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MFIN - Medallion Financial: A 15% Yield To Maturity On Exchange Traded Notes
Medallion Financial Corp.
Medallion Financial (MFIN) is a challenged bank holding company whose legacy is traced to the financing of taxi medallions in major urban markets. The business was long a highly profitable and stable one as demand for (and prices of) medallions were both generally strong while supply was intentionally limited by local governments. However, the advent of competing rideshare services, such as Lyft (LYFT) and Uber (UBER), placed significant pressure on the owners of tax medallions and, thus, the value of the medallions themselves, drawing into question the viability of