NEW YORK (TheStreet) -- The man known as New York's taxi kingpin has won the latest round in his fight with Citigroup's (C) Citibank. Taxi medallion owner Gene Friedman was sued by Citibank, which claimed Freidman had about $30 million dollars in overdue loan payments for some of his medallions.
A court ruled late last week that the bank could seize 89 of Friedman's medallions, but an appeals court on Monday granted a temporary stay to the seizure.
Freidman is CEO of Taxi Club Management, the largest privately held taxi company in the U.S. At issue in the case is the falling prices of taxi medallions not just in New York but across the country because of new services like Uber.
Freidman said he's not threatened by Uber. "Uber's not eating my lunch. Uber is a photocopy it's not a Xerox," he asserted.
Freidman added that while Uber has challenged him, "the service that I'm providing to my clients, who are the drivers, and to their clients, who are the passengers, is completely different and it's better."
Friedman owns hundreds of medallions and said he's cash flow positive, thanks to a drop in expenses, which counters the decline in medallion prices.
In response to the court ruling, Freidman stated that "in this time of overwhelming change, there must be more government oversight of the taxi industry. I will continue to oversee the largest medallion fleet in the United States and maintain that New York is the gold standard in taxis. New York must stand up to the hostile takeover being attempted by a Mafia-like Silicon Valley, in conjunction with predator banks."
While Freidman says his business is good, there is no question Uber is having an impact on the industry. Shares of Medallion Financial (TAXI) have fallen nearly 25% over the past year. This company acquires and services loans that finance taxicab medallions across the country.