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BIMIZCI Crosses 500,000 Share Threshold; Nominates Three Directors at Medallion Financial; Cites Deteriorating Performance, and Federal Securities Fraud Judgment
BIMIZCI Crosses 500,000 Share Threshold; Nominates Three Directors at Medallion Financial; Cites Deteriorating Performance, and Federal Securities Fraud Judgment
About this update from Medallion Financial Corp.
[{"type":"text","content":"\n\nBIMIZCI has launched the \"Restore the Shine\" campaign (www.restoretheshine.com) to replace 3 directors at Medallion Financial\n\n\n\nWe are asking stockholders of record as of April 13, 2026, to vote the BLUE proxy card now\n\n\n\nBIMIZCI is currently the 4th largest institutional stockholder in Medallion (NASDAQ: MFIN), has been invested for more than 5 years, and owns 500,205 shares and $15 million par value of trust preferred securities as of May 18, 2026\n\n\n\nBIMIZCI has a total cash investment of $11.4 million in MFIN\n\n\n\nMedallion’s board of directors and leadership team is not creating value – and yet the top 5 executives were paid $13 million in 2025, the second highest compensation in MFIN’s history (behind only 2023)\n\n\n\nThe board has 5 of 8 directors who will soon be older than 80, with 2 of them over 85\n\n\n\nMFIN's CEO settled a SEC civil action alleging securities fraud by consenting to a Final Judgment and permanent injunctions, and yet was never held accountable by the Board.\n\n\n\nMedallion's performance has been declining, with 1Q26 quarterly earnings the lowest since 3Q20\n\n\n\nAnalyst consensus estimates project a 36% decline in 2026 earnings versus 2025 actuals — the opposite of the Russell 2000, S&P 500 and MFIN’s peers (Source: S&P Cap IQ)\n\n\n\nValuation multiples at 1Q26, specifically Price/Tangible Book Value (0.80x) and Price/Earnings (5.8x) are significantly below peers and the Russell 2000\n\n\n\nMFIN stock returns lag the Russell 2000 and MFIN’s peers YTD and over 1 year, 2 years, 5 years and 10 years through May 1, 2026 (Source: S&P Cap IQ)\n\n\n\n MINNEAPOLIS--(BUSINESS WIRE)--\nWe are asking stockholders of record as of April 13, 2026 to vote the BLUE proxy card before the annual meeting on June 9, 2026 (instructions at https://restoretheshine.com/vote) and vote FOR Eric Kelly, John Kiernan and Tim Shanahan to help create value at Medallion.\n\n\nBIMIZCI Fund LLC and its affiliates, Warnke Investments LLC, ZimCal Asset Management LLC and Stephen Hodges (collectively “BIMIZCI”, “We”, “Our”) believe Medallion Financial Corp. (“Medallion”, “MFIN”, the “Company”) is undervalued and is being held back by a board and leadership team who are not putting stockholders first. BIMIZCI filed its preliminary proxy statement May 1, 2026, and its definitive proxy statement May 8, 2026.\n\n\nS...