On January 3, 2022, KORR Value, L.P. announced that it has nominated 2 director candidates, Andrew Fox and Philip Scala, for election to the Board of Directors of Medallion Financial Corp. at the 2022 annual meeting of shareholders. KORR Value also issued a letter to the members of the Board expressing its deep concerns with a lawsuit recently filed by the Securities and Exchange Commission making alarming allegations of fraudulent schemes perpetrated by the Company and its President Andrew Murstein to boost the Company's stock price, which prompted KORR Value to nominate its slate of director candidates.

In the letter, KORR Value also lists various initiatives, including a reconstitution of the Board, that it views are necessary to protect the interests of all shareholders. KORR Value stated that Andrew Murstein and Alvin Murstein (Andrew's father) should both resign from the Board and be suspended from their executive positions with the Company without pay pending resolution of the SEC lawsuit. KORR Value added that David Rudnick should resign from the Board.

KORR Value stated that the Board should take all steps necessary to de-stagger the composition of the Board such that all directors are elected annually.