Normally, this would be an option. Save my name, email, and website in this browser for the next time I comment. He issued the following statement about the factoring companys ongoing lawsuit on LinkedIn. Midway through the week of July 18th, clients reported being unable to reach CoreFund Capital, a freight factoring company based in Weatherford, Texas. googletag.cmd.push(function() { Heres the latest, according to Freightwaves: Jason Medley, an attorney with Spencer Fane told some of the affected companies about the appointment of the trustee yesterday: This means that the receiver can act on behalf of CoreFund to post UCC1 and assignment notices and negotiate paymentsAlthough the effect is not immediate the recipient still has to formally enter the process by paying a deposit, etc. Oil and Gas Services. , the secured party may claim a security interest only as shown in the list or statement included in the request as against a person that is reasonably misled by the failure. You can view the order here: https://hubs.ly/Q01hQDNy0. First, none of the information below constitutes legal advice, and you should consult an attorney. Harris is experienced in a range of factoring operations. Paperwork is submitted easily through email. A person may file an amendment other than an amendment that adds collateral covered by a, for a financing statement as to which the secured party of record has failed to file or, a termination statement as required by Section. We appreciate how complicated this process and situation can get, especially for smaller carriers. If you would like to try this method you will need to send a demand for UCC termination to CoreFund via registered mail and wait 20 days. which never claimed an interest in the collateral or obligations that are the subject of a request under that section has a reasonable excuse for failure to comply with the request within the meaning of this subsection. Whatever prompted this lawsuit led to a shutdown of their operations so CoreFund cant get money from its lenders and it cant lend money to its truckers. I have several carriers and other factors I am assisting with this, and Im sure other attorneys are too. s inability to obtain, or increased costs of, alternative financing. }); googletag.cmd.push(function() { June 3, 2022 Contact Information. Alternatively, you may file a termination demand letter with CoreFund. This section refers to defaulting on the contract. . 6-11 Months is not proceeding in accordance with this article, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions. googletag.pubads().collapseEmptyDivs(); 1 Year It is never an easy situation to deal with when something like this happens and people are out of work through no fault of their own. Q. They deliver factoring services as promised and provide exemplary customer service. (f) [Statutory damages: noncompliance with Section 9-210.]. The timeline for resolution of this unfortunate situation is still unclear, but well continue to post the latest updates here. A freight factoring line from Charter Capital is your solution for obtaining funds and services to operate and grow your trucking company. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot2', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767737710-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); The Top 10 Best Freight Factoring Companies. CoreFund Capital: How Express Freight Finance is Helping July 26, 2022 Is Freight Factoring Worth it? If a secured party fails to comply with a request regarding a list of collateral or a statement of account under Section 9-210, the secured party may claim a security interest only as shown in the list or statement included in the request as against a person that is reasonably misled by the failure. CoreFund Capital, a factoring company based in Weatherford, Texas, went dark the week of July 18, 2022 with no warning or communication to clients or the public. Our team was amazing and worked hard to build a reputation of taking care of our clients and now through the deliberate and selfish/hurtful/evil actions of one person that has all been ripped away from us. I have spoken to the attorney for CoreFund. A recipient of a request under Section 9-210 which never claimed an interest in the collateral or obligations that are the subject of a request under that section has a reasonable excuse for failure to comply with the request within the meaning of this subsection. CoreFund was founded by industry veterans with the sole mission of making factoring easier and more. Section (c) states that an event of default occurs when any guarantor fails to perform their obligations to Purchaser. googletag.enableServices(); Didn't know where to put this but can be moved, but i figure I'd throw it out there for O/O or Small carriers/fleet owners. Lesson learned! Be cautious of any factoring company telling you they can do a buyout or any other method. Currently, CoreFund has a UCC Filing for all of its customers. The court documents state the rationale for wrongfully shutting down CoreFunds business resulted from a spat between Wakefield and Sacks. IMPORTANT: WE ARE RECEIVING MORE AND MORE CALLS FROM TRUCKERS STATING THEY ARE RECEIVING CALLS FROM FACTORING COMPANIES THAT CLAIM THEY HAVE A SPECIAL AGREEMENT WITH THE COREFUND RECEIVER TO GET YOU RELEASED FASTER THESE ARE SHADY TACTICS THAT ARE NOT TRUE. Please know that every employee of CoreFund wishes more than anything we could have continued funding our clients and now that we could release them and end this awful mess but even if we terminated a UCC or sent a release letter it would not be enforceable given we are no longer employees of CoreFund. There is no doubt that CoreFund Capital is an outstanding factoring company. Possibly. 1-5 Months On Aug. 4, the factoring company reopened for business. window.googletag = window.googletag || {cmd: []}; Thank you. Can any other factoring company factor my loads right now. If you send them to CoreFund they will be placed in an already long queue. gptAdSlots.push(gptSlot); The law firm representing him and CoreFund, Warren Fonville of Fort Worth, Texas, did not respond to FreightWaves request seeking comment. Its unclear why Jacob Sacks created the new trust. googletag.pubads().enableSingleRequest(); CoreFund, Inc. | Copyright 2018 - 2021 |. 9-625. Charter Capital works with many oil and gas servicing companies who have gained a competitive advantage with invoice factoring. An agreement between the debtor and secured party which prohibits a transfer of the debtors rights in collateral or makes the transfer a default does not prevent the transfer from taking effect. window.googletag = window.googletag || {cmd: []}; Do you have a story to share? (2) the amendment is a termination statement for a financing statement as to which the secured party of record has failed to file or send a termination statement as required by Section 9-513(a) or (c), the debtor authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed. may not otherwise recover under subsection (b) for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance. Corefund has gone above and beyond and helped me manage my cash flow . UCC Filings are a standard part of almost all factoring agreements. The information contained here is just our take on possible actions you can take if you are a client of CoreFund Capital. CoreFund Capital Freight/Invoice Factoring. googletag.pubads().collapseEmptyDivs(); Some small-business truckers were forced to cease operations or couldnt pay their drivers or buy fuel when CoreFund stopped answering phone calls or emails from desperate truckers after the office went dark July 18. I spoke to a carrier yesterday out of New York that submitted three invoices to CoreFund last week and no one responded to her so shes stuck in limbo, Ashley Dellinger, vice president of sales and marketing of Utah-based Express Freight Finance, told FreightWaves. This would allow a receiver to be appointed by the court allowing all Notice of Assignments to be revoked and UCCs to be terminated. window.googletag = window.googletag || {cmd: []}; Were actively working with a number of carriers affected by this situation to identify solutions for their unique situation. Whether you do business with us at LoadX Factoring in the future or not, we are here to help as much as we can. A. As of 7/24/2022, Frost Bank and TBK Bank have been served, but Wakefield and Sacks have not according to court records. 2023 CoreFund Capital - Reviews tout it's a reliable and quality factoring company. If you have ever done a load for this broker in the past, they likely still have a NOA on file and will not pay you. As a business owner, moving freight should be your top priority - but managing financials can pull focus away from your trucks. I am extremly happy with the services . Wait. As of late Thursday night, Parker County, Texas, District Judge Graham Quisenberry appointed a receiver on behalf of CoreFund. window.googletag = window.googletag || {cmd: []}; As of 7/24/2022, Frost Bank and TBK Bank have been served, but Wakefield and Sacks have not according to court records. Our President, Justin McKibben, has spent much of the weekend on the phone directly with carriers trying to help any way possible. googletag.cmd.push(function() { googletag.cmd.push(function() { In theory, this would be a free process much like any normal day if you wanted to get out of your CoreFund agreement before any of this had happened. We just need them to be allowed to do so.. 5 stars all day long Date of experience: November 08, 2019 Share SC Sherwyn Cox 1 review US Aug 24, 2019 If this is done, the receiver will be able to process buyouts and terminations. }); Its unclear why Jacob Sacks created the new trust. We are excited to watch them become a dominant player in their industry.". CoreFund is a wholly owned subsidiary of GMA Fund LLC, the holding company for the Shim Sacks Family Legacy Trust, which he created in October 2014. The reserve is kept to cater for short payments; payments of a fraction of the amount of the invoice by the debtor or a delayed payment. 3 Years As we said from the beginning, we stand with the great staff that made CoreFund the success it was. This is very different from bank loans which influence the businesses debt to equity ratio, credit score, etc. If CoreFund does not reply to the demand within 20 days, you may try to proceed with this method. googletag.enableServices(); If you have a news tip or story idea, send her an email to, Copyright 2023, All Rights Reserved, FreightWaves, Inc, Carriers unable to pay drivers, buy fuel after CoreFund Capital closes, Loaded & Rolling (Enterprise Fleet News/Analysis), Read why truckers use factoring to ease cash crunches. Here are 4 things you should do right now if you were factoring with CoreFund: Those brokers have never received a Notice of Assignment (NOA) from CoreFund, so you can still actively haul for them. googletag.cmd.push(function() { They deliver factoring services as promised and provide exemplary customer service. Everyone trying to call their account representatives or the general phone number were left getting only voicemails or "mailbox full" notifications. (2) if the collateral is consumer goods, a person that was a debtor or a secondary obligor at the time a secured party failed to comply with this part may recover for that failure in any event an amount not less than the credit service charge plus 10 percent of the principal amount of the obligation or the time-price differential plus 10 percent of the cash price. Privacy Policy. NO! Brokerages and factoring companies say they are powerless to help the truckers until CoreFund releases the UCC-1 (Uniform Commercial Code) liens filed by the factoring company against carriers assets. Your name will not be used in a follow-up article without your permission. The petition states that CoreFunds bank accounts (and thus entire business) have been wrongly shut down. We have seen CoreFund client contracts and Section 21.1 No Lien Termination without Release also possibly limits this ability. CoreFund, Inc. offers highly personalized service and help cut through the red tape that is often involved in securing business loans from banks and other lending institutions. Apex Capital Corp - Established and help navigate . Weatherford, Texas, United States; 11-50; Private; www.corefundcapital.com ; 478,758; Highlights. the court order brings us much closer to meeting the needs of CoreFunds factoring clients.. CoreFund Capital Hires Harris as Vice President. 9466 Georgia Ave, 24 were here. Trucking is a community-based industry chances are, you have a friend whod be willing to lease your truck(s) under their authority. Silver Spring, MD 20910. googletag.enableServices(); As of Monday night, July 25th, the company confirmed via Facebook that, unfortunately, the entire CoreFund team was terminated. Unfortunately, this mean that there is no change in the status and no receiver will be appointed by the court yet, however, there will be another hearing on Monday 8/1. the courts order moves us much closer to addressing the needs of CoreFunds factoring customers.. (800) 405-5464 Corefund Capital Profile and History CoreFund Capital LLC, an invoice factoring company, provides business and cash flow solutions through full service invoice factoring. According to court documents, Meir "Shim" Sacks founded CoreFund Capital in 2014. Everyone trying to call their account representatives or the general phone number were left getting only voicemails or mailbox full notifications. The initial credit line provided to the client on May 31 was increased from $12 million to $25 million on Nov. 2 to provide the necessary availability to support ongoing . Our staff is hurting and struggling with this as we were completely blindsided. Our staff is hurting and struggling with this as we were completely blindsided, Waller wrote. Yes. And there are tons of great factoring companies that are ready, willing and able to pick up the pieces. As with the previous question, if a factoring company does factor a load for you without a CoreFund release and new NOA then that factor may never get paid. Review fromDeborah V. 5 stars. Without your consent employers will not be able to contact with job offers, would you like to opt-in now? UCCs are regulated by law and all parties involved in a UCC filing must follow these regulations. Our commitment is to our clients by providing them with. Attorney Jason Medley will be filing an emergency intervention and involuntary receivership. It has been sent. We are thrilled to have Melissa on board. The receiver also stated that they are fine with clients calling their CoreFund account executive and requesting a buyout as well. simple, transparent, and reliable Factoring Program. Might learn how to keep it from happening going forward and seeing how to maybe get your money. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot5', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767778941-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); The following is from Todd Waller, former Business Development Officer at CoreFund Capital. GMA Funding LLC, a global leader in factoring and alternative commercial finance, announced that the board of directors have selected James Rothman as Chief Executive Officer of GMA Factor and its operating units GMA USA and CoreFund Capital. ALIENABILITY OF DEBTORS RIGHTS. In addition to any damages recoverable under subsection (b), the debtor, consumer obligor, or person named as a debtor in a filed record, as applicable, may recover $500 in each case from a person that: (3) files a record that the person is not entitled to file under Section 9-509(a); (4) fails to cause the secured party of record to file or send a termination statement as required by Section 9-513(a) or (c); (5) fails to comply with Section 9-616(b)(1) and whose failure is part of a pattern, or consistent with a practice, of noncompliance; or. Your email address will not be published. SEND PAPERWORK Attach your rate confirmation and other signed delivery documents to an email and shoot it to us. If CoreFund does not comply and does not send an NOA upon request, the debtor may discharge its obligation to pay CoreFund and may pay whomever they wish, even if CoreFund send an original NOA some time prior. As former truckers and fleet owners, we understand the . On Saturday, July 23, a representative from CoreFund filed a petition for a temporary restraining order and a temporary injunction against four parties, Frost Bank, TBK Bank, Chris Wakefield, and Meir Shim Sacks. WHILE THERE ARE ONLY A FEW BAD APPLES, THEY DO NOT SPEAK FOR THE REST OF THE MANY MORE HONEST AND REPUTABLE FACTORS IN THE INDUSTRY. googletag.enableServices(); The credit facility was structured by CoreFund Capital with a wholly-owned subsidiary of a publicly traded company through an amended secured accounts receivable facility. 04/30/2022. googletag.pubads().enableSingleRequest(); The petition states that this is because of a , between the parties who control CoreFunds holding company and trust (Wakefield and Sacks). window.googletag = window.googletag || {cmd: []}; You are not limited to one funding source. Extended hours, including Saturday funding. However, late Thursday, Parker County, Texas, District Judge Graham Quisenberry appointed a receiver on behalf of CoreFund, which may help truckers gain access to funds more quickly. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot2', [[468, 60], [728, 90], [300, 100], [320, 50]], 'div-gpt-ad-1665767472470-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); Loss caused by a failure to comply may include loss resulting from the debtors inability to obtain, or increased costs of, alternative financing. Unfortunately, there will be a very small number of factoring companies that may try and take advantage of the situation and make claims that are completely not true. She is an award-winning journalist known for her investigative and business reporting. Paying wages due is more important than obeying a dispute. googletag.cmd.push(function() { As part of the original trust, Shim Sacks granted special power of appointment to his brother, Yaakov "Jacob" Sacks. googletag.enableServices(); They answer questions and handle our business promptly in a professional and courteous manner. googletag.pubads().collapseEmptyDivs(); VP with Express Freight FinanceTel: 770.500.9435adellinger[at]expressfreightfinance.com. Except as otherwise provided in Section 9-628: (1) a person that, at the time of the failure, was a debtor, was an obligor, or held a security interest in or other lien on the collateral may recover damages under subsection (b) for its loss; and. The petition states that this is because of a spat between the parties who control CoreFunds holding company and trust (Wakefield and Sacks). Before you become an O/O you should take business classes and have atleast 20k in the bank. Buckalew was hired to work with CoreFunds communications team and the receiver to address carriers concerns. If you're looking for a new factoring service and you're coming from CoreFund, give us a call +1 (410) 204 2084. The news about this case is coming out fast and furious, so keep a close eye on it. Thank you for your message. The world has enough supply chain problems as it is. Our agreement: https://loadxfactoring.com/terms-and-conditions/, Our application: https://loadxfactoring.com/loadx-factoring-application/. The receiver has the ability to act for CoreFund, meaning issuing releases, etc. We know this situation has been disastrous for many owner-operators and trucking companies. When you sign up for the trial on our website and talk to a representative, make sure you mention that youre a former CoreFund client so they make sure you get the extended free trial. In an email to FreightWaves, Buckalew said CoreFund is solvent and plans to stay open after the truckers get paid. (a) [Other law governs alienability; exceptions.]. 3040 Post Oak Blvd., Suite 1300 | Houston, TX 77056-6560 We know this situation has been disastrous for many owner-operators and trucking companies. Because of the event of default the agreement can be terminated. As part of the original trust, Shim Sacks granted special power of appointment to his brother, Yaakov Jacob Sacks. Don't spin your wheels on complicated lease terms or tedious invoice processing. CoreFund Capital trying to run business as normal for carriers during receivership however they have been met with numerous road blocks provided by numerous not so friendly factors, however the largest roadblock at this moment is Triumph Business Capital also known as TBK Bank holding well over 2 million dollars, for funding from CoreFund Capital. CoreFund executives have not issued a statement about the factoring companys future. googletag.enableServices(); googletag.pubads().enableSingleRequest(); Our best advise is to speak with an attorney. Get on the road, stay on the road, and grow. googletag.pubads().collapseEmptyDivs(); Since Parker County, Texas, District Judge Graham Quisenberry appointed Hassenger as the receiver for CoreFund last week, Hassenger and former employees are back in the office working to reestablish the CoreFund operations., On Friday, Michelle Buckalew, managing director of PR firm Sunwest Communications, said CoreFund is fully operational as Hassenger, along with CoreFund employees, work on addressing customers needs and providing them with cash flow solutions and the level of care and service they deserve.. CoreFund is described as simple, transparent, and reliable. In fact our agreement is online for the world to see. If youre currently a CoreFund client, because of the UCC currently governing your agreements, your customers will likely not be able to release any funds to another factor. A COURT APPOINTED RECEIVER WOULD NEVER ENTER INTO SUCH AGREEMENT. Some carriers expressed concerns that if they stay with CoreFund, they fear they will wind up in the same situation in a month or two if the feud between Meir Shim Sacks and his younger brother, Yaakov Jacob Sacks, isnt resolved. window.googletag = window.googletag || {cmd: []}; No matter what you do, We will continue to be here to help you. Werner, Erin . A restraining order can also be requested to stop CoreFund from enforcing contract terms or penalties they believe they can asses if you proceed on your own without them with another Factor, etc. Itll take a couple of days to add your truck(s) to their insurance and get their decals, but once you have it, you can book your own loads under their authority and make a deal to share revenue. A debtor or consumer obligor may recover damages under subsection (b) and, in addition, $500 in each case from a person that, without reasonable cause, fails to comply with a request under Section 9-210. After several communications with their team, we are allowing the receivers staff and the CoreFund staff (many of whom we are told returned to work under the pending receivership) to have time to access the computer systems and review the list of our carriers, which number slightly above 100 at the moment.. }); She said CoreFund plans to release the carriers that want to find a new factoring company, but it could be risky for those companies that are already factoring CoreFund truckers accounts receivable. Please select the number of verifiable months youve been driving professionally using your Class A CDL within the last 3 years. Q. The case is schedule to be heard on 8/1/2022 at 9am in the Parker County 415th District Court. fails to comply with a request regarding a list of collateral or a statement of account under Section. Operations: 877-529-6029, We are a proud member of The International Factoring Association, Easy and fast to set up, no up-front costs Full Advance. The credit facility was structured by CoreFund Capital with a wholly-owned subsidiary of a publicly traded company through an amended secured accounts receivable facility. Except as otherwise provided in subsection (b) and Sections 9-406, 9-407, 9-408, and 9-409, whether a debtors rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this article. PERSONS ENTITLED TO FILE A RECORD. Jason is able to send this demand letter for you if you request it. CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. Keep in mind that NO factoring company has the ability to get you immediately released from your UCC or NOA as it stands right now. Create your own unique website with customizable templates. We wont look for reasons to come back at you for money like everyone else does. Staffing Agencies. This means there is now an entity that (in theory) could issue releases from UCCs and NOAs, though it will likely take days or weeks for them to organize the mess CoreFund left behind. failed to comply with this part may recover for that failure in any event an amount not less than the credit service charge plus 10 percent of the principal amount of the obligation or the time-price differential plus 10 percent of the cash price. Do I go ahead and send to CoreFund, or wait? Our commitment is to our clients by providing them with the cash flow solutions they need using a customized approach and a level of care and service they deserve. In a status hearing via videoconference on Wednesday with factoring companies, as well as attorneys and truckers, Medley said carriers just want to get back to work even if that means leaving CoreFund for another factoring company. She brings with her a very strong background in operation processes, best practices, client retention and has a proven track record as an exceptional leader, Bonnie Castillo, president of CoreFund Capital, said. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot3', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767553440-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); 4) No RipOffReport.com reports filed There are some possible legal ramifications for the new factor as well. googletag.pubads().enableSingleRequest(); However, a debtor or secondary obligor whose deficiency is eliminated or reduced under Section 9-626 may not otherwise recover under subsection (b) for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance. CoreFund has filed a UCC on all clients. CoreFund Capital | 287 followers on LinkedIn. authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed. CoreFund is a wholly owned subsidiary of GMA Fund LLC, the holding company for the Shim Sacks Family Legacy Trust, which he created in October 2014. Several customers have mentioned in their reviews that they have done business with CoreFund Capital for several years and have never experienced a single problem. googletag.cmd.push(function() { In the Freightwaves article, Jason Medley, partner at Spencer Fane in Houston, noted, This means that the receiver is able to act on behalf of CoreFund to release the UCC1s and notices of assignment and make payout arrangements. #corefundcapital #sabatoged #2millonplus googletag.pubads().collapseEmptyDivs(); jmedley@spencerfane.com. CDL Grad, No Experience WHAT IS OFFERED: Free Same Day Funding Fax or Email Invoices Full Advance Options Free Credit Checks on potential Customers Free Invoice Auditing Extended Funding Times Saturday Funding to CFC Fuel Card As of Monday night, July 25th, Frost Bank has frozen CoreFunds operating account, and its unknown at this time if TBK Bank has done the same. . DISCHARGE OF ACCOUNT DEBTOR; NOTIFICATION OF ASSIGNMENT; IDENTIFICATION AND PROOF OF ASSIGNMENT; RESTRICTIONS ON ASSIGNMENT OF ACCOUNTS, CHATTEL PAPER, PAYMENT INTANGIBLES, AND PROMISSORY NOTES INEFFECTIVE. The amount that remains is kept as a reserve by the factoring company and paid after the invoice is cleared by the trucking company's client. }); FreightWaves Grace Sharkey contributed to this report. This section refers to defaulting on the contract. Subject to subsections (c), (d), and (f), a person is liable for damages in the amount of any loss caused by a failure to comply with this article. It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. googletag.cmd.push(function() { While the effect is not immediate the receiver still needs to officially step into the process by paying a bond, etc. CoreFund Capital is the premier full-service freight bill factoring company in the USA. gptAdSlots.push(gptSlot); The case is scheduled to be heard in the Parker County, 415th District Court under Case No. Subject to subsection (h), if requested by the. 1) No Information / feedback online company is too new. This is exactly why factoring companies suck. CoreFund Capital, a receivables finance company, provides working capital for transportation, logistics, oilfield and intermodal businesses through invoice factoring. The receiver stated the goal is to have this done by the end of this week, Friday 8/5/22. Apply Now! Any invoices uploaded during this time will be processed on Tuesday, January 17. With a commitment to clients and a customized approach, CoreFund combines their cash flow solutions with a superior level of care and service. CV22-0851. Heres a great list of the top 50 logistics companies in North America. CoreFund Capital is a premier freight factoring company offering FREE same day pay, fuel cards, great customer service, and more 1-888-876-8605 Contact information for Attorney Jason Medley: Jason M. Medley Details. CoreFund Capital specializes in business financing through invoice factoring. It will take a little time for the receiver to get into the offices, get access to accounts, etc, but the hard part is over. PH 281.352.6032 CoreFund capital has definitely made my opinion change and to be honest I never think twice about getting my money the day promised. }); While the old trust only named Shim Sacks children as beneficiaries, the new trust lists both brothers children as beneficiaries. By having access to a Business Finance Consultant you have access to hundreds of funding sources across the United States as well as Canada, Australia and the U.K. At this moment there is no way for a factoring company to arrange buyouts or releases until this is resolved. googletag.cmd.push(function() { He will need 1) a copy of your CoreFund factoring agreement and 2) your original UCC1 filed by CoreFund against your assets. Contacts 7. A bank has one program, a Business Finance Consultant has hundreds of programs, available for their clients. #notsofriendlyfactor, Clarissa has covered all aspects of the trucking industry for 14 years. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot2', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767737710-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); 3. DELIVER LOAD Deliver your load and get a signed Bill of Lading or other required paperwork. Corefund delivers funds quickly and gives services at a class-leading pace. Major Update: Thursday 7/28/2022, 2pm cst. Disclaimer: The following information does not constitute legal advice. Menu icon A vertical stack of three evenly . Can I invoice loads directly and have the broker pay me? CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. Before joining FreightWaves, she wrote for Land Line Magazine and Trucks.com. in a filed record, as applicable, may recover $500 in each case from a person that: (3) files a record that the person is not entitled to file under Section, (1) and whose failure is part of a pattern, or consistent with a practice, of noncompliance; or, may recover damages under subsection (b) and, in addition, $500 in each case from a person that, without reasonable cause, fails to comply with a request under Section. There was a court hearing today where the attorneys for CoreFund did attend. If you have a news tip or story idea, send her an email to, Copyright 2023, All Rights Reserved, FreightWaves, Inc, Receiver works to get truckers paid after CoreFund Capitals abrupt closure, Loaded & Rolling (Enterprise Fleet News/Analysis), Carriers unable to pay drivers, buy fuel after CoreFund Capital closes. googletag.cmd.push(function() { Founded in 2015, CoreFund Capital (subsidiary of GMA Factor, LLC) is a freight invoice factoring company headquartered in Texas. You most often will hear of UCCs if one of your customers refuses payments to your factor or, in the case of CoreFunds closing, if the factor does not make good on their payments to their carriers. CoreFund Capital | Weatherford TX On January 9, 2019, freight factoring company, CoreFund Capital, and its sister dispatch company, HardCore Dispatch Services, announced the appointment of Bonnie Castillo as president over each . If you provide me with your company name and contact information, we will be getting terminations of the factoring agreement, UCC3 Lien Terminations, Revocations of the Notice of Assignment to your account debtors/customers, and confirmation of any amount owed to CoreFund or owed to you by CoreFund. The petition states that CoreFunds, have been wrongly shut down. window.googletag = window.googletag || {cmd: []}; According to court documents, Shim Sacks founded CoreFund Capital in 2014. Everyone in the industry has heard of the CoreFund case by now, so letting them know youve been affected by it could earn you some empathy points. I give my express consent authorizing TruckersReport and its, $10-$20 per advance, available 7 days per week, Free Credit Checks on potential Customers, Quick and Easy Qualifying online application. googletag.pubads().collapseEmptyDivs(); There was an error trying to send your message. Can they? Continued updates as they occur. This may be good news as it may allow for a faster path for removing UCCs and NOA to allow clients to sign on to a new factoring company without issue. Now some of you may have noticed in your CoreFund contract Section 17.1.1(c) and (d). #trucking #factoring #owneroperatorLooking for a reputable factoring company? CoreFund Capital has filed a petition for a restraining order and injunction against Frost Bank, TBK Bank, Chris Wakefield, and Meir Shim Sacks. 9-401. window.googletag = window.googletag || {cmd: []}; Unless the assignee complies, the account debtor may discharge its obligation by paying the assignor, even if the account debtor has received a notification under subsection (a). Somebody needs to go to jail for the hardships that youve caused in the past 2 mths! Edit Details . A. Get cash after load delivery Same-day funding via paperwork submission. While we dont know a timeframe for this petition, this action would allow the Texas courts to revoke all Notice of Assignments for CoreFund and all of their carrier UCCs to be terminated. It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. , an assignee shall seasonably furnish reasonable proof that the assignment has been made. *NOTE: LoadX Factoring was started by truckers, for truckers in order to help other truckers and help them avoid predatory factoring companies. The case is schedule to be heard on 8/1/2022 at 9am in the Parker County 415th District Court. 9-406. googletag.enableServices(); CoreFund has been providing freight factoring services for over six years and management team has 30+ years of combined transportation factoring experience - from 1 truck owner . According to court documents, Shim Sacks founded CoreFund Capital in 2014. Everyone knows this is a tough business and we all need to stick together! The parties involved argued over the appointment of a receiver and no ruling for a receiver was made. 2. Scott Christiansen is the managing director for SafeWater Capital, the company overseeing the receivership for CoreFund.According to Christiansen, all of CoreFund's employees have returned to the office and business operations and procedures for the factoring firm have returned to normal. This is a moving target for sure, Medley said in an email to FreightWaves. Our Take: Even if your contract with CoreFund states that the transfer of rights is prohibited (a new factoring company takes over in case of default), this section does not allow such prevention. You save time by having your loan or lease directed to the most appropriate funding source. You can look up in public records the filing made in Parker County, TX. 5) No Online reviews, Your email address will not be published. I feel for these guys because many are living load to load right now, but we legally cant pay the carriers directly because we have to pay CoreFund first.. The full details and a timeline dating back to last week are below. In order for you to receive the best possible offers, please make sure your answers above are accurate prior to submitting. Please be careful with those saying they can. 2) No BBB accreditation Many of those we are trying to help are small 1 truck operators who are days away from closing down. Attorney Jason Medley also stated his team has an emergency order ready to be filed Friday night if it doesnt look like progress with terminations have been made. The two attorneys we suggest are Jason Medley and David Jencks. }); Hundreds of small-business truckers who use CoreFund Capital to factor their accounts receivable are struggling to stay afloat after the Weatherford, Texas-based company abruptly closed its doors 10 days ago and fired its entire staff over a legal spat between two brothers. Many of you are now aware that CoreFund is currently closed due to an ongoing lawsuit and that all staff was terminated last week and is now legally unable to conduct any business whatsoever. If we can help in any other way, dont hesitate to reach out to our team at Express Freight. googletag.enableServices(); Feel free to pass this information along as you see fit. 9-509. Section (d) states that if the Purchaser deems itself insecure with respect to the prospect of repayment or performance of its obligations then this will constitute an event of default. They are also attempting to help as much as they are able. While the old trust only named Shim Sacks children as beneficiaries, the new trust lists both brothers children as beneficiaries. We will continue to update this post with more information as we get it. Truly a great group of people. Currently we are all at the mercy of the court system, CoreFund attorneys, and CoreFunds owners. . Ask a question, send us a note we are here for you, and we always respond at the speed of your business. altLine The Southern Bank Company - Low fees, accounts receivable-based financing. AVOID THESE PREDATORY FACTORING COMPANIES. Each company we work with has specific experience requirements for their drivers. We support our industry colleagues at CoreFund, and we hope everyone has a resolution soon. Our Take: You can file an amendment to terminate CoreFunds UCC filing against your company if CoreFund fails to file the termination. Shim Sacks did not respond to FreightWaves request seeking comment. If youre looking for a new factoring service and youre coming from CoreFund, give us a call +1 (410) 204 2084. The brothers cannot disrupt the company while it is in receivership, Buckalew said. Before joining FreightWaves, she wrote for Land Line Magazine and Trucks.com. Again, the information here should not be construed as legal advice, but only as our opinion on the matter. 4 days ago 10 trucking companies that used their services were having issues. Trust your transportation leasing and finance needs to Convoy Leasing & Sales. Freightwaves has done some reporting on the CoreFund case and LoadX Factoring has a great page of day-to-day updates on their website if youve missed any information. googletag.pubads().collapseEmptyDivs(); googletag.defineSlot('/21776187881/FW_Super_Leaderboard', [[300, 50], [970, 90], [300, 100], [728, 90]], 'div-gpt-ad-1668097889433-0').defineSizeMapping(gptSizeMaps.banner2).addService(googletag.pubads()); According to court filings, Jacob Sacks exercised this special power of appointment he holds under the original trust and transferred the trusts assets, including the holding company that owns CoreFund, to a new trust he created, the Sacks Family Grandchildrens Trust, on July 12. window.googletag = window.googletag || {cmd: []}; Corefund Capital screwed their customers. These are formal, public records from your factoring company of the debt youve incurred, including any current factoring agreements. Here an argument can be made that CoreFund did deem itself insecure and unable to perform its obligations through a series of Facebook comments made by its official Facebook account stating, We sincerely apologize for this situation and understand our clients who count on us are rightfully upset. There was little to no prior warning other than a comment posted to an earlier Facebook thread from the company on Thursday, July 21st, at 8:30 PM. CoreFund will want to try and keep you, but will not force you to stay even if your contract is not up for renewal yet. -Todd Waller. This still has some risks if the Debtor actually owes money to the Secured Party. CoreFund is a wholly owned subsidiary of GMA Fund LLC, the holding company for the Shim Sacks Family Legacy Trust, which he created in October 2014. Factoring Lines of Credit Business Loans Working Capital Equipment Leases Merchant Financing Commercial Property Accounts Receivable Sale-Leaseback Financing According to court filings, Jacob Sacks exercised this special power of appointment he holds under the original trust and transferred the trusts assets, including the holding company that owns CoreFund, to a new trust he created, the Sacks Family Grandchildrens Trust, on July 12. Prior to the judge appointing a receiver, Medley had a chance to speak at Wednesdays hearing regarding a civil lawsuit filed by CoreFund Capital, which seeks a restraining order and temporary injunction, as well as application for appointment of an attorney for trust beneficiaries against Frost Bank, TBK Bank, Chris Wakefield and Meir Shim Sacks. Factoring services, unlike bank loans, focus on the value of receivables. (g) [Limitation of security interest: noncompliance with Section 9-210.]. Late Thursday, Jason Medley, partner with law firm Spencer Fane in its Houston office, notified some of the affected trucking companies and factoring companies that the judge appointing a receiver is a positive step. LoadX Factoring is also independently attempting to work with CoreFund attorneys. A debtor whose deficiency is eliminated under Section 9-626 may recover damages for the loss of any surplus. Thank you everyone. googletag.pubads().enableSingleRequest(); Our Take: Simply put, if the secured party (CoreFund) is not following the UCC regulations you have the right to file a lawsuit against them for damages incurred due to their failure to comply. I have provided information to them in hopes they can also put pressure on Shim Sacks and Chris Wakefield, the parties responsible for shutting our doors with no plan of how to take care of the carriers. A person may file an amendment other than an amendment that adds collateral covered by a financing statement or an amendment that adds a debtor to a financing statement only if: (1) the secured party of record authorizes the filing; or. googletag.pubads().collapseEmptyDivs(); CoreFunds UCC statements are still in place, and any factoring company that makes a loan is in a second lien position, she told FreightWaves. Todd Waller, former business development officer at CoreFund Capital, was among those fired. START FACTORING TODAY - Click Here Built by Truckers For Truckers 1. We hope the staff of CoreFund Capital are being taken care of. GET PAID Get your cash deposited in your bank account fast! Melissa Harris joined CoreFund Capital as vice president. All things considered, you can argue CoreFund is in default and the contract is no longer valid. This clients business has performed impressively over the past months with a solid base of customers. Ashley DellingerExpress Freight FinanceTel: 770.500.9435adellinger[at]expressfreightfinance.com, Ask a question, send us a note we are here for you, and we always respond at the speed of your business. Loss caused by a failure to comply may include loss resulting from the. You most often will hear of UCCs if one of your customers refuses payments to your factor or, in the case of CoreFund's closing, if the factor does not make good on their payments to their carriers. If you owe money, we will make sure that you agree on that amount and then we will consider making payment into the court registry or their lawyers trust account. In basic terms, UCC stands for Uniform Commercial Code. Each state has its own legal and financial laws, but for businesses that typically operate across state lines, a UCC is a common set of laws that multiple states agree and abide by. Send me an email. Our credit checks are instant through our online portal. With month-to-month agreements and no hidden terms or fees, why not start getting your cash fast today, All rights reserved. We are also working on getting further guidance from an attorney who specializes in this industry. Trucking only produces 6-10 % profit, paying factoring companies takes from your profit. As of right now, NO FACTORING COMPANY has the ability to release you from your NOA or UCC. Frost Bank did freeze CoreFunds operating account, and CoreFund believes TBK Bank will do the same. | CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. As part of the original trust, Shim Sacks granted special power of appointment to Jacob Sacks. googletag.enableServices(); Were hoping the receiver thats appointed will be able to get them released from CoreFund because until then, we cant help them.. He warned factoring companies to be cautious if they decided to fund truckers because of the UCC liens and the notice of assignments that are still in place with CoreFund. In addition to any damages recoverable under subsection (b), the. window.googletag = window.googletag || {cmd: []}; Not likely. (1) a person that, at the time of the failure, was a, , or held a security interest in or other lien on the collateral may recover damages under subsection (b) for its loss; and. However, a debtor or, whose deficiency is eliminated or reduced under Section. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot2', [[468, 60], [728, 90], [300, 100], [320, 50]], 'div-gpt-ad-1665767472470-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); Can any factoring company get me a CoreFund release faster? (d) [Recovery when deficiency eliminated or reduced.]. Harris will be responsible for day-to-day operations at CoreFund Capitals corporate office in Weatherford, TX. Financial Services . The last thing we want to see them do is to lock themselves into long-term contracts as a short-term fix. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot5', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767778941-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); Have a safe holiday. whose deficiency is eliminated under Section, may recover damages for the loss of any surplus. We have been with CoreFund Capital LLC, since September 2021; CoreFund Capital has the industry expertise, stability and outstanding customer service . the courts order moves us much closer to addressing the needs of CoreFunds factoring customers., Medley is a listed attorney for members of the trade group, the International Factoring Association, to use. googletag.cmd.push(function() { You'll have access to over 81,000 square feet of coworking space, 900 tech-focused events, 150+ of the top tech mentors in Texas, quarterly Founders . (6) fails to comply with Section 9-616(b)(2). Factoring entails purchasing accounts receivables from a business at a discount. 5+ Years, Please select ALL of your current, valid drivers licenses. We also suggest you login to your CoreFund portal and download every report year to date, broker list, collection notes, etc that you can. However, former employees with access to CoreFunds Facebook account have been posting updates to its panicking trucking customers since no one has responded to their calls or emails. A good factoring partner will have tools and expertise that help you with everything you need, not just same-day cash. googletag.pubads().collapseEmptyDivs(); He currently represents about 50 trucking companies stonewalled by CoreFund and said the number is climbing every minute.. She is an award-winning journalist known for her investigative and business reporting. If this process runs as planned, our fees will be very manageable and divided among the group. We are doing everything in our power to restore things back to normal operations however we are currently unable to do so therefore we understand if our clients need to make other arrangements., CoreFund Capital Facebook Post, 7/22/2022 at 1:25pm cst, All, I would suggest you contact OOIDA. Contact and general information about CoreFund Capital company, headquarter location in Weatherford, TX. Fill out the details below and an advisor will get back to you shortly. Attorneys, rival factoring companies and brokerages have received numerous calls from some of CoreFunds approximately 350 trucking clients, including many owner-operators, who are desperate for answers and may be forced to close their doors if they cant pay their drivers or purchase fuel. Melissa Harris joined CoreFund Capital as vice president. Factoring involves three parties, the buyer, the seller and the factor. Employee Profiles 1. . Unless the assignee complies, the account debtor may discharge its obligation by paying the assignor, even if the account debtor has received a notification under subsection (a). The hard part is over and the judge appointed a receiver in the CoreFund case. The petition is asking the Parker County, Texas District Court (Case No. I truly can't be more thankful to this company and it's staff for doing everything they say they will do. This will expedite helping you move on to a new factor, without waiving the right to get your Reserves released (that will be step 2). Required fields are marked *. A. Will they? CoreFund Capital LLC, a freight factoring company, is a provider of financial services, specializing in business financing through invoice factoring. Keep in mind however that UCC Section 9-513 Termination Statement limits this ability if the financing statement on the UCC covers accounts and chattel paper. CoreFund Capital provides its services on a contractual basis. CoreFund is a wholly owned subsidiary of GMA Fund LLC, the holding company for the Shim Sacks Family Legacy Trust, which he created in October 2014. In the meantime, we are here to help.. REMEDIES FOR SECURED PARTYS FAILURE TO COMPLY WITH ARTICLE. I Need CDL Training If it is established that a secured party is not proceeding in accordance with this article, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions. They provide factoring services for. }); Some brokerages and other factoring companies say the newly appointed receiver may be crucial. The initial credit line provided to the client on May 31 was increased from $12 million to $25 million on Nov. 2 to provide the necessary availability to support ongoing growth for the client. PERSONS ENTITLED TO FILE A RECORD. Carriers are reporting their doors are currently locked, and no one is answering emails or phone calls. Now some of you may have noticed in your CoreFund contract. The ones who work daily at CoreFund are great people and we hope a resolution is found for their sake. CoreFund is described as simple, transparent, and reliable, customers say they always deliver funds quickly and give services at a class-leading pace. At that point they will be able to begin the process of terminations. Update 7/28: Freightwaves just published a comprehensive update of the CoreFund situation. Good Afternoon Everyone, We just need the folks behind the wheel to get released so they can haul loads and get paid, Medley told FreightWaves. These funding sources are monitored daily for the best interest rates and terms available to your business. CoreFund Capital is a great factoring company, their reviews online are a testament to that. There are additional workarounds that can be explored.. Frost Bank and TBK Bank operate CoreFunds operating accounts, while Wakefield and Sacks own controlling stakes in CoreFunds holding company. 3) No TheTruckersReport.com comments googletag.pubads().enableSingleRequest(); OTR Solutions - Fastest funding and best true non-recourse factoring program. Additionally, we are saddened and sickened by how this is impacting our clients who we consider family and we are legally unable to do anything to help as they struggle to stay in business.. CoreFund is described as simple, transparent, and reliable, customers say they always deliver funds quickly and give services at a class-leading pace. What if I have invoices that need to be sent in? UCC Filings are a standard part of almost all factoring agreements. Get a reliable factoring company that doesn't require contracts or charge hidden fees. More updates coming. Q. According to the receiver, all CoreFund staff are back in the offices today and working with the receiver to begin to reconcile accounts and payments. (c) [Persons entitled to recover damages; statutory damages in consumer-goods transaction.]. View All Contacts . The date and time of the hearing are not clear at this time. Factoring services, unlike bank loans, focus on the value of receivables. Every month 400 people find a job with the help of TruckersReport. But a buyout, or any other type of method through normal means, is impossible right now because there are no staff to process this. (a) [Judicial orders concerning noncompliance.]. googletag.pubads().enableSingleRequest(); You can also reach out to new brokers you havent worked for in the past. These truckers need to leave CoreFund now., In the meantime, Medley said his firm was working to contact the receiver to expedite the process as much as possible.. Please watch out for the predatory factoring companies. Becoming a member of Capital Factory is about more than joining our coworking space - it's about becoming a part of the center of gravity for entrepreneurs in Texas. They also needed a revocation of a notice of assignment that is sent to the truckers customers instructing them to make a payment to CoreFund, which in turn pays them. We know about them shutting down and owing money. We dont have a timeframe on when the courts can take the matter up and rule, so it is recommended that clients proceed to send a 20 day UCC termination demand letter to CoreFund as we explained below under 9-509. Attorneys for CoreFund have indicated this morning they may file for voluntary bankruptcy or receivership as noted yesterday. Ideally, these things happen and you are then free to move onto a new factoring company without issue. If you want to factor with LoadX Factoring the rate is 3.5% non-recourse, month to month, free same day and next day pay, no hidden fees. Join Our Community. CoreFund Capital facilitated an increase to the credit facility for a global logistics and freight forwarding company. to allow CoreFund to continue daily operations without fear accounts being frozen or Wakefield and Sacks closing the business.

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