Andrew Milgram

And we think you're going to have to restructure large portions of this market.

So there's a lot of work and time that's going to go into it.

Both of those things, we and our investors are going to need to be compensated for.

so we were walking around talking to all these banks and really nobody wanted to transact with us and then god smiled on me one day a guy named gene friedman who the post used to like to call the taxi king of new york had gotten in a fight with his lender which was citibank and citibank had exercised remedies against him seized his collateral and we're going to auction it off now the auctioneer was a guy out in brooklyn that we knew and we called him up and said hey

Do you have a stocking horse bidder for these medallions?

By the way, it was 48 outright medallions, not loans, outright medallions.

I said, stocking horse bidder?

We're going to go to the airport Marriott and open outcry this.

I said, listen, call the lender up and tell him that I'll be a stocking horse.

He said, okay, what price?

Now, I gave him a price that was way, way, way below $350,000.

What price did you give him?

$150,000 per medallion.

And he said, well, they'll never do that.

But it's a free option.

I'm the backstop.

We'll do the open outcry.

We're your backstop.

So he said, okay, well, I'll call them up.

About an hour later, he called me back.