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Medallion Financial Corp. (TAXI) Message Board

toe_49 3 posts  |  Last Activity: Jan 8, 2015 8:23 PM Member since: Mar 30, 2000
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  • Reply to

    Chicago medallions

    by dbtunr Jan 8, 2015 3:08 PM
    toe_49 toe_49 Jan 8, 2015 8:23 PM Flag

    Are you mixing apples and oranges? They purchased the Chicago Medallions--they are an asset carried at $48 million. Does the Company own other medallions as assets or are the other medallion-ish assets actually loans on medallion purchases by others? The "loans" to other purchasers of Medallions across the country generate interest income that contributes to the total earnings of the Company and the earnings from these medallion loans represents 20% of total Company earnings. Earnings from the ownership of the Chicago medallions is generated from lease income on these owned medallions--not sure whether the net earnings from these leased medallions is part of the quoted 20%, it likely is. A question I have concerns the balance sheet: the medallions were purchased for $8 million and carried at $48 million. I'm no accountant but it seems that the book value of the Company has been enhanced by $40 million through this purchase transaction--quite a pick-up!! In the event that the value of the Chicago medallions becomes impaired (not saying that is necessarily likely) I would suspect that the book value could take a hit to the extent of the impairment. I am very "long" TAXI but I am a bit concerned that a significant portion of the carried book value of the Company emanates from the Chicago medallions purchase.

  • Reply to


    by questor_2001 Nov 6, 2014 4:02 PM
    toe_49 toe_49 Nov 11, 2014 10:09 AM Flag

    Make that "prospectus". Where's my coffee?

  • Reply to


    by questor_2001 Nov 6, 2014 4:02 PM
    toe_49 toe_49 Nov 11, 2014 10:06 AM Flag

    The .1717 dividend is exactly as presented in the prospective. This first payment is pro-rated to reflect the shortened quarter.

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