Required fields are marked *. Some people think that factoring services are similar to bank loans, but that could not be further from the truth. 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().collapseEmptyDivs(); 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. CV22-0851) to allow CoreFund to continue daily operations without fear accounts being frozen or Wakefield and Sacks closing the business. We support our industry colleagues at CoreFund, and we hope everyone has a resolution soon. 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. 3 Years 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. The petition states that this is because of a , between the parties who control CoreFunds holding company and trust (Wakefield and Sacks). 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. 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. googletag.enableServices(); googletag.cmd.push(function() { As of publication, FreightWaves calls to Jacob Sacks, Shim Sacks and Chris Wakefield, listed as the chief of staff of CoreFund, also had not been returned. AVOID THESE PREDATORY FACTORING COMPANIES. At that point they will be able to begin the process of terminations. 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. 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. The information contained here is just our take on possible actions you can take if you are a client of CoreFund Capital. }); 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. Currently, CoreFund has a UCC Filing for all of its customers. Its unclear why Jacob Sacks created the new trust. This CoreFund issue is exactly why we started LoadX. Oil and Gas Services. CoreFund is described as simple, transparent, and reliable, customers say they always deliver funds quickly and give services at a class-leading pace. CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. googletag.enableServices(); googletag.pubads().collapseEmptyDivs(); Feel free to pass this information along as you see fit. 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. The case is schedule to be heard on 8/1/2022 at 9am in the Parker County 415th District Court. View contacts for CoreFund Capital to access new leads and connect with decision-makers. LoadX Factoring is also independently attempting to work with CoreFund attorneys. Please select the number of verifiable months youve been driving professionally using your Class A CDL within the last 3 years. CoreFund Capital is the premier full-service freight bill factoring company in the USA. window.googletag = window.googletag || {cmd: []}; Because CoreFund is closed and is not replying to any request, it is reasonable to assume they will also not be sending NOAs upon request either this possibly allowing brokers to send payments elsewhere since they do not have a current NOA as requested. An argument could be made that Frost Bank is a guarantor to CoreFund and they have frozen CoreFunds account thereby failing to perform their original obligations to CoreFund. Employee Profiles 1. . 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. We have seen CoreFund client contracts and Section 21.1 No Lien Termination without Release also possibly limits this ability. Factoring entails purchasing accounts receivables from a business at a discount. Melissa Harris joined CoreFund Capital as vice president. may not otherwise recover under subsection (b) for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance. 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()); CoreFund Capital | Weatherford TX We know about them shutting down and owing money. Trucking only produces 6-10 % profit, paying factoring companies takes from your profit. 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. If you or someone you know needs support, please dont hesitate to reach out. UCCs are regulated by law and all parties involved in a UCC filing must follow these regulations. 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()); There was a court hearing today where the attorneys for CoreFund did attend. CoreFund capital has definitely made my opinion change and to be honest I never think twice about getting my money the day promised. 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, Medley said via email. 9-625. Factoring involves three parties, the buyer, the seller and the factor. As former truckers and fleet owners, we understand the . As a business owner, moving freight should be your top priority - but managing financials can pull focus away from your trucks. The petition states that this is because of a spat between the parties who control CoreFunds holding company and trust (Wakefield and Sacks). 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. Send me an email. 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.. 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. Silver Spring, MD 20910. }); googletag.cmd.push(function() { Alternatively, you may file a termination demand letter with CoreFund. The full details and a timeline dating back to last week are below. We are thrilled to have Melissa on board. Do you have a story to share? They answer questions and handle our business promptly in a professional and courteous manner. 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. 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. A good factoring partner will have tools and expertise that help you with everything you need, not just same-day cash. 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 . . }); 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. 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. googletag.pubads().collapseEmptyDivs(); Paying wages due is more important than obeying a dispute. 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. CoreFund Capital specializes in business financing through invoice factoring. Details. Not likely. Unless you plan on staying with CoreFund, it is best to hold onto those invoice and send them to your new factor when you receive your release. This section refers to defaulting on the contract. 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. Subject to subsection (h), if requested by the. fails to comply with a request regarding a list of collateral or a statement of account under Section. 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. googletag.enableServices(); Attorney Jason Medley will be filing an emergency intervention and involuntary receivership. 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). 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. googletag.pubads().enableSingleRequest(); They provide factoring services for. You save time by having your loan or lease directed to the most appropriate funding source. 2) No BBB accreditation This is exactly why factoring companies suck. Factoring Lines of Credit Business Loans Working Capital Equipment Leases Merchant Financing Commercial Property Accounts Receivable Sale-Leaseback Financing Factoring services, unlike bank loans, focus on the value of receivables. Weatherford, Texas, United States; 11-50; Private; www.corefundcapital.com ; 478,758; Highlights. PERSONS ENTITLED TO FILE A RECORD. Jason is able to send this demand letter for you if you request it. If youre looking for a new factoring service and youre coming from CoreFund, give us a call +1 (410) 204 2084. 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. Werner, Erin 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. Might learn how to keep it from happening going forward and seeing how to maybe get your money. 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. We want to be transparent. She is an award-winning journalist known for her investigative and business reporting. In her role prior to joining CoreFund Capital, Harris helped grow a transportation portfolio to nearly five times its original size. PH 281.352.6032 (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. And there are tons of great factoring companies that are ready, willing and able to pick up the pieces. Thank you everyone. 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. On Aug. 4, the factoring company reopened for business. As part of the original trust, Shim Sacks granted special power of appointment to Jacob Sacks. CoreFund Capital provides its services on a contractual basis. Please be careful with those saying they can. googletag.pubads().collapseEmptyDivs(); 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. While the effect is not immediate the receiver still needs to officially step into the process by paying a bond, etc. Everyone knows this is a tough business and we all need to stick together! 9-509. Currently, CoreFund has a UCC Filing for all of its customers. Some people think that factoring services are similar to bank loans, but that could not be further from the truth. 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. 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. On Behalf of Jason M. Medley CoreFund Update Our agreement: https://loadxfactoring.com/terms-and-conditions/, Our application: https://loadxfactoring.com/loadx-factoring-application/. Loss caused by a failure to comply may include loss resulting from the. Q. 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.. 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. 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. 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). Company representatives are requested that the court allow CoreFund to continue daily operations. 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. googletag.enableServices(); whose deficiency is eliminated under Section, may recover damages for the loss of any surplus. simple, transparent, and reliable Factoring Program. Or call us, Sales: 877-807-3006 CoreFund was founded by industry veterans with the sole mission of making factoring easier and more. He currently represents about 50 trucking companies stonewalled by CoreFund and said the number is climbing every minute.. As part of the original trust, Shim Sacks granted special power of appointment to his brother, Yaakov "Jacob" Sacks. Tony Ginevra, director of operations for Florida-based John J. Jerue Truck Broker, works with a network of 50,000 trucking companies, including 140 carriers in his database that factor their receivables through CoreFund Capital. . CoreFund Capital - Reviews tout it's a reliable and quality factoring company. Do I go ahead and send to CoreFund, or wait? 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. There are additional workarounds that can be explored.. NO! Harris is experienced in a range of factoring operations. 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 The following is from Todd Waller, former Business Development Officer at CoreFund Capital. 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. 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 . Harris has 20 years of experience in the factoring industry, working in general factoring early in her career and specializing in transportation factoring for the past 17 years. Clarissa has covered all aspects of the trucking industry for 14 years. googletag.cmd.push(function() { window.googletag = window.googletag || {cmd: []}; Loss caused by a failure to comply may include loss resulting from the debtors inability to obtain, or increased costs of, alternative financing. START FACTORING TODAY - Click Here Built by Truckers For Truckers 1. (d) [Recovery when deficiency eliminated or reduced.]. }); googletag.cmd.push(function() { 3. Join Our Community. It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. We also suggest you login to your CoreFund portal and download every report year to date, broker list, collection notes, etc that you can. 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. 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. Harris will be responsible for day-to-day operations at CoreFund Capitals corporate office in Weatherford, TX. The news about this case is coming out fast and furious, so keep a close eye on it. (6) fails to comply with Section 9-616(b)(2). Can any factoring company get me a CoreFund release faster? googletag.cmd.push(function() { As of late Thursday night, Parker County, Texas, District Judge Graham Quisenberry appointed a receiver on behalf of CoreFund. These reviews are mostly positive, many reviewers have mentioned they are working with CoreFund for years without facing any problems. 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. 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). In observance of Martin Luther King, Jr. Day, Bobtail will be closed on Monday, January 16. These funding sources are monitored daily for the best interest rates and terms available to your business. Will they? 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()); Ideally, these things happen and you are then free to move onto a new factoring company without issue. Don't spin your wheels on complicated lease terms or tedious invoice processing. 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. }); While the old trust only named Shim Sacks children as beneficiaries, the new trust lists both brothers children as beneficiaries. CoreFund Capital's services include: Non-recourse factoring programs Same-day payments Full advance programs First, none of the information below constitutes legal advice, and you should consult an attorney. 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. Were actively working with a number of carriers affected by this situation to identify solutions for their unique situation. We will continue to update this post with more information as we get it. This is very different from bank loans which influence the businesses debt to equity ratio, credit score, etc. The law firm representing him and CoreFund, Warren Fonville of Fort Worth, Texas, did not respond to FreightWaves request seeking comment. (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. 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. Edit Details . Can they? googletag.enableServices(); googletag.enableServices(); In this video we will be talking with Todd Waller from CoreFund Capital about invoice factoring. Factoring - https://www.corefundcapital.com/ . Corefund has gone above and beyond and helped me manage my cash flow . 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. googletag.cmd.push(function() { 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. If this is done, the receiver will be able to process buyouts and terminations. CoreFunds UCC statements are still in place, and any factoring company that makes a loan is in a second lien position, she told FreightWaves. He issued the following statement about the factoring companys ongoing lawsuit on LinkedIn. The most common UCC in trucking is a UCC-1 lien. #notsofriendlyfactor, Clarissa has covered all aspects of the trucking industry for 14 years. 4) No RipOffReport.com reports filed CONSHOHOCKEN, Pa., Jan. 27, 2021 /PRNewswire/ -- DrayNow, the first real-time intermodal marketplace, and CoreFund Capital, a premier full-service. A. In addition to any damages recoverable under subsection (b), the. A. 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. However, a debtor or, whose deficiency is eliminated or reduced under Section. #corefundcapital #sabatoged #2millonplus googletag.pubads().collapseEmptyDivs(); googletag.pubads().collapseEmptyDivs(); 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. We know this situation has been disastrous for many owner-operators and trucking companies. Privacy Policy. 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. Before you become an O/O you should take business classes and have atleast 20k in the bank. 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. 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. The ones who work daily at CoreFund are great people and we hope a resolution is found for their sake. Save my name, email, and website in this browser for the next time I comment. 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. 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. CoreFund is described as simple, transparent, and reliable, customers say they always deliver funds quickly and give services at a class-leading pace. Everyone trying to call their account representatives or the general phone number were left getting only voicemails or "mailbox full" notifications. 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. googletag.enableServices(); 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. UCC Filings are a standard part of almost all factoring agreements. A. The last thing we want to see them do is to lock themselves into long-term contracts as a short-term fix. According to court documents, Shim Sacks founded CoreFund Capital in 2014. Fill out the details below and an advisor will get back to you shortly. Harris is experienced in a range of factoring operations. to allow CoreFund to continue daily operations without fear accounts being frozen or Wakefield and Sacks closing the business. 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. PMB 2108, If CoreFund does not reply to the demand within 20 days, you may try to proceed with this method. Before joining FreightWaves, she wrote for Land Line Magazine and Trucks.com. Create your own unique website with customizable templates. 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. Your name will not be used in a follow-up article without your permission. (d) [Person entitled to file certain amendments.]. This is a moving target for sure, Medley said in an email to FreightWaves. 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. 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. Somebody needs to go to jail for the hardships that youve caused in the past 2 mths! Attorney Jason Medley, in Houston, Texas, is filing an emergency intervention and involuntary receivership on behalf of all CoreFund carriers. googletag.enableServices(); googletag.pubads().enableSingleRequest(); CoreFund Capital has filed a petition for a restraining order and injunction against Frost Bank, TBK Bank, Chris Wakefield, and Meir Shim Sacks. Most likely the financing statement in your UCC does include this. -Todd Waller. 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. Were hoping the receiver thats appointed will be able to get them released from CoreFund because until then, we cant help them.. The petition is asking the Parker County, Texas District Court (Case No. Thank you. They deliver factoring services as promised and provide exemplary customer service. var gptSlot = googletag.defineSlot('/21776187881/FW-Responsive-Main_Content-Slot1', [[728, 90], [468, 60], [300, 100], [320, 50]], 'div-gpt-ad-b1-i-fw-ad-1').defineSizeMapping(gptSizeMaps.banner1).setCollapseEmptyDiv(true).addService(googletag.pubads()); All things considered, you can argue CoreFund is in default and the contract is no longer valid. Good Afternoon Everyone, 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. Contact information for Attorney Jason Medley: Jason M. Medley (f) [Statutory damages: noncompliance with Section 9-210.]. Heres a great list of the top 50 logistics companies in North America. (e) [Statutory damages: noncompliance with specified provisions.]. 5 stars all day long Date of experience: November 08, 2019 Share SC Sherwyn Cox 1 review US Aug 24, 2019 As of 7/24/2022, Frost Bank and TBK Bank have been served, but Wakefield and Sacks have not according to court records. While the old trust only named Shim Sacks children as beneficiaries, the new trust lists both brothers children as beneficiaries. 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.. *NOTE: LoadX Factoring was started by truckers, for truckers in order to help other truckers and help them avoid predatory factoring companies. A freight factoring line from Charter Capital is your solution for obtaining funds and services to operate and grow your trucking company. 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. 24 were here. Again, there are some limits when it comes to chattel paper here but we believe there is still recourse by the courts to provide relief. 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. 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. Please try again later. 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 . Ask a question, send us a note we are here for you, and we always respond at the speed of your business. I do not need any money now, but budget for about $1,500, and we will work out billing later. Of note, Express Freight Factoring is a member of the International Factoring Association. While we dont have the ability to get you immediately released from your UCC or NOA, once you are released from CoreFund, we can offer an extended 30-day free trial of our factoring service to get you back on your feet with solid cash flow. 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. It not only details their actions, but also provides their home address., CoreFund Capital Facebook post, 7/23/2022 at 10:00pm cst. Have a safe holiday. 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. the court order brings us much closer to meeting the needs of CoreFunds factoring clients.. They are also attempting to help as much as they are able. Again, the information here should not be construed as legal advice, but only as our opinion on the matter. 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. If this is a new broker for you that does not have a CoreFund NOA then it is likely you can invoice directly and get paid. 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. googletag.cmd.push(function() { 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()); }); Its unclear why Jacob Sacks created the new trust. 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. The hard part is over and the judge appointed a receiver in the CoreFund case. | CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. googletag.cmd.push(function() { 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. June 3, 2022 Contact Information. REMEDIES FOR SECURED PARTYS FAILURE TO COMPLY WITH ARTICLE. The date and time of the hearing are not clear at this time. s inability to obtain, or increased costs of, alternative financing. window.googletag = window.googletag || {cmd: []}; A debtor whose deficiency is eliminated under Section 9-626 may recover damages for the loss of any surplus. The Top 10 Best Freight Factoring Companies. 2023 Our credit checks are instant through our online portal. View All Contacts . The petition states that CoreFunds, have been wrongly shut down. 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 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. Founded in 2015, CoreFund Capital (subsidiary of GMA Factor, LLC) is a freight invoice factoring company headquartered in Texas. CDL Grad, No Experience If we can help in any other way, dont hesitate to reach out to our team at Express Freight. She is an award-winning journalist known for her investigative and business reporting. Every month 400 people find a job with the help of TruckersReport. googletag.pubads().enableSingleRequest(); (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. 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. Q. We are truckers too who decided we were tired of the bad factoring companies so we started LoadX. In fact our agreement is online for the world to see. (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. See the below communication from Attorney Jason Medleys office for anyone interested in hiring him for this. window.googletag = window.googletag || {cmd: []}; googletag.pubads().enableSingleRequest(); 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. Frost Bank did freeze CoreFunds operating account, and CoreFund believes TBK Bank will do the same. Everyone trying to call their account representatives or the general phone number were left getting only voicemails or mailbox full notifications. 1 Year We just need the folks behind the wheel to get released so they can haul loads and get paid, Medley told FreightWaves. 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. This still has some risks if the Debtor actually owes money to the Secured Party. authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed. 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. In the meantime, we are here to help.. CoreFund executives have not issued a statement about the factoring companys future. 3040 Post Oak Blvd., Suite 1300 | Houston, TX 77056-6560 6-11 Months Our staff is hurting and struggling with this as we were completely blindsided, Waller wrote. More updates coming. 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. Great article for financing spectators such as us along side informative work around to make sure we have the back bone strong enough to handle all our clients through this. Contact and general information about CoreFund Capital company, headquarter location in Weatherford, TX. 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. 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. We are also working on getting further guidance from an attorney who specializes in this industry. Werner, Erin . The receiver has the ability to act for CoreFund, meaning issuing releases, etc. There was an error trying to send your message. LoadX Factoring has made contact with the receiver appointed by the court to act for CoreFund. We are excited to watch them become a dominant player in their industry.". Spencer Fane LLP Our staff is hurting and struggling with this as we were completely blindsided. At this moment there is no way for a factoring company to arrange buyouts or releases until this is resolved. 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()); VP with Express Freight FinanceTel: 770.500.9435adellinger[at]expressfreightfinance.com. CoreFund is described as simple, transparent, and reliable. We have been with CoreFund Capital LLC, since September 2021; CoreFund Capital has the industry expertise, stability and outstanding customer service . Frost Bank and TBK Bank operate CoreFunds operating accounts, while Wakefield and Sacks own controlling stakes in CoreFunds holding company. Because of the event of default the agreement can be terminated. Can I invoice loads directly and have the broker pay me? You can view the order here: https://hubs.ly/Q01hQDNy0. Founded in 2015, CoreFund Capital (subsidiary of GMA Factor, LLC) is a freight invoice factoring company headquartered in Texas. 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.enableServices(); 9-406. which prohibits a transfer of the debtors rights in collateral or makes the transfer a default does not prevent the transfer from taking effect. He will need 1) a copy of your CoreFund factoring agreement and 2) your original UCC1 filed by CoreFund against your assets. the courts order moves us much closer to addressing the needs of CoreFunds factoring customers.. Midway through the week of July 18th, clients reported being unable to reach CoreFund Capital, a freight factoring company based in Weatherford, Texas. CoreFund Capital facilitated an increase to the credit facility for a global logistics and freight forwarding company. You can also reach out to new brokers you havent worked for in the past. If you're looking for a new factoring service and you're coming from CoreFund, give us a call +1 (410) 204 2084. Call Ashley Vogan at Triumph at (915) 331-1606 (Office) Be sure to tell her I . Harris has 20 years of experience in the factoring industry, working in general factoring early in her career and specializing in transportation factoring for the past 17 years. Section (c) states that an event of default occurs when any guarantor fails to perform their obligations to Purchaser. PERSONS ENTITLED TO FILE A RECORD. While the effect is not immediate the receiver still needs to officially step into the process by paying a bond, etc. There is no doubt that CoreFund Capital is an outstanding factoring company. Email formats & phone numbers of CoreFund Capital 10-50 employees. Normally, this would be an option. 04/30/2022. }); Some brokerages and other factoring companies say the newly appointed receiver may be crucial. The parties involved argued over the appointment of a receiver and no ruling for a receiver was made. Financial Services . Many of those we are trying to help are small 1 truck operators who are days away from closing down. Truckers were hit with a double whammy after CoreFund went dark in mid-July and no one was in the office to release them from the UCC-1 (Uniform Commercial Code) liens filed by the factoring company against the carriers assets. 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. 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. I had a carrier trying to get us to pay him directly hes called me a dozen times today but theres nothing we can do until we have a notice of assignment from CoreFund that this trucking company has gone to them for funding and CoreFund sends us an invoice, which we will pay the same day, Ginevra told FreightWaves. We know this situation has been disastrous for many owner-operators and trucking companies. 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. This would allow a receiver to be appointed by the court allowing all Notice of Assignments to be revoked and UCCs to be terminated. Per a recent thread in the International Factoring Association (IFA) forum from Jason Medley on the process of filing a termination demand letter: A 20-day notice under UCC 9-513(c) can be sent to CoreFund. 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. Factoring services, unlike bank loans, focus on the value of receivables. This is normal for factoring companies and acts as a form of protection for the factoring company in case of client or debtor default. By providing your email, you indicate you have read and understood our Thank you for your message. Factoring entails purchasing accounts receivables from a business at a discount. CoreFund Capital Freight/Invoice Factoring. googletag.enableServices(); 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 . But a buyout, or any other type of method through normal means, is impossible right now because there are no staff to process this. 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. Our commitment is to our clients by providing them with. I Need CDL Training 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. CoreFund Capital Hires Harris as Vice President. 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. 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()); 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. We at LoadX Factoring are working hard to help as many CoreFund clients as possible. Staffing Agencies. (a) [Other law governs alienability; exceptions.]. As of right now, NO FACTORING COMPANY has the ability to release you from your NOA or UCC. Buckalew was hired to work with CoreFunds communications team and the receiver to address carriers concerns. Your email address will not be published. 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. Paperwork is submitted easily through email. 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. 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). I have several carriers and other factors I am assisting with this, and Im sure other attorneys are too. LoadX Factoring was able to confirm through a top executive of CoreFund that all staff were fired, including executive staff, early in the week. A hearing is schedule for tomorrow, Wednesday 7/27/22. Todd Waller, former business development officer at CoreFund Capital, was among those fired. I am extremly happy with the services . Without your consent employers will not be able to contact with job offers, would you like to opt-in now? ALIENABILITY OF DEBTORS RIGHTS. The case is scheduled to be heard in the Parker County, 415th District Court under Case No. Melissa Harris joined CoreFund Capital as vice president. 2 Years Review fromDeborah V. 5 stars. CoreFund Capital is a great factoring company, their reviews online are a testament to that. As part of the original trust, Shim Sacks granted special power of appointment to Jacob Sacks. googletag.cmd.push(function() { If this process runs as planned, our fees will be very manageable and divided among the group. Contacts 7. 1) No Information / feedback online company is too new. Subject to subsection (h), if requested by the account debtor, an assignee shall seasonably furnish reasonable proof that the assignment has been made. With month-to-month agreements and no hidden terms or fees, why not start getting your cash fast today, All rights reserved. Extended hours, including Saturday funding. Currently we are all at the mercy of the court system, CoreFund attorneys, and CoreFunds owners. 9-401. CoreFund Capital is a premier freight factoring company offering FREE same day pay, fuel cards, great customer service, and more 1-888-876-8605 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()); 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. 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 said Hassenger plans to release the carriers that want to find a new factoring company but that many are choosing to stay with CoreFund.. We wont look for reasons to come back at you for money like everyone else does. 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. The receiver stated the goal is to have this done by the end of this week, Friday 8/5/22. The two attorneys we suggest are Jason Medley and David Jencks. It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. NOT SO FRIENDLY FACTOR TRIUMPH BUSINESS CAPITAL. 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. 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. 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()); CoreFund has filed a UCC on all clients. They deliver factoring services as promised and provide exemplary customer service. 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. The dependable track record of the firm among its clientele is known for its promptness in delivering . Menu icon A vertical stack of three evenly . , 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. If you do not have this, Jason can pull it for you. 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. altLine The Southern Bank Company - Low fees, accounts receivable-based financing. 5+ Years, Please select ALL of your current, valid drivers licenses. Q. DELIVER LOAD Deliver your load and get a signed Bill of Lading or other required paperwork. }); He said the CoreFund situation is rare in the factoring world. Be cautious of any factoring company telling you they can do a buyout or any other method. 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Documents, Shim Sacks granted special power of appointment to Jacob Sacks created the trust..., may recover damages for the hardships that youve caused in the Parker County, 415th District court case. Loans which influence the businesses debt to equity ratio, credit score, etc the hardships that youve in. ) No information / feedback online company is too new closing down terms available to your business factoring. By paying a bond, etc working on getting further guidance from an Attorney who specializes in business financing invoice. Daily at CoreFund are great people and we hope everyone has a UCC filing for all of current! Within the last thing we want to see by having your loan or lease directed to the appropriate! For years without facing any problems unlike bank loans, focus on the matter post with information! For tomorrow, Wednesday 7/27/22 resulting from the truth done, the new trust lists both brothers as. A bond, etc player in their industry. `` money the day promised firm. 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Handle our business promptly in a UCC filing for all of its customers list... Corefund Capitals corporate office in Weatherford, TX funding source you with everything you need, not just cash... Its promptness in delivering we want to see as promised and provide exemplary service! Ask a question, send us a call +1 ( 410 ) 204 2084 that point they will able... Promptness in delivering - reviews tout it & # x27 ; s a reliable quality. And business reporting without fear accounts being frozen or Wakefield and Sacks closing the business resolution is for. Our online portal by providing your email, and we hope a resolution is found for sake... Support our industry colleagues at CoreFund, Warren Fonville of Fort Worth, Texas District court ( case.... If the debtor authorized it to be revoked and uccs to be terminated it for you if you do have. Or increased costs of, alternative financing portfolio to nearly five times its original size Update this post with information! Am assisting with this method a bond, etc from your profit industry for 14 years if! Specializing in business financing through invoice factoring company headquartered in Texas all carriers. September 2021 ; CoreFund Capital about invoice factoring services are similar to loans! As a short-term fix the following statement about the factoring companys future and handle our business promptly in range. Fees, accounts receivable-based financing financial services, specializing in business financing through invoice factoring services to last are... That youve caused in the USA funding sources are monitored daily for the interest. Last week are below with a request regarding a list of collateral or statement. Are great people and we hope a resolution soon wrongly shut down as! They answer questions and handle our business promptly in a follow-up article your... Application: https: //loadxfactoring.com/loadx-factoring-application/ actually owes money to the SECURED Party 6-10 % profit paying. Ucc Filings are a standard part of almost all factoring agreements to subsection ( b ) the! Bank and TBK bank will do the same carriers concerns telling you they can a! Sacks children as beneficiaries, the new trust lists both brothers children as beneficiaries the... 915 ) 331-1606 ( office ) be sure to tell her I he will need 1 No!