TLCMKT News (12.01.2020): TLC Announces 2020 Honor Roll, Brooklyn Mother of 6 Was Victim of TLC Vehicle Accident, Not Everyone Is Happy with NYC Taxi Bailout Plan, Uber Completes Postmates Acquisition
Select TLCMKT news stories for Tuesday, December 1st, 2020
TLC Presents 2020 Honor Roll of Drivers, Fleets & Bases (TLC)
The 2020 Safety Honor Roll is comprised 202 drive yellow taxi drivers, 230 who drive FHV, 16 who drive green taxis, and 42 who drive commuter vans.
The TLC also recognized taxi fleets and car service bases with superior safety records, drivers who have distinguished themselves as excellent providers of accessible service to the City’s wheelchair users and drivers for service to their community.
Link to story
‘I can’t stop crying’: Friends devastated over Brooklyn Lyft crash that left mom of six clinging to life (NY Daily News)
More details are coming about around the passenger who was ejected out of the TLC vehicle that was hit by a speeding Dodge Charger yesterday.
Malka Braver is said to be in critical condition and remains unconscious. However, there is hope she will stabilize and be able to wake up soon.
“I think they’re sedating her and taking it slowly. When everything is fine, they’ll wake her up. We’re just praying and hoping that she comes out healthy really soon.” - Family Friend
Ms. Braver, the mother of six children including a 6 month old, was just around the corner from her Bedford-Stuyvesant apartment when the collision occurred. She was returning from a visit to her parents, who were experiencing symptoms from COVID-19 infections.
“[There’s] a nursing baby, waiting for his mother’s milk— just because somebody was so careless…We’re basically getting the kids ready every day in the morning, and [now] everything stops, it’s at a standstill. And the kids can’t have their mom.” - Family Friend
Link to story
Not all are hailing latest NYC taxi bailout plan (NY Post)
A New York Taxi Workers Alliance (NYTWA) bailout plan seeking to reduce medallion debt obligations by revaluing the NYC taxi medallion to $125,000 and adding a City guarantee is being criticized by some industry analysts.
Some experts believe the deal ignores the private lenders who own the debt, namely the largest holder, hedge fund Marblegate Asset Management.
Marblegate is said to own more than 4,000 medallions and leases, which were thought to have been acquired at an average price of $110,000.
“To just pick a number is absolutely ludicrous,” said Dean Barr, head of consulting at Eagle Alpha and author of a March report on the current state of taxi medallions. “If they move forward and create this so-called windfall by revaluing the medallions, they will destroy this market.”
According to Barr, lowering the value of medallions to $125,000 would severely undervalue them as assets going forward. That, in turn, could scare investors away from the sector and curb access to capital. On top of increased defaults, existing and prospective medallion owners could find it impossible to borrow money in order to buy foreclosed medallions back from the city.
“Who’s going to lend capital for people to purchase medallions? Nobody,” Barr said.
The NYTWA plan has the support of New York Attorney General Letitia James, who said her office would drop a $810 million suit filed in February accusing the City of artificially inflating the value of the medallion, if the plan is approved. NYC Mayoral candidate and City Comptroller Scott Stringer also supports the bailout.
There is another proposal called the Medallion Asset Relief Program, which was introduced in May by Bronx City Councilman and Congressman-elect Ritchie Torres. That plan valued the medallions at $250,000 vs. $125,000.
Link to story
Uber Officially Completes Postmates Acquisition (Uber)
Uber announced the official completion of its Postmates acquisition deal, which it originally announced in July. The deal valued Postmates around $2.65 billion.
Postmates will continue to operate as a standalone brand, but the driver pool of Uber Eats and Postmates maybe shared to service orders.
Both Uber and Postmates said they will jointly kick off a “regional listening exercise” across North America to understand merchant needs better.
Link to story
NYC Weather from The Weather Channel
The TLCMKT Newsletter is written by Dawood Mian, Founder & CEO of TLCMKT. I cover the NYC ridesharing industry and related news. Search TLCMKT for TLC cars, parts, service, accessories, professional services, reviews & more. Find great deals at TLCMKT.COM.