Milgram: Marblegate bought 46 NYC taxi medallions at Citibank foreclosure auction
Andrew Milgram · Andrew Milgram – Mid-Market Distressed Investing at Marblegate (Manager Meetings EP.29) · Apr 21, 2022 · at 38:11
Andrew Milgram, Managing Partner and CIO of Marblegate Asset Management, describes how Marblegate originated and executed its first distressed investment in NYC taxi medallions.
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“Our first purchase was of outright medallions and literally found out about it by doing what any good distress guy does. I opened the wall street journal and I immediately turned to the distress guy sporting pages, which are the foreclosure notices in the back. And there was a foreclosure notice for 46 medallions being auctioned on behalf of Citibank. And it was an auctioneer we knew and called him up and said, hey, Citibank want a stocking horse bid? And we negotiated back and forth quickly with Citibank and ended up buying 46 medallions in an open outcry auction at the airport Marriott at LaGuardia. For certain, I was the only investment manager there, and I will tell you that there were a lot of cab drivers who were looking to get a good deal on the medallions there to bid, and we got we were able to buy all of them.”
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