ZimCal Responds to False Allegations From Medallion and Publishes Rebuttal
25 Maggio 2024 - 12:26AM
Business Wire
- Medallion Financial remains under an SEC investigation for
fraud and touting.
- The SEC alleges that MFIN’s President, Andrew Murstein, lied on
multiple occasions.
- MFIN has little credibility and yet it continues to make false
accusations.
- To show the extent of MFIN’s false allegations, ZimCal has
published FULL emails to and from MFIN to allow stockholders to
decide for themselves.
https://www.restoretheshine.com/materials/zimcal-mfin-emails
The following is a statement from ZimCal.
ZIMCAL PUBLISHES REBUTTAL DECK SHOWING UNTRUTHS AND
INACCURACIES IN MEDALLION’S RECENT INVESTOR DECK.
ZIMCAL PUBLISHES ORIGINAL UNEDITED EMAILS TO MEDALLION
FINANCIAL CORP. CLEARLY SHOWING ZIMCAL’S ATTEMPTS TO WORK TO
IMPROVE MEDALLION AND ITS DESIRE TO REMAIN INVESTED.
All materials are posted at
https://www.restoretheshine.com/materials/zimcal-mfin-emails
Medallion Financial Corp. (the “Company” or “MFIN”) has made
several damaging false and defamatory accusations about the events
that led to the proxy contest with ZimCal Asset Management, LLC,
and its affiliates BIMIZCI Fund LLC, Warnke Investments LLC and
Stephen Hodges (collectively “ZimCal”).
ZimCal sent MFIN a Cease and Desist letter on May 15, 2024.
Given that MFIN and its President are under an SEC investigation
for violations of securities laws including fraud and touting
and the SEC alleges that MFIN’s President, Andrew Murstein lied on
several occasions, including to his auditors, ZimCal has very
little faith in MFIN’s ability to consistently tell the truth.
ZimCal believes that MFIN will do whatever it can to maintain the
status quo, which has enriched management at the expense of
stockholders.
MFIN has accused ZimCal of not looking out for stockholder and
stakeholder interests and engaging in a “greenmail” attempt to
benefit ZimCal over stockholders. ZimCal has published the
emails it sent to MFIN that show its concerns and
objectives when it engaged with MFIN and believes that the
evidence speaks for itself. ZimCal repeatedly stressed that it
sought improvements in governance, leadership, and business
strategy and when MFIN refused to commit to any changes, only then
did ZimCal prepare for a proxy contest. Any requests for payoffs
were initiated by MFIN, presumably to rid itself of ZimCal and
its insistence on improved governance, and the email record
reflects this. ZimCal repeatedly noted that its preferred
outcome would be to remain invested in an improved MFIN and was
open to any variation of the options it presented the
Company. ZimCal demanded nothing except better governance,
better leadership and a more valuable MFIN as the emails clearly
show.
ZimCal is one of the largest investors in Medallion Financial
Corp. (the “Company” or “MFIN”), has over $15.72 million in debt
and equity investment exposure and has been invested in MFIN for
over 3 years. ZimCal has increased its stockholdings to 90,010
shares. ZimCal is currently in a proxy contest to replace two
Directors on MFIN’s Board of Directors (the “Board”) with two more
highly qualified individuals. Our common stock and debt are the
only investments we have in MFIN and we do not own any other
MFIN-related securities (e.g. call/put options). We believe we will
prevail in this proxy contest; we believe that stockholders want
change and that our nominees are the first step in that direction.
ZimCal ONLY benefits through an increase in the value of
MFIN and if MFIN can implement the changes ZimCal is
recommending, ZimCal believes that the upside potential for the
Company is tremendous.
Visit www.restoretheshine.com/nominees to learn about our highly
qualified nominees.
Vote for our two exceptional candidates by voting online or via
mail using the WHITE proxy card. Even if you have already voted,
you can still vote for our candidates and only your most recent
vote will count. Full instructions can be found at
www.restoretheshine.com/vote.
About ZimCal Asset Management, LLC
ZimCal Asset Management is an alternative investment firm
focused primarily on niche, illiquid and complex credit investment
opportunities with a specialization in bank investing.
See www.restoretheshine.com/#About for more details.
Solicitation Information
Stockholders are urged to read ZimCal’s definitive proxy
statement and WHITE proxy card because they contain important
information about the ZimCal nominees and related matters.
Stockholders may obtain a free copy of the definitive proxy
statement and WHITE proxy card and other documents filed by ZimCal
on the web site of the Securities and Exchange Commission (SEC) at
www.sec.gov or may access the SEC website through
www.restoretheshine.com. Stockholders may also direct a request to
ZimCal’s proxy solicitor, Saratoga, 520 8th Avenue, 14th Floor, New
York, NY 10018 (stockholders can e-mail at info@saratogaproxy.com
or call toll-free at (888) 368-0379).
Participants in
Solicitation
The identity of the participants in the solicitation and a
description of their direct or indirect interests, by security
holdings or otherwise is contained in ZimCal’s definitive proxy
statement filed with the SEC on April 26, 2024.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240524374513/en/
nicole@nh-consult.com
Grafico Azioni Medallion Financial (NASDAQ:MFIN)
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Grafico Azioni Medallion Financial (NASDAQ:MFIN)
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