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September 01, 2020 1:32pm
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ZimCal Responds to False Allegations From Medallion and Publishes Rebuttal

  • Medallion Financial remains under an SEC investigation for fraud and touting.
  • The SEC alleges that MFIN’s President, Andrew Murstein, lied on multiple occasions.
  • MFIN has little credibility and yet it continues to make false accusations.
  • To show the extent of MFIN’s false allegations, ZimCal has published FULL emails to and from MFIN to allow stockholders to decide for themselves.

The following is a statement from ZimCal.



All materials are posted at

Medallion Financial Corp. (the “Company” or “MFIN”) has made several damaging false and defamatory accusations about the events that led to the proxy contest with ZimCal Asset Management, LLC, and its affiliates BIMIZCI Fund LLC, Warnke Investments LLC and Stephen Hodges (collectively “ZimCal”).

ZimCal sent MFIN a Cease and Desist letter on May 15, 2024. Given that MFIN and its President are under an SEC investigation for violations of securities laws including fraud and touting and the SEC alleges that MFIN’s President, Andrew Murstein lied on several occasions, including to his auditors, ZimCal has very little faith in MFIN’s ability to consistently tell the truth. ZimCal believes that MFIN will do whatever it can to maintain the status quo, which has enriched management at the expense of stockholders.

MFIN has accused ZimCal of not looking out for stockholder and stakeholder interests and engaging in a “greenmail” attempt to benefit ZimCal over stockholders. ZimCal has published the emails it sent to MFIN that show its concerns and objectives when it engaged with MFIN and believes that the evidence speaks for itself. ZimCal repeatedly stressed that it sought improvements in governance, leadership, and business strategy and when MFIN refused to commit to any changes, only then did ZimCal prepare for a proxy contest. Any requests for payoffs were initiated by MFIN, presumably to rid itself of ZimCal and its insistence on improved governance, and the email record reflects this. ZimCal repeatedly noted that its preferred outcome would be to remain invested in an improved MFIN and was open to any variation of the options it presented the Company. ZimCal demanded nothing except better governance, better leadership and a more valuable MFIN as the emails clearly show.

ZimCal is one of the largest investors in Medallion Financial Corp. (the “Company” or “MFIN”), has over $15.72 million in debt and equity investment exposure and has been invested in MFIN for over 3 years. ZimCal has increased its stockholdings to 90,010 shares. ZimCal is currently in a proxy contest to replace two Directors on MFIN’s Board of Directors (the “Board”) with two more highly qualified individuals. Our common stock and debt are the only investments we have in MFIN and we do not own any other MFIN-related securities (e.g. call/put options). We believe we will prevail in this proxy contest; we believe that stockholders want change and that our nominees are the first step in that direction. ZimCal ONLY benefits through an increase in the value of MFIN and if MFIN can implement the changes ZimCal is recommending, ZimCal believes that the upside potential for the Company is tremendous.

Visit to learn about our highly qualified nominees.

Vote for our two exceptional candidates by voting online or via mail using the WHITE proxy card. Even if you have already voted, you can still vote for our candidates and only your most recent vote will count. Full instructions can be found at

About ZimCal Asset Management, LLC

ZimCal Asset Management is an alternative investment firm focused primarily on niche, illiquid and complex credit investment opportunities with a specialization in bank investing.

See for more details.

Solicitation Information

Stockholders are urged to read ZimCal’s definitive proxy statement and WHITE proxy card because they contain important information about the ZimCal nominees and related matters. Stockholders may obtain a free copy of the definitive proxy statement and WHITE proxy card and other documents filed by ZimCal on the web site of the Securities and Exchange Commission (SEC) at or may access the SEC website through Stockholders may also direct a request to ZimCal’s proxy solicitor, Saratoga, 520 8th Avenue, 14th Floor, New York, NY 10018 (stockholders can e-mail at or call toll-free at (888) 368-0379).

Participants in Solicitation

The identity of the participants in the solicitation and a description of their direct or indirect interests, by security holdings or otherwise is contained in ZimCal’s definitive proxy statement filed with the SEC on April 26, 2024.

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