Materials

Press releases, stockholder letters, SEC filings, and analysis from our effort to restore long-term shareholder value at Medallion Financial Corp.

05/20/26

BIMIZCI Files ISS Governance Deck

BIMIZCI Fund LLC has filed its ISS presentation, Restoring the Shine to Medallion Financial: A Focus on Governance Flaws, setting out the full governance, performance, and compensation case for change at Medallion Financial Corp. ahead of the June 9, 2026 Annual Meeting. The deck details a family-led board incapable of holding management accountable, executive compensation well above peers given relative performance, and deteriorating financial trends. The deck then highlights BIMIZCI's nominees' expertise, including their operational and technological proficiency, and highlights a robust six-pillar plan to create value at MFIN.

05/19/26

BIMIZCI Crosses 500,000 Share Threshold; Nominates Three Directors at Medallion Financial

BIMIZCI Fund LLC has crossed the 500,000 share threshold in Medallion Financial, bringing its total stake to 500,205 common shares plus $15 million par value of trust preferred securities, with a total cash investment of $11.4 million. Stockholders of record as of April 13, 2026 are urged to vote the BLUE proxy card FOR Eric Kelly, John Kiernan, and Tim Shanahan ahead of the June 9, 2026 Annual Meeting.

05/13/26

BIMIZCI Sends Opening Letter to Medallion Financial Stockholders

BIMIZCI Fund LLC has issued an opening letter to Medallion Financial stockholders ahead of the June 9, 2026 Annual Meeting. The letter sets out the case for change at MFIN: a federal securities fraud judgment against the CEO answered with a promotion and a bonus, sustained underperformance the disclosures do not support, a family-controlled board built for entrenchment, and an industry restructuring happening without Medallion.

05/08/26

BIMIZCI Files Definitive Proxy Statement for 2026 Annual Meeting

BIMIZCI Fund LLC has filed its definitive proxy statement with the SEC for Medallion Financial Corp.'s 2026 Annual Meeting on June 9, 2026. The filing lays out the case for change at MFIN and introduces our three independent nominees: Eric Kelly, John Kiernan, and Timothy Shanahan.

05/01/26

BIMIZCI Files Preliminary Proxy Statement

BIMIZCI Fund LLC filed its preliminary proxy statement with the SEC as a precursor to the definitive proxy statement now being mailed to stockholders.

04/10/26

Press Release: Medallion Financial Defaults on $73.5 million in SBA Debt — SBA Says It Lacks a Qualified Management Team. ZimCal Says It's No Surprise

Medallion Financial defaulted on $73.5 million in debt. Poor management and decision-making have led us to this point and could lead to catastrophic results. The board and management team continue to put themselves ahead of stakeholders.

05/30/25

Final Judgment and Consent — SEC vs. Andrew Murstein & MFIN

A federal court entered permanent injunctions against Medallion and Mr. Murstein for securities fraud violations, imposed $4,000,000 in civil penalties, and incorporated Mr. Murstein's written stipulation — made to ensure his personal penalty could not be discharged in bankruptcy — that "the allegations in the Amended Complaint are true and admitted by Murstein."

09/18/24

Denial of Defendant Andrew Murstein & MFIN's Motion to Dismiss

Federal Judge Lewis Kaplan rejected Medallion and Mr. Murstein's attempt to have the case thrown out, finding the SEC's allegations legally sufficient to proceed to trial — a ruling that credited the SEC's fraud allegations in full and set the stage for the eventual settlement and permanent injunctions.

04/26/22

Amended Complaint — SEC vs. Andrew Murstein & MFIN

The SEC's formal allegations against Medallion and Andrew Murstein, detailing two fraudulent schemes — illegal paid stock promotion and a deliberate inflation of Medallion Bank's reported value by hundreds of millions of dollars — that misled investors about the Company's true financial condition.

View earlier press releases, letters, and filings

03/06/26

Press Release: Medallion Financial’s recent debt maturity is evidence of significant issues

Medallion Financial leadership and the board are making poor decisions and holding back the company. Valuations could be much higher with better leadership. The current path is unsustainable and the recent failed debt refinance is evidence of that.

02/03/26

Press Release: How Medallion Financial is being held back from its huge potential

MFIN's leadership is holding the company back. With better leadership, valuations could be significantly higher. The current path is unsustainable.

02/19/25

Press Release: “Is mediocrity good enough?” ZimCal asks Medallion Financial stockholders after 4Q24 bank earnings

4Q24 Medallion Bank earnings show downward trend. MFIN stock is down substantially. Stockholders should demand excellence, not mediocrity, from an enabling board and entrenched, overpaid management team.

01/06/25

ZimCal urges board of Medallion Financial to start looking out for stakeholders and take steps to improve governance and as a result, increase investor interest and Company valuation.

Medallion Financial board must look out for stakeholders not management.

09/18/24

Judge denies almost all Medallion Financial’s and Andrew Murstein’s motions to dismiss SEC charges in a huge blow to MFIN and Murstein, exposing stockholders to significant penalties.

Medallion finally in conversations with SEC to settle lawsuit after wasting years and millions fighting.

08/20/24

Press Release: ZimCal disturbed by Medallion Financial’s second quarter results.

ZimCal urges MFIN to take decisive risk-management steps immediately.

06/11/24

ZimCal publishes MFIN earnings calls transcripts from 1Q22 - 4Q23 exposing MFIN’s false claim to ISS about providing guidance on charge-off range.

06/10/24

ZimCal publishes open letter to shareholders outlining concerns with ISS and Glass Lewis recommendations.

06/10/24

ZimCal publishes summary outlining the need for immediate change to the Board of Directors of Medallion and urges all stockholders to vote prior to June 11th, 2024 stockholder meeting.

05/28/24

ZimCal sends letter to stockholders outlining how Medallion’s true valuation potential will be difficult to reach without change.

05/24/24

ZimCal publishes rebuttal to MFIN’s investor deck and posts complete emails to/from MFIN allowing investors to see for themselves the extent of MFIN’s half-truths and lies.

05/22/24

SEC lawsuit against Andrew Murstein and Medallion Financial Corp.

05/21/24

ZimCal sends shareholder letter highlighting its concerns with MFIN’s excessive management compensation.

05/20/24

ZimCal publishes its presentation to ISS outlining case for change and unlocking value at Medallion Financial Corp.

05/15/2024

ZimCal issues cease and desist letter to Medallion Financial Corp. and demands correction of recent false and misleading statements.

05/09/24

ZimCal posts “5 Steps to Improvement” white paper detailing how Medallion Financial Corp. can position itself to thrive.

05/02/24

Press Release: ZimCal comments on Medallion Financial Corp. 1Q24 earnings results.

ZimCal Asset Management LLC and its affiliates raised concerns about poorly trending 1Q24 results, particularly charge-off (net) trends, and urged MFIN to take decisive risk-management steps immediately.

04/26/24

ZimCal sends shareholder letter highlighting its concerns with MFIN’s stock price decline, management compensation, core business performance and other material risks.

04/12/24

Press Release: ZimCal Announces Nomination of 2 Independent Directors and Preliminary Proxy Filing.

04/10/24

ZimCal files SEC Preliminary Proxy Statement seeking election of two highly qualified alternative directors.

ZimCal files Preliminary Proxy Statement with SEC outlining case for the nomination of its two, highly-qualified alternative directors to the Board of MFIN.

10/11/23