The Uber effect: New York's biggest taxi magnate files for bankruptcy

Pour one out for Pinot Noir Taxi, Stoli Taxi and Hennessey Taxi.

The three companies are owned by Evgeny Freidman, the flashy taxi tycoon who manages the largest private fleet of cabs and drivers in New York City. Freidman filed for Chapter 11 bankruptcy protection on Wednesday amid an ongoing clash between traditional cab services and startups like Uber to own a piece of the nation's most lucrative taxi market.

Nearly two dozen taxi services owned by Friedman are said to be affected,...

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