Taxi Mogul Blames Uber for Bankruptcy Filing
Evgeny Freidman Files Bankruptcy - He Cannot Compete Against Uber

Uber Blamed by Taxi Mogul, Evgeny Freidman, For Bankruptcy Filing

Uber has been fighting taxi companies and regulations all over the country. Now a New York City taxi mogul had to run to a bankruptcy lawyer for help. The result was a bankruptcy filing. The mogul blames Uber.

Evgeny Freidman, Taxi Mogul, asked NYC for a Bailout – REFUSED!
After seeking a bailout form the city, the city flatly refused.

After New York City Turned Mr. Freidman Down, He Filed for Bankruptcy

On Wednesday, a bankruptcy case was filed that will place many of Evgeny Freidman taxi medallion-owning companies into bankruptcy. Medallions are the licenses New York City requires to operate taxicabs throughout the city. These medallions used to be worth millions of dollars.

Uber causes Market Disruption in the Taxi Industry

Things started to change in 2013. The rise of Uber and services like Uber have hurt the taxi industry. Mr. Friedman and his taxi empire have felt the pinch. Citibank has attempted to foreclose on 46 medallions owned by his companies when he was unable to repay loans. Mr. Friedman sees ulterior motives by the bank. He feels the foreclosure was because the bank wants to develop a close relationship with the fast growing Uber. The bank simply states the loans were not repaid and the bank now has a right to foreclose.

No one is certain what the medallions are worth anymore

The rise of Uber has put the future of the entire taxi industry in doubt. Until the city finalizes the regulations Uber will have to deal with to operate in New York City, the true value of the medallions is in doubt. Mr. Friedman is confident the value of the medallions will rise in the future. To protect their value he had only one decision to make. Visit a local bankruptcy lawyer. Stop the foreclosure. Emerge from bankruptcy with a fresh start and his business intact. If the medallions do rise in value, Mr. Friedman feels the bankruptcy filing will protect the taxi empire he has built.

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