Ideally, these things happen and you are then free to move onto a new factoring company without issue. 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. Corefund has gone above and beyond and helped me manage my cash flow . It does not look like it at the moment. If this process runs as planned, our fees will be very manageable and divided among the group. 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. There are some possible legal ramifications for the new factor as well. Melissa Harris joined CoreFund Capital as vice president. window.googletag = window.googletag || {cmd: []}; We know about them shutting down and owing money. Get a reliable factoring company that doesn't require contracts or charge hidden fees. CoreFund has filed a UCC on all clients. (a) [Other law governs alienability; exceptions.]. The petition is asking the Parker County, Texas District Court (. , an assignee shall seasonably furnish reasonable proof that the assignment has been made. If you or someone you know needs support, please dont hesitate to reach out. 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. They are also attempting to help as much as they are able. #corefundcapital #sabatoged #2millonplus You can view the order here: https://hubs.ly/Q01hQDNy0. Is your factoring company next? 3040 Post Oak Blvd., Suite 1300 | Houston, TX 77056-6560 googletag.enableServices(); The timeline for resolution of this unfortunate situation is still unclear, but well continue to post the latest updates here. You save time by having your loan or lease directed to the most appropriate funding source. Contacts 7. 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. The petition states that this is because of a spat between the parties who control CoreFunds holding company and trust (Wakefield and Sacks). googletag.pubads().collapseEmptyDivs(); googletag.pubads().collapseEmptyDivs(); 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. CoreFund Capital Hires Harris as Vice President. Many of those we are trying to help are small 1 truck operators who are days away from closing down. . Harris will be responsible for day-to-day operations at CoreFund Capitals corporate office in Weatherford, TX. By providing your email, you indicate you have read and understood our As part of the original trust, Shim Sacks granted special power of appointment to Jacob Sacks. 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. Our Take: This section dictates that the account debtor (the client or a broker) can request from the assignee (CoreFund) reasonable proof that the assignment has been made (a Notice of Assignment). 6-11 Months googletag.cmd.push(function() { 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. simple, transparent, and reliable Factoring Program. (6) fails to comply with Section 9-616(b)(2). The date and time of the hearing are not clear at this time. As of 7/24/2022, Frost Bank and TBK Bank have been served, but Wakefield and Sacks have not according to court records. 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.. Our agreement: https://loadxfactoring.com/terms-and-conditions/, Our application: https://loadxfactoring.com/loadx-factoring-application/. 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. Thank you for your message. *NOTE: LoadX Factoring was started by truckers, for truckers in order to help other truckers and help them avoid predatory factoring companies. Section (c) states that an event of default occurs when any guarantor fails to perform their obligations to Purchaser. 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. UCCs are regulated by law and all parties involved in a UCC filing must follow these regulations. Everyone trying to call their account representatives or the general phone number were left getting only voicemails or "mailbox full" notifications. START FACTORING TODAY - Click Here Built by Truckers For Truckers 1. Normally, this would be an option. 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. 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 . According to court documents, Meir "Shim" Sacks founded CoreFund Capital in 2014. Please select the number of verifiable months youve been driving professionally using your Class A CDL within the last 3 years. Heres a great list of the top 50 logistics companies in North America. 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. Melissa Harris joined CoreFund Capital as vice president. 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). Were hoping the receiver thats appointed will be able to get them released from CoreFund because until then, we cant help them.. 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. The law firm Warren Fonville of Fort Worth, Texas, which is representing the younger Sacks, did not respond to FreightWaves request for comment. googletag.pubads().enableSingleRequest(); 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. 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. REMEDIES FOR SECURED PARTYS FAILURE TO COMPLY WITH ARTICLE. These are formal, public records from your factoring company of the debt youve incurred, including any current factoring agreements. Everyone trying to call their account representatives or the general phone number were left getting only voicemails or mailbox full notifications. Please try again later. 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.. }); He said the CoreFund situation is rare in the factoring world. (f) [Statutory damages: noncompliance with Section 9-210.]. Ashley Dellinger, Vice President at Express Freight Finance, said, Carriers are upset and panicked at this time. Wait. 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. CoreFund was founded by industry veterans with the sole mission of making factoring easier and more. Have a safe holiday. Every month 400 people find a job with the help of TruckersReport. 2023 googletag.pubads().enableSingleRequest(); We will continue to update this post with more information as we get it. Because of the event of default the agreement can be terminated. 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. We support our industry colleagues at CoreFund, and we hope everyone has a resolution soon. His words were they were in the CoreFund building turning on computers as we speak. This will still be a process since they will need to work through hundreds of requests. 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. }); FreightWaves Grace Sharkey contributed to this report. PMB 2108, This CoreFund issue is exactly why we started LoadX. Also needed is 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. 5) No Online reviews, Your email address will not be published. We hope the staff of CoreFund Capital are being taken care of. Subject to subsection (h), if requested by the account debtor, an assignee shall seasonably furnish reasonable proof that the assignment has been made. Join Our Community. If this is done, the receiver will be able to process buyouts and terminations. 2. Now some of you may have noticed in your CoreFund contract. Some people think that factoring services are similar to bank loans, but that could not be further from the truth. You are not limited to one funding source. 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. Before joining FreightWaves, she wrote for Land Line Magazine and Trucks.com. Its unclear why Jacob Sacks created the new trust. googletag.enableServices(); LoadX Logistics LLC and LoadX Factoring, CoreFund Capital has filed a petition for a restraining order and injunction against Frost Bank, TBK Bank, Chris Wakefield, and Meir Shim Sacks. Shim Sacks did not respond to FreightWaves request seeking comment. Create your own unique website with customizable templates. 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. 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). PERSONS ENTITLED TO FILE A RECORD. Before joining FreightWaves, she wrote for Land Line Magazine and Trucks.com. 5 stars all day long Date of experience: November 08, 2019 Share SC Sherwyn Cox 1 review US Aug 24, 2019 googletag.pubads().enableSingleRequest(); They provide factoring services for. This section refers to defaulting on the contract. More updates coming. AVOID THESE PREDATORY FACTORING COMPANIES. CoreFund Capital's services include: Non-recourse factoring programs Same-day payments Full advance programs 2) No BBB accreditation Possibly. The two attorneys we suggest are Jason Medley and David Jencks. 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. Email formats & phone numbers of CoreFund Capital 10-50 employees. 4 days ago 10 trucking companies that used their services were having issues. 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. googletag.enableServices(); googletag.cmd.push(function() { Continued updates as they occur. Thank you. googletag.pubads().enableSingleRequest(); And there are tons of great factoring companies that are ready, willing and able to pick up the pieces. CoreFund is described as simple, transparent, and reliable, customers say they always deliver funds quickly and give services at a class-leading pace. Corefund delivers funds quickly and gives services at a class-leading pace. may not otherwise recover under subsection (b) for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance. googletag.cmd.push(function() { We want to be transparent. PH 281.352.6032 }); googletag.cmd.push(function() { In observance of Martin Luther King, Jr. Day, Bobtail will be closed on Monday, January 16. A. 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. She is an award-winning journalist known for her investigative and business reporting. 1) No Information / feedback online company is too new. CoreFund Capital is a premier freight factoring company offering FREE same day pay, fuel cards, great customer service, and more 1-888-876-8605 CoreFund is happy to be able to provide them the working capital needed to help expand and grow their business, Bonnie Castillo, president of CoreFund Capital, said. Each company we work with has specific experience requirements for their drivers. s inability to obtain, or increased costs of, alternative financing. We also suggest you login to your CoreFund portal and download every report year to date, broker list, collection notes, etc that you can. Your name will not be used in a follow-up article without your permission. The receiver has the ability to act for CoreFund, meaning issuing releases, etc. | CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. Edit Details . The information contained here is just our take on possible actions you can take if you are a client of CoreFund Capital. 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. 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()); We know this situation has been disastrous for many owner-operators and trucking companies. googletag.pubads().enableSingleRequest(); We are thrilled to have Melissa on board. There was an error trying to send your message. Our President, Justin McKibben, has spent much of the weekend on the phone directly with carriers trying to help any way possible. CoreFund Capital - Reviews tout it's a reliable and quality factoring company. 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. Disclaimer: The following information does not constitute legal advice. At that point they will be able to begin the process of terminations. CoreFund capital has definitely made my opinion change and to be honest I never think twice about getting my money the day promised. (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. 3) No TheTruckersReport.com comments This clients business has performed impressively over the past months with a solid base of customers. 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. 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. Contact and general information about CoreFund Capital company, headquarter location in Weatherford, TX. Our best advise is to speak with an attorney. 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. A freight factoring line from Charter Capital is your solution for obtaining funds and services to operate and grow your trucking company. As part of the original trust, Shim Sacks granted special power of appointment to his brother, Yaakov Jacob Sacks. 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. 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. VP with Express Freight FinanceTel: 770.500.9435adellinger[at]expressfreightfinance.com. googletag.pubads().enableSingleRequest(); Q. googletag.enableServices(); 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. It has been sent. LoadX Factoring is also independently attempting to work with CoreFund attorneys. You can also reach out to new brokers you havent worked for in the past. Loss caused by a failure to comply may include loss resulting from the. Fill out the details below and an advisor will get back to you shortly. Charter Capital works with many oil and gas servicing companies who have gained a competitive advantage with invoice factoring. 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. Don't spin your wheels on complicated lease terms or tedious invoice processing. }); Court-appointed receiver Timothy Hassenger is working on getting hundreds of truckers accounts receivable paid nearly three weeks after a legal feud between brothers regarding the assets of a family trust led to the abrupt shutdown and firing of all employees at CoreFund Capital, a Texas-based factoring company. We just need them to be allowed to do so.. 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. Contact information for Attorney Jason Medley: Jason M. Medley Can they? Yes. Factoring entails purchasing accounts receivables from a business at a discount. googletag.pubads().enableSingleRequest(); 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()); Effective immediately, Express Freight Finance will offer a 60-day contract with a 30-day release clause for those carriers impacted by this situation with no set-up, due diligence, or early termination fees. }); googletag.cmd.push(function() { As of 7/24/2022, Frost Bank and TBK Bank have been served, but Wakefield and Sacks have not according to court records. The most common UCC in trucking is a UCC-1 lien. He currently represents about 50 trucking companies stonewalled by CoreFund and said the number is climbing every minute.. Midway through the week of July 18th, clients reported being unable to reach CoreFund Capital, a freight factoring company based in Weatherford, Texas. Please watch out for the predatory factoring companies. We are also working on getting further guidance from an attorney who specializes in this industry. window.googletag = window.googletag || {cmd: []}; authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed. Ask a question, send us a note we are here for you, and we always respond at the speed of your business. 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. Or call us, Sales: 877-807-3006 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. May 7. All things considered, you can argue CoreFund is in default and the contract is no longer valid. 04/30/2022. 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. Attorneys for CoreFund have indicated this morning they may file for voluntary bankruptcy or receivership as noted yesterday. While the old trust only named Shim Sacks children as beneficiaries, the new trust lists both brothers children as beneficiaries. As a business owner, moving freight should be your top priority - but managing financials can pull focus away from your trucks. In an email to FreightWaves, Buckalew said CoreFund is solvent and plans to stay open after the truckers get paid. Our staff is hurting and struggling with this as we were completely blindsided. The court documents state the rationale for wrongfully shutting down CoreFunds business resulted from a spat between Wakefield and Sacks. We appreciate how complicated this process and situation can get, especially for smaller carriers. googletag.cmd.push(function() { By checking this box and clicking the "Send me job offers" button below, I represent that I: By checking this box and clicking the "Send me job offers" button below. CoreFund is described as simple, transparent, and reliable, customers say they always deliver funds quickly and give services at a class-leading pace. to allow CoreFund to continue daily operations without fear accounts being frozen or Wakefield and Sacks closing the business. 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. (e) [Statutory damages: noncompliance with specified provisions.]. Trucking is a community-based industry chances are, you have a friend whod be willing to lease your truck(s) under their authority. 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. CV22-0851. googletag.enableServices(); 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. 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. Currently, CoreFund has a UCC Filing for all of its customers. NO! Jason Medley, partner with law firm Spencer Fane in its Houston office, is representing more than 100 trucking companies that were affected by the CoreFund shutdown. Weatherford, Texas, United States; 11-50; Private; www.corefundcapital.com ; 478,758; Highlights. The worst of the CoreFund fiasco is over: yesterday (July 28, 2022), the judge in the court case about the factoring company appointed a trustee on behalf of CoreFund Capital. CONSHOHOCKEN, Pa., Jan. 27, 2021 /PRNewswire/ -- DrayNow, the first real-time intermodal marketplace, and CoreFund Capital, a premier full-service. No matter what you do, We will continue to be here to help you. Attorney Jason Medley will be filing an emergency intervention and involuntary receivership. Major Update: Thursday 7/28/2022, 2pm cst. window.googletag = window.googletag || {cmd: []}; 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.. We are in contact with the International Factoring Association, the largest factoring association in the world, and also the association that both CoreFund and we at LoadX Factoring are a part of. Privacy Policy. On Behalf of Jason M. Medley CoreFund Update As we said from the beginning, we stand with the great staff that made CoreFund the success it was. LoadX Factoring was able to confirm through a top executive of CoreFund that all staff were fired, including executive staff, early in the week. 9-509. googletag.pubads().enableSingleRequest(); 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()); I Need CDL Training 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.
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