Taxi tycoon Evgeny Freidman filed for chapter 11, claiming that he's taken a huge hit from Uber and other app-driven competitors, the New York Daily News reported yesterday. He sought protection for 22 companies that control 46 medallions worth nearly $50 million, court papers show. In the court filing, Freidman rails against competition from Uber, saying that creditors like Citibank were "concerned about the effect that Uber and other nontraditional ride-sharing companies would have on the traditional medallion based taxi business model." Citibank has been trying to seize the medallions through litigation over millions in unpaid loans. Freidman, whose 900 medallions make him the taxi king of New York, has seen their value plummet with the rise of app-boosted livery services like Uber.
