Business
The Written Record Disproved Medallion Financial Statements Before. It Does So Again. BIMIZCI Issues Point-by-Point Rebuttal of Medallion's Investor Presentation. Urges Stockholders to Vote for Change
MINNEAPOLIS, May 28, 2026--It is telling that a management team and board that spent years as defendants in an SEC fraud lawsuit, one driven by Medallion Financial's now-CEO misleading investors, is now accusing BIMIZCI of the very conduct a federal judge attributed to them. The difference is the record. Where the SEC complaint documented Medallion's misstatements, the written record dismantles Medallion's claims about BIMIZCI just as clearly. Medallion tells stockholders the company is performi
About this update from Medallion Financial Corp.
[{"type":"list","items":[{"val":[{"type":"text","content":"BIMIZCI is Medallion's (NASDAQ: MFIN) 4th largest institutional stockholder, has been invested for more than five years, and owns 500,250 shares plus $15 million par value of trust preferred securities as of May 27, 2026, representing a total cash investment of $11.4 million","length":279,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"BIMIZCI has launched the "Restore the Shine" campaign (www.restoretheshine.com) to elect three new, outstanding, independent directors to Medallion's board","length":169,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"We are asking stockholders of record as of April 13, 2026, to vote the BLUE proxy card now at https://restoretheshine.com/vote","length":126,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Co-defendants, Medallion and CEO Andrew Murstein settled a multi-year SEC fraud matter in May 2025, paying $4 million in penalties under permanent federal injunctions","length":166,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Five months later, the board promoted Murstein to CEO and paid him $5.7 million, including a $4.6 million bonus","length":111,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"The market has spoken - Medallion's performance has been declining, with recent performance the worst since 2020 and valuation multiples near all-time lows","length":159,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Medallion's total shareholder return is the lowest in its peer group over nearly every measured period, its stock traded at 0.80x tangible book value, and the SBA declared an event of default on $73.5 million of subsidiary debentures","length":237,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"BIMIZCI has engaged with Medallion over 50 times and submitted two white papers, offering growth capital, strategic ideas, and a long-term locked-up equity investment, and has been ignored or dismissed nearly every time","length":219,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"BIMIZCI's new rebuttal deck answers Medallion's May 2026 investor presentation claim by claim, using the written record and verifiable data","length":147,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":161...