The Emails Medallion Financial Did Not Want Stockholders to See: Who Asked for a Payoff

ZimCal responded to false allegations from Medallion Financial and published a rebuttal, describing itself as shocked but not surprised by the antics of MFIN. The release notes that MFIN’s President, Andrew Murstein, was being charged by the SEC with fraud and repeated lying, and that those half-truths and lies were now aimed at one of Medallion Financial Corp.‘s largest investors demanding common-sense changes to governance, leadership, compensation, and risk mitigation. ZimCal states MFIN untruthfully claimed ZimCal demanded a payoff of its debt and publishes seven emails between ZimCal and Medallion from December 2023 to March 2024 that show the opposite: Medallion pressed for a “monetization” or payoff while ZimCal explained its concerns with governance, leadership, and strategy, expressed its desire to remain an investor, and ultimately requested MFIN stop focusing on a payoff and focus on business improvements.