Wednesday, July 22, 2015

The Uber effect: New York's biggest taxi magnate files for bankruptcy

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Pour one out for Pinot Noir Taxi, Stoli Taxi and Hennessey Taxi.

The three companies are owned by Evgeny Freidman, the flashy taxi tycoon who manages the largest private fleet of cabs and drivers in New York City. Freidman filed for Chapter 11 bankruptcy protection on Wednesday amid an ongoing clash between traditional cab services and startups like Uber to own a piece of the nation's most lucrative taxi market.

Nearly two dozen taxi services owned by Friedman are said to be affected, many named after types of liquor (Stoli Taxi, Vodka Taxi, Hennessey Taxi) and wine (Merlot Taxi, Chianti Taxi), as well as desserts (Pudding Tax), according to a copy of the bankruptcy filing obtained by Mashable Read more...

More about New York City, Uber, and Business
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