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Linn Energy, LLC Message Board

navkram 75 posts  |  Last Activity: Jul 30, 2015 10:48 AM Member since: Sep 3, 1999
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  • Reply to

    Uber propaganda

    by michaelsimon_132 May 4, 2015 8:12 PM
    navkram navkram May 5, 2015 2:16 PM Flag

    Beyond the unique taxi regulations, Uber does not collect or or pay any of their drivers taxes. When a driver moves from taxi to uber the government loses a pile of money/day. This same BS is being overturned in other industries, it is a mater of time until uber falls. The new NYC regulations will require rides be documented. From there the tax man will start chasing down the taxes they are owed and uber drivers will realize that they are not making minimum wage.

  • navkram navkram May 5, 2015 2:36 PM Flag

    You do realize that the guy claiming to make lots of money from uber IS PAID $1000 BY UBER FOR EACH DRIVER HE CAN SIGN! All I can say is don't go into debt buying a car for uber because they will screw you.

  • Reply to

    Visited Taxi Medallion Financial Today in NYC

    by uggs8788 May 5, 2015 5:47 PM
    navkram navkram May 6, 2015 11:32 AM Flag

    Your numbers don't add up. If you are paying $3650/mo on $680k at 4% you are paying down principal at a $16-17k/yr clip. Is this a corporate medallion? If so you could rent it when you are not using it and about cover the payment. If it is personal, not corporate then $750k is near peak price -not some good deal. If it is corporate and you rent it while you don't use it the economics look quite good. I am surprised you don't even need 10% down. That tells me it has been a long time since TAXI made any such loans.

    The three year balloon is scary but it is why the interest rate is low for the risk. You could get a variable rate long term loan for more or a fixed rate for a lot more.

    What you are finding is that you don't like the return/risk of being a medallion owner, and that medallion lending looks more profitable for less work.

  • Reply to

    Who knows the outcome?

    by michaelsimon_132 May 6, 2015 8:29 PM
    navkram navkram May 7, 2015 11:47 AM Flag

    There is a lawsuit -I think by medallion owners against TLC that basically charges them with fraudulently selling license then suddenly not enforcing. I don't know when it will be tried but it makes sense that medallions were required when cell phones were used by voice and by text -what's the difference with an app?

    There are new rules by the TLC that add regulation to apps and drivers of all services -they sort of add some of the extra costs that taxis pay to all cars -explicitly apps. One of the big requirements that the rule adds is documenting and reporting all rides. Uber is fighting this like crazy because it will show they facilitate breaking many rules and avoiding taxes. The documentation can then be used to charge them en mass after the fact.

    I don't know what the TLC will do but a few things stand out
    1 TLC is denying that there is any damage to the taxi business. Medallion price is not their problem. They seem to like that taxis have competition.
    2 They know and acknowledge that taxis are by far the most regulated public transport. If follows that letting taxis be drown by unregulated services would destroy all that they have done over a century. There are serious public hazards if taxis are lost in favor of ride apps. -apps discriminate against riders, apps don't provide for handicap access, apps are under-insured , apps don't have maintenance regulations....

    So it appears that TLC in the short term will go about adding regulation to the apps, and if there is significant damage to taxi availability, they will enforce the monopoly they promised "for the public good"

  • Reply to

    Philly medallion auction clears at $80K

    by equityval May 6, 2015 10:18 PM
    navkram navkram May 7, 2015 12:02 PM Flag

    The profit of these taxis is squeezed to say the least. They are required to service difficult and fragile customers for the same rate as common taxis. This is part regulations that requires cities to provide handicap access.

    This is a great example of why taxis are regulated and why cities are failing their residents when they don't enforce those regulations.

  • Reply to

    Philly medallion auction clears at $80K

    by equityval May 6, 2015 10:18 PM
    navkram navkram May 7, 2015 2:01 PM Flag

    If TLC is not going to enforce medallion rights then then handicap taxis will be the only ones with a sure market and the fares will rise dramatically because the city requires the access and there would be no regular taxis to dilute the cost.

    The same thing is happening in housing -the city requires a percentage of new housing be "affordable" and everyone that gets their hands on cheap housing turns around and rents it out for a big profit!

  • Reply to

    Who knows the outcome?

    by michaelsimon_132 May 6, 2015 8:29 PM
    navkram navkram May 7, 2015 2:05 PM Flag

    And the history of rides the TLC is requiring will document violations. When the fines are applied Uber will blame the drivers and stick them with all the liability and expensive car loans.

  • Reply to

    Visited Taxi Medallion Financial Today in NYC

    by uggs8788 May 5, 2015 5:47 PM
    navkram navkram May 7, 2015 3:17 PM Flag

    if you are cheating the city, why pay Uber? Drive for Uber a little bit and get the customers to text you when they want a ride. I would be very afraid of not paying the city what they require, but why pay Uber? They will #$%$ every chance they get!

    I suspect any day now there will be a new peer to peer app that saves the 20% and Uber BS. Uner is for chumps!

  • Reply to

    Philly medallion auction clears at $80K

    by equityval May 6, 2015 10:18 PM
    navkram navkram May 8, 2015 10:13 AM Flag

    It should be a wake-up call to cities that they can't regulate an industry to death while they ignore cheaters. The taxi commissions have lost their authority and now need to explain why anyone should listen to them.

  • Reply to

    new article on uber

    by davidfreilichesq May 9, 2015 11:51 AM
    navkram navkram May 11, 2015 1:37 PM Flag

    I recently saw another article comparing the cost of an uber ride compared to taxis in many US cities. I was surprised that NYC was not one of the cities that uber was cheaper in. And this is all before the new regulations that will make uber rides pay some of the same fees that taxis do ~2 to $2.50/ride.

  • Reply to

    Is TAXI a BDC?

    by financekid299 May 13, 2015 9:57 AM
    navkram navkram May 13, 2015 10:02 AM Flag

    TAXI is a BDC and a finance company. They are required to return 90% or more of profits to maintain their tax status -no tax at corp level.

  • Reply to

    Medallion ridership up in NYC!!!

    by michaelsimon_132 May 13, 2015 6:48 AM
    navkram navkram May 13, 2015 10:20 AM Flag

    The TLC has been letting UBER slide BECAUSE taxi rides are not dropping off. Revenue from taxis appear to be healthy. The 'battle' at the moment is for drivers. Uber is trying to get drivers to go into high cost debt to buy luxury cars and SUVs that they will have to work like slaves to pay off at the sub minimum wage uber pays (after taxes and fees). There are new regulations and fees coming soon from the TLC that will cut uber profit. All bets are that they will screw their drivers some more. It is just a mater of time before the drivers figure out they are not making any headway against depreciation and opt for higher paying service jobs as fast as they can say "would you like fries with that?".

  • Reply to

    short interest is 2.45M shares, 10% of all shares

    by dbtunr May 12, 2015 3:46 PM
    navkram navkram May 13, 2015 10:29 AM Flag

    EXACTLY!

  • Reply to

    Up on big volume

    by randomnumber989 May 11, 2015 3:25 PM
    navkram navkram May 13, 2015 10:36 AM Flag

    The surprise is that there is not selling pressure post ex-div. Could the big shorts have learned their lesson? Are we left with the stupid little shorts? "does Wayne Brady need to chokabitch?"

  • Reply to

    Chicago Medallions

    by financekid299 May 13, 2015 11:06 AM
    navkram navkram May 13, 2015 12:53 PM Flag

    I am pretty sure Chicago is less than 20% of taxi medallion biz. And medallion lending is only 10% of TAXI biz.

    That said, Chicago is the home of "pay to play". I would expect that uber will spend a significant part of their latest share sale buying off regulators. I don't see any change until uber stops paying or the Feds put the local politicians in jail for the bribes. The sad part is that the city desperately needs money but it continues to pay regulators that are not enforcing regulations and not collecting any revenue.

  • navkram navkram May 14, 2015 10:43 AM Flag

    This is what I have been saying and posting for nearly a year. I am so pleased that it has finally come to the attention of some major media outlet -though not a major commercial media player that can be bought.

    The situation is likely worse than they know because these drivers can't understand all of the taxes they owe as an "independent contractor". Are they paying FICA? Unemployment insurance? Obama care?

    My advice to anyone in this situation is to get their affairs in order (get any loans you need for the next 5 years at fixed rate) and walk away -turn the care over. The car depreciation is way under water and the interest rate is abusive. Get a real job where the employer takes the risks and finances it at far better rates. If you can drive a legal taxi the pay is better and the risks are far less.

    Hopefully NPR will give some consideration to the social cost of losing regulated taxis. We are far from it but it is a chilling prospect that city transport could depend on uber #$%$.

  • Reply to

    NEW BUYER HERE. I'm in as I like what I see.

    by deepsea21 May 10, 2015 6:03 PM
    navkram navkram May 14, 2015 10:54 AM Flag

    In the US tort system getting rapped in an uber cab could be the most profitable sex of all time if the lawyer can link it back to ubers billions.

  • Reply to

    TAXI financial not in reality

    by uggs8788 May 15, 2015 6:40 PM
    navkram navkram May 18, 2015 10:11 AM Flag

    From the numbers you have given it makes perfect sense to hold and rent the medallion and no sense to drop their price. The cash flow from renting it is far higher than they were getting from the loan so what is the hurry?

    The theory that they are hiding something is ridiculous. If they foreclosed on a medallion, or any property for that mater it will be disclosed in the financials. That is why we have accounting standards.

    If they have a foreclosed medallion they can rent it for more money than they were getting from the loan but as long as they do their balance sheet will show the higher risk to go with the higher return.

  • Reply to

    The medallion is not worthless

    by uggs8788 May 16, 2015 12:42 PM
    navkram navkram May 18, 2015 10:22 AM Flag

    EXACTLY! Taxis are the most highly regulated public transport in the city. The "ride of last resort". Does anyone think the TLC is going to let it go and leave the city at the mercy of some unregulated monopoly?

    The first step is already in process. The new rules will require all ride shares to report the details of every ride they charge for. This will give the TLC the data they need to justify new regulations and all they need to enforce them.

  • Reply to

    D Day for Gene Friedman

    by equityval May 18, 2015 10:37 PM
    navkram navkram May 20, 2015 3:28 PM Flag

    The TLC is not enforcing medallion rights that have been paid for. They do not want to crack down on popular ride share (political burden) and they justify their inaction by the continued profitable operation of taxis. Without enforcement there is a buyer strike -Why pay to be regulated?

    With no market price support lenders are asking for greater compensation for the greater risk. The medallion owners see lower profit and higher risk -so they are making the case that the TLC IS destroying the market by not enforcing and they want the point to be made BEFORE they give up all their equity, not after. Medallions are still earning about the same as they always have but who will buy with no enforcement?

    A bigger question is who needs regulators that don't regulate? The city will lose billions in taxes, fees and sales. The least they can do is cut their losses and fire the TLC staff. Or maybe the TLC will see their fate and start regulating uber like they have been doing to taxis for the past century.

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