Andrew Milgram

that we needed to bring to bear resources.

Now, there are some great firms out there, FTI, Alvarez, Alex Partners, that specialize in doing that.

Again, particularly on behalf of the portfolio investors who are more traders in this space than investors.

But A, those firms are large, they have large cost structures, and they're generally more than a middle market firm can bear.

My partner, Paul, came into my office and said, I'm talking to a bank who wants to sell some loans against New York City taxi medallions.

And I said, that is the worst idea I've ever heard.

And he said, okay.

And we went about our way.

A few weeks later, he came back to my office and said, I just spoke to that same bank again.

And they want to know if we'd be willing to look at those loans against taxi medallions.

Remains the worst idea I've ever heard.

This is peak Uber ascension.

Exactly.

It was 2016.

And so Uber had come to New York in 2015 in a big way and had made a huge push into the market through 15 and 16.

They were subsidizing every ride.

And the real problem, by the way, this is super interesting.

There was this perception that they were taking riders away from taxis, and that was not at all the case.

The data was super clear.

They were expanding point to point car service in New York.