Gene Friedman of Taxi Club Management Responds to NY Post

Gene FriedmanThis is a statement from Gene Friedman of the Taxi Club Managment in response to an article published today in NY Post.

“Mr. Freidman is one of the largest taxi fleet owner and operators in the United States, and has countless banking relationships and impeccable credit. It is unfortunate that Citibank has chosen this path as the result of a payment which arrived two days late. This story is about a bank choosing to bail when industries change, and not about financial stability.

The parties have negotiated for many months, and comes as the result of balloon payments being due. Mr. Freidman is long on the record as saying that app-sharing companies have enhanced the cab experience. Uber has increased our importance, and has done great things for the entire taxi industry.

One wonders, if Uber is worth $44 Billion, how much is Mr. Freidman’s fleet worth if he has thousands of cabs and drivers nationwide? It surely does not create Billions to create an app,” noted Ronn Torossian, a spokesman for Mr. Freidman.

“Change has been very good for the taxicab industry, yet mega-banks like Citibank have been unable to move quick enough and adjust to that change when it comes to this industry. We believe that the essence of this story is that Citibank made a decision that it simply does not want to be in the medallion industry any longer.

As part of that decision, we believe that this bank desired to disengage from Mr. Freidman, and to create banking difficulties for him. We very much await our day in court,” noted Brett Berman, a partner at Fox Rothschild, LLP, an Attorney for Mr. Freidman. Fox Rothschild LLP, a national law firm with over 600 attorneys, is representing Mr. Freidman in the actions brought by Citibank.

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