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Hedge Fund Bets On Beaten-up New York Taxi Business

by wsj.com posted 8months ago 49 views
Hedge funds that specialize in distressed investing have been kicking the tires of the New York taxi market after prices for medallions plummeted in the face of competition from ride-hailing upstarts. Marblegate Asset Management LLC, a Greenwich, Conn., hedge-fund firm, decided to place a big bet, and over the past year or so has scooped up around 300 medallions for a total price of more than $50 million, according to people familiar with its strategy.

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