Medallion Financial Corp. Exposes ZimCal’s Latest Campaign of Distortion and the Risks of Electing Its Unqualified Nominees

June 5, 2026 - 04:07

Medallion Financial Corp. has issued a sharp rebuttal against ZimCal's latest proxy fight, accusing the investment firm of running a campaign built on distortions and misaligned incentives. The company claims that ZimCal's real goal, now spanning three consecutive proxy contests, is to force a debt buyout at an above-market price, a move that would benefit ZimCal at the expense of other shareholders.

In its statement, Medallion highlights what it calls a pattern of deception. The company points to specific distortions in ZimCal's messaging about key operational issues, arguing that the firm is twisting facts to create a false narrative. Medallion also takes aim at the qualifications of ZimCal's nominees, particularly Eric Kelly. According to Medallion, Kelly has a track record of near-complete value destruction and is currently facing a lawsuit that alleges fraud, financial improprieties, and whistleblower retaliation.

Medallion urges shareholders to reject ZimCal's slate and instead support the company's current leadership, which it says has a proven history of success. The company warns that electing ZimCal's candidates would put the business at serious risk.