Up for Appeal

2015 September 14
by drdog09

“Any expectation that the medallion would function as a shield against the rapid technological advances of the modern world would not have been reasonable,” he wrote. “In this day and age, even with public utilities, investors must always be wary of new forms of competition arising from technological developments.”

The plaintiffs, led by four Queens credit unions who lent heavily to medallion buyers, plan to appeal.

Source

Hold the presses! Some presiding dude in a black robe
just upheld capitalism in its finest form — destructive creation. This can’t stand! check his ABA card. Could he be a Communist plant? A LaRoche follower? Some crackpot beyond his years? Strike him from the consideration to NY Supreme Court!

As to the credit unions, they chose poorly. Besides they should be ripping the cab companies to pay up and firing their loan officer(s) for not considering Uber’s intrusion in the market. Its not like it happened just last Friday.

The “catastrophe” he cited is the possible slew of loan defaults in the coming months if owners stop making payments on medallions that have plunged in value since peaking at more than $1 million and don’t generate enough income for the borrowers to repay their debts. No medallions have been sold since February, when two went for $700,000 each. A wave of foreclosure auctions could reveal that the market now considers medallions to be worth substantially less, which could trigger more defaults and auctions—a so-called death spiral.

Judge Weiss made clear that that’s not his concern. “It is not the court’s function to adjust the competing political and economic interests disturbed by the introduction of Uber-type apps,” he wrote.

Imagine if GE was in the taxi business. Immelt would have a cornary.

17 Responses leave one →
  1. 2015 September 14 6:40 am
    [1]
    bc3b permalink

    Uber must be doing well. They keep advertising for drivers on the radio.

    In cities like New York, Chicago and LA taxi medallions went for $250,000+. Until recently they were one of the best investments possible. Todaqy, not so much.

    http://www.washingtonpost.com/blogs/wonkblog/wp/2014/06/20/taxi-medallions-have-been-the-best-investment-in-america-for-years-now-uber-may-be-changing-that

    I was wondering what standards Uber had for cars – 2005 Hyundai – 144,000 miles.

  2. 2015 September 14 7:15 am
    [2]
    drdog09 permalink

    All you need to know is right here — https://www.uber.com/driver-jobs. Got CDL?

  3. 2015 September 14 10:35 am
    [3]

    “As to the credit unions, they chose poorly. ”

    Yup.

    “Melrose Credit Union, which has 78% of its loan portfolio tied to medallions”

    Who thought letting it get that high was a good idea? Nobody over the last 5 years (like the banks risk officers?) thought…hey maybe with this Uber thing breaking out we might want to try and reduce our exposure in this area some?

  4. 2015 September 14 1:28 pm
    [4]

    Another case of cops shooting first, determining actual threat level later.

    http://arstechnica.com/tech-policy/2015/09/dad-im-shot-man-with-phone-camera-shot-by-police-on-his-own-property/

    ” Sanchez’s home was searched and he was “detained briefly” for questioning, but he is not facing charges, the report said.”

    Ah yes not having found anything easy to help charge him with something they had to admit their mistake.

    “he is not facing charges” – Well you would hope not!

  5. 2015 September 14 2:18 pm
    [6]
    drdog09 permalink

    The pot boils — http://www.realclearpolitics.com/articles/2015/09/13/biden_connects_with_disaffected_voters_128066.html — Get past the Biden referendum its a decent read of voters mood.

  6. 2015 September 14 2:27 pm
    [7]
    drdog09 permalink

    4,

    Using that standard, if I held a hot dog to my mouth that could be construed as an imminent threat. I am back to this —

  7. 2015 September 14 3:13 pm
    [8]

    7 – Exactly.

    Btw same police department 3 weeks ago:
    http://www.abc10.com/story/news/local/rancho-cordova/2015/08/18/rancho-cordova-cop-mistakenly-shoots-another-cop/31959987/

    Btw residents said gave statement that said stairwell is not dimly lit and is in fact always quite brightly lit. It would appear at first glace Rancho-Cordova has some issues to address, which of course they will not.

  8. 2015 September 14 3:51 pm
    [9]
    justrand permalink

    Just got back from SoCal…and visiting JM

    SHE STILL IS WITHOUT INTERNET!! …and TV

    Yikes!

    Did I miss anything? 🙂

  9. 2015 September 14 4:08 pm
    [10]
    drdog09 permalink

    JR,

    Did JM get moved in? I have a package for her if she did.

  10. 2015 September 14 4:24 pm
    [11]
    drdog09 permalink

    You don’t need a Javelin anti-tank to defeat a Russian T90 — https://www.youtube.com/watch?v=Pdbi18Gh07g — Just a hog wallow….

    A man I respect very much passed away, Nikoli Lubov, served in the 38th red army as a tanker in the great patriotic war. A quiet unassuming fellow, who loved congac. May he rest in peace.

  11. 2015 September 14 7:53 pm
    [13]
    gnqanq permalink

    drdog – sorry for the loss. Lot of good men and women fought in that conflict for Mother Russia (Communism not so much).

    I believe that both the Russian people and American people are a lot alike. And unfortunately, we both have sucky leadership (ours sucks more).

    We are entering a world that is going to go through literal hell. Hang tough.

  12. 2015 September 14 7:59 pm
    [14]
    bc3b permalink

    JR –

    Nice uniforms the 49ers are wearing tonight. What high school did they borrow them from?

  13. 2015 September 14 8:37 pm
    [15]
    drdog09 permalink

    Thanks GN. Friend of the family. He and MIL were like brother-sister.

  14. 2015 September 16 2:45 am
    [17]

    16 – Yeah, wish it was a longer piece.

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