UP TO 46 NYC TAXI MEDALLIONS ON THE BANKRUPTCY AUCTION BLOCK

Minimum of 5 Medallions Will Be Sold

(Islandia, NY) August 9, 2017- Maltz Auctions announced it will auction up to forty-six NYC taxi medallions in September, 2017. Gregory Messer, Esq., was appointed as Chapter 7 Trustee for the Debtors’ jointly administered bankruptcy estates of Hypnotic Taxi LLC et al.  Each Debtor entity owns two or three Medallions for an aggregate of 46 Medallions (34 non-restricted Medallions, 6 alternative fuel/hybrid Medallions and 6 handicap Medallions) issued by the New York City Taxi and Limousine Commission (TLC). Messer has the authority to sell up to 46 Medallions, with a minimum of five Medallions being sold in this auction. Gregory Messer, as Trustee, is represented by LaMonica Herbst & Maniscalco, LLP.

This is a two-step bidding process.  Step one: Submit binding, sealed bids, which are due Monday, September 11, 2017, before 1 pm. Step two: Top seven highest or best multiple medallion bids “Bulk Bids” as well as the top twenty-five highest or best individual medallion bids “Individual Bids” will be invited to bid at the live auction scheduled for Monday, September 18, 2017 at New York LaGuardia Marriott Hotel, 102-05 Ditmars Boulevard, East Elmhurst, NY 11369.

“This is a rare opportunity to purchase highly coveted NYC Taxi Medallions,” stated Maltz Auction’s President, Richard Maltz.

Bid submission documents are available online at MaltzAuctions.com. Have additional questions? Call Richard Maltz direct at 516.349.7022 x 202.

 

Overview of Sales Process: This is a two-step bidding process.  The first step is the submission of binding, sealed bids that are due Monday, September 11, 2017.  The top 7 highest or best Bulk Bids and the top 25 highest or best Individual Bids will be invited to bid at the live auction on Monday, September 18, 2017.  Please Note: If two equivalent bids are received, the best bidder will be identified as the first bid received.

Sealed Bid/Bidder Qualification Deadline: Monday, September 11, 2017 before 1:00 pm.  Required Bid Documents (Signed Terms and Conditions of Sale & Bidder Identification and Offer Form) and 15% Deposit (cashier’s check) must be included for consideration.  Please download Terms & Conditions of Sale for details or call Richard Maltz (x202) for additional information.

Sealed Bid Delivery Location: Richard Maltz, Maltz Auctions, Inc., 39 Windsor Place, Central Islip, NY 11722; with copies to LaMonica, Herbst & Maniscalco, LLP, Attn: Jacqulyn S. Loftin, Esq., 3305 Jerusalem Avenue, Suite 201, Wantagh, NY 11793.

Auction Date & Time: Monday, September 18, 2017 at 11:00 am (Registration commences at 9:30 am).  Only Qualified Bidders as defined in the Terms & Conditions of Sale are qualified to participate. 

Auction Location: New York LaGuardia Marriott Hotel, 102-05 Ditmars Boulevard, East Elmhurst, NY 11369.

Terms & Conditions of Sale: Medallions are sold free and clear of all monetary liens.  All prospective bidders must include a cashier’s check in the amount of 15% of the bid amount made payable to “Gregory Messer, Chapter 7 Trustee”.  The Trustee reserves the right to require potentially qualified bidders to bring an additional deposit (cashier’s check) to the live auction to increase their respective deposit to a total of 15% of the highest sealed bid.  Please download the complete Terms & Conditions of Sale.

Buyer’s Premium: A six (6%) percent Buyer’s Premium will be added to the Successful Bidder’s high bid to determine the contract price to be paid by the Successful Bidder.

Buyer Broker Participation: A two (2%) percent commission will be paid to any properly licensed New York City Medallion Broker who registers a successful buyer in accordance with the Buyer Broker guidelines.  Please download the Broker Participation form for details.

 

About Maltz Auctions:

Maltz Auctions is a premier, full-service auction company specializing in creating liquidity through the auction method of marketing. Now a $100+ million company with an impeccable reputation for professionalism, integrity and success, Maltz Auctions has conducted thousands of auctions and generated over $2 billion in sales on behalf of such clients as the U.S. Bankruptcy Courts and financial institutions throughout the country, the U.S. Department of Justice, the Securities and Exchange Commission, the Internal Revenue Service, N.Y. State Department of Taxation & Finance, Court Appointed Receivers, Estate Executors and Public Administrators, as well as law firms, private individuals and corporations, nationwide. Maltz Auctions is court approved to act as auctioneers, real estate brokers and receivers. The 35-year-old firm is nationally recognized as a trusted name in excellence and achievement.