ZimCal Publishes Emails to/from Medallion that Expose Repeated Inaccuracies

Between December 2023 and March 2024, Stephen Hodges corresponded with representatives of Medallion Financial Corp., principally its then-President Andrew Murstein, regarding ZimCal’s investment and its concerns about the company’s governance, leadership and strategy. ZimCal published eight documents from the correspondence on May 24, 2024, stating that they contradict characterizations of the parties’ discussions that Medallion made in its solicitation materials. In its May 15, 2024 cease and desist letter, counsel to ZimCal asserted that every communication during this period confirms ZimCal preferred to remain invested in Medallion, and that Mr. Murstein and Medallion were the ones pushing ZimCal to sell its trust preferred securities. The eight documents are reproduced below in chronological order.