newsfilter
← Latest News
Business Wire·

BIMIZCI Urges Stockholders to Vote for Its Outstanding Nominees to the Board Who Will Strengthen Medallion and Represent Stockholders. MFIN Wants to Distract from Underlying Underperformance and Possible Dividend Issues – We Won't Let Them.

MFIN
  • BIMIZCI holds a $11.7 million investment in Medallion Financial (530,250 shares & $15 million par value of trust preferred securities) representing 42% stock & 58% preferred securities.
  • BIMIZCI is Medallion's 4th largest institutional shareholder as of June 4, 2026, having invested for over 5 years.
  • Proxy firms ISS & Glass Lewis supported 2 BIMIZCI nominees & agreed that change is necessary at Medallion.
  • BIMIZCI nominated Eric Kelly, John Kiernan, & Timothy Shanahan to the board & urges stockholders of record as of April 13, 2026, to vote the BLUE proxy card.
  • The annual meeting is scheduled for June 9, 2026, with voting instructions available at https://restoretheshine.com/vote.
  • Medallion reported 1Q26 earnings at their lowest level in 5 years, with recreation loan charge-offs hitting a 16-year high.
  • The SBA declared an event of default on $73.5 million of subsidiary debentures held by Medallion.
  • Medallion's total shareholder returns ranked lowest in its peer group over nearly every measured period.
  • The market valued Medallion at a 1Q26 Price/Tangible Book multiple of 0.80x, near all-time lows.
  • BIMIZCI has engaged with Medallion over 50 times in the last 3 years & delivered 2 white papers that were reportedly ignored.
  • BIMIZCI alleges Medallion relies on ad hominem attacks to distract from underperformance & dividend sustainability issues.
  • BIMIZCI has asked the SEC to review whether Medallion's public statements comply with a Federal Court Final Judgment & Consent order.
  • BIMIZCI's proposed changes include refreshing the board, adding technology expertise, enforcing clawback policies, & implementing annual director re-elections.
  • Strategic recommendations include diversifying revenue, applying deep analytics to credit risk, investing in ancillary services, & improving the capital stack.
  • Technology proposals involve developing a long-term strategy to compete with fintechs using bank charters & utilizing AI tools for productivity.
  • Compensation reforms sought include linking bonuses to core business goals, stopping insider share transfers, & removing a $28 million change-in-control payment.
  • BIMIZCI filed a definitive proxy statement under Schedule 14A on May 8, 2026, & provided contact details for proxy solicitor Sodali & Co LLC.