Medallion Financial Notes: Stabilizing
After sharply dropping, Medallion Financial’s (MFIN) Unsecured Notes with the ticker MFINL have stabilized.
MFINL is trading at $17.0 a share, but reached $14.74 at its lowest point.
The Notes were issued in May 2016 at par and traded over $26 just a few months ago.
The common stock has also been climbing back up: after reaching a low of $3.04 on November 18th.
The stock is up to just under $3.5.
There has been no news since November 11th, judging by the SEC filings.
Both Medallion’s common stock and publicly traded Notes are highly speculative investments at this stage.
We exited the Notes early and with no regret and have no position in the common stock.
With so much unknown about what’s happening behind regulators and lenders closed doors, investors are taking a shot in the dark.
That’s OK for some, but we continue to stay away.
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