Uber Technologies Inc. was dealt a big setback in a San Francisco court Tuesday, and the ramifications may be felt across the United States by companies leveraging an on-demand workforce.
But don’t expect the ride-hailing service to give in easily.
U.S. District Court Judge Edward Chen in the Northern District of California ruled that a lawsuit by Uber drivers who contend they are employees, not independent contractors, can go forward as a class action. The lawsuit, in which four Uber drivers sought to be reimbursed for expenses incurred while driving for the company, can now represent about 160,000 drivers for UberBlack, UberX and UberSUV.
In his 68-page ruling, Judge Chen said that granting class-action status does not reflect the eventual merit of the drivers’ claims, but added that he “is not currently convinced the plaintiffs have established adequacy with respect to their expense reimbursement claim.”
MFC through several wholly-owned subsidiaries (together, Medallion Chicago), purchased $8,689,000 of City of Chicago taxicab medallions out of foreclosure, which are leased to fleet operators while being held for sale. The 159 medallions are carried at a fair value of $39,451,000 on the consolidated balance sheet at June 30, 2015, compared to $47,502,000 and $49,452,000 at December 31, 2014 and June 30, 2014, and are considered non-qualifying assets under the 1940 Act.
How they say they are increasing the buyback to $26M then turn around days later and say they are selling stock?
I might have sold were it not for news of the increased buyback. No, I would have sold in fact.
that just means they can't issue stock at say $5 when the price is $7. Big whoop
Why would they say they were buying back they say they are selling stock? We were lied to
the only positive thing they could do with $100M is buy up Medallions at severely distressed prices and clear the market. I would be for that. If $150K is the Chicago price, buy them all
they rolled out a new version of their hardware and it had some issues. they haven't lost any customers. FYI - CAT is one of their customers, CAMP is not the sole provider. they have a fix and it can be installed over the air.
I have suggested they change the ticker to SUBP because in essence, they are a sub-prime bank.
Those stock sales were back in March. Not sure how relevant that is.
what? They are going to sell stock in order to buy back stock?
$100M at these share prices is massive dilution. If it's debt, then I am ok with it.
congrats. You just described what the IDSY VMS does and has done for 20 years. IDSY can't make a business of it. This PR is nothing short of hype
write downs are non-cash. It's a book entry
If they are that concerned, why don't they buy 5 Chicago Medallions at $300K each on the last day of the quarter and then write up?