Author Topic: MFIN - Medallion Financial Corp.  (Read 21268 times)

Schwab711

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Re: MFIN - Medallion Financial Corp.
« Reply #50 on: November 07, 2016, 08:27:33 AM »
It's probably not a good sign when a lending institution doesn't understand fractions.


permabear

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Re: MFIN - Medallion Financial Corp.
« Reply #51 on: November 10, 2016, 10:28:13 AM »
Hahah, they just did it again. Q3 2016 three months total return of... drumroll please.....
Negative 168%!

Schwab711

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Re: MFIN - Medallion Financial Corp.
« Reply #52 on: November 10, 2016, 10:55:34 AM »
Haha that's so great. Medallion Bank written up again despite the cut in dividends and continued acceleration of medallion NPLs (28.6% for reported medallion loans). If this is representative, they are insolvent.

This is almost always step 1 to losing a lot of money ignorantly or purposefully. The puts are implying a likelihood of no refinancing that is concerning for a bank holding company. I hope this is resolved by the market before the FDIC steps in. Good luck on your short. I wish I had the stones to short this here.

There will likely be fiduciary charges before all is said and done.

permabear

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Re: MFIN - Medallion Financial Corp.
« Reply #53 on: November 10, 2016, 01:46:32 PM »
@Schwab711 Cheers! Keep an eye on this one, it is going to be interesting. They just defaulted on a $9m loan secured by Chicago medallions in October (no disclosure when it happened, just reported it in their Q released today), they are trying to amend/extend +1 year a similar loan for $14m due this month and their revolving line of credit (used exclusively to initiate/buy medallion loans) in the amount of $108m is due in December.

permabear

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Re: MFIN - Medallion Financial Corp.
« Reply #54 on: November 10, 2016, 03:37:53 PM »
I hope this is resolved by the market before the FDIC steps in.

Look what I found buried in the Risk Factors section of the latest Q... looks like FDIC is already involved here

"As a regulated entity, Medallion Bank is subject to periodic routine examination from its regulators. Medallion Bank is currently undergoing such an examination, and while the final results of the examination are unknown at this time, it is possible that the regulators could require additional loan loss reserves or other financial adjustments at the Bank. While this would be, if it occurs at all, a subsequent event to our current regulatory filings, it is possible that the regulators could require the Bank to record any adjustment as a restatement of the Bank’s previously filed regulatory reports, resulting in certain of the supplemental Medallion Bank disclosures in this Form 10-Q to differ from the adjusted numbers. The Company would assess as appropriate any such restatement to the Bank’s regulatory reports and its effect, if any, on the carrying value of Medallion Bank, and if there is no material change on the carrying value there would be no change required in the Form 10-Q."

permabear

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Re: MFIN - Medallion Financial Corp.
« Reply #55 on: November 17, 2016, 07:35:15 PM »

permabear

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Re: MFIN - Medallion Financial Corp.
« Reply #56 on: November 17, 2016, 07:35:46 PM »

permabear

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Re: MFIN - Medallion Financial Corp.
« Reply #57 on: January 28, 2017, 06:17:47 AM »
A few articles to get you up to speed on the MFIN (fka TAXI) situation.

The first one is a winding tale of how the company hired a NYC fashion model to head investor relations, and post highly promotional articles on Huffington Post and comments on Seeking Alpha and Yahoo Finance under a pseudonym. The article highlights this is a potential securities law violation; it is also just plain stupid. Enjoy!






Junto

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Re: MFIN - Medallion Financial Corp.
« Reply #58 on: August 09, 2018, 07:49:10 PM »
It's been a long haul on this investment but some positive momentum here lately.  Still long and expecting to ride this higher as the consumer loan profits cover the medallion losses.

petec

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Re: MFIN - Medallion Financial Corp.
« Reply #59 on: August 10, 2018, 01:17:28 PM »
It's been a long haul on this investment but some positive momentum here lately.  Still long and expecting to ride this higher as the consumer loan profits cover the medallion losses.

Do you believe book value is sound here?

EDIT: I’ll rephrase that. Do you have an estimate of what BV will be on Monday when the first set of post-reorg figures are out?
« Last Edit: August 11, 2018, 05:29:27 AM by petec »