HVM Capital, LLC (HVM) publishes activist research on the taxicab medallion industry and capital markets, areas in which our team has decades of successful experience. In 2012, HVM reconfigured its portfolio in the belief taxi medallion prices would plummet across markets until they equated with the minimum costs of ride-share vehicles - a thesis continuing to play out as of this date.

HVM believes financial institutions holding loans collateralized by taxicab medallions face defaults across entire portfolios in 2015, potentially threatening enterprise solvency in some cases. We are not public policy or regulatory advocates, but rather observers of market dynamics and predictors of financial & capital markets implications.