Agreement (BCA)—this coming Tuesday (March 25th), we now have more insight into the size of Marblegate’s NYC taxi medallion portfolio, related businesses, shareholders and overall investment thesis. If all goes according to plan, Marblegate’s taxi medallion-related holdings will begin trading on Nasdaq within weeks.
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Summary of DePalma, Marblegate, and NYC Taxi Medallion Portfolio
Marblegate’s holdings are best understood through two entities—DePalma I and DePalma II—collectively known as the DePalma Companies.
Before we begin, if you’d like to access Marblegate’s prospectus directly, click here (under Marblegate Capital Corp). We summarize the 651-page PDF in Part 1 (below) and Part 2 (to be published in the coming days).
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