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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.

HVM’s publications provided herein are for information purposes only. It should not be seen as a recommendation to buy or sell securities, or to take or refrain from taking any other action. All statements of fact contained in HVM’s publications were obtained from publicly available sources, are provided “as is” without any warranty, express or implied. The authors neither guarantee nor represent the completeness or accuracy of such information or statements. All statements of opinion represent the authors’ personal views. The authors of this publication and their affiliates may from time to time have short or long positions in, act as principal in, and buy or sell, the securities.