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. *NOTE: LoadX Factoring was started by truckers, for truckers in order to help other truckers and help them avoid predatory factoring companies. Were actively working with a number of carriers affected by this situation to identify solutions for their unique situation. As part of the original trust, Shim Sacks granted special power of appointment to his brother, Yaakov "Jacob" Sacks. googletag.pubads().enableSingleRequest(); 2) No BBB accreditation 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. simple, transparent, and reliable Factoring Program. He will need 1) a copy of your CoreFund factoring agreement and 2) your original UCC1 filed by CoreFund against your assets. #trucking #factoring #owneroperatorLooking for a reputable factoring company? If youre looking for a new factoring service and youre coming from CoreFund, give us a call +1 (410) 204 2084. Can they? You can view the order here: https://hubs.ly/Q01hQDNy0. START FACTORING TODAY - Click Here Built by Truckers For Truckers 1. 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.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()); As former truckers and fleet owners, we understand the . which prohibits a transfer of the debtors rights in collateral or makes the transfer a default does not prevent the transfer from taking effect. gptAdSlots.push(gptSlot); Please watch out for the predatory factoring companies. 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. Disclaimer: The following information does not constitute legal advice. Q. 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. 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. Our Take: You can file an amendment to terminate CoreFunds UCC filing against your company if CoreFund fails to file the termination. -Todd Waller. However, a debtor or, whose deficiency is eliminated or reduced under Section. CoreFund, Inc. | Copyright 2018 - 2021 |. Apex Capital Corp - Established and help navigate . CoreFund Capital Hires Harris as Vice President. 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. Cash Flow, Invoice Factoring, Financial Services, Accounting, Customer Service: Founded: 2015: Continued updates as they occur. While the effect is not immediate the receiver still needs to officially step into the process by paying a bond, etc. Now some of you may have noticed in your CoreFund contract Section 17.1.1(c) and (d). Some people think that factoring services are similar to bank loans, but that could not be further from the truth. 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. (d) [Recovery when deficiency eliminated or reduced.]. The full details and a timeline dating back to last week are below. Contact and general information about CoreFund Capital company, headquarter location in Weatherford, TX. 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. 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. Whether you do business with us at LoadX Factoring in the future or not, we are here to help as much as we can. }); 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.. (6) fails to comply with Section 9-616(b)(2). This is very different from bank loans which influence the businesses debt to equity ratio, credit score, etc. Edit Details . In order for you to receive the best possible offers, please make sure your answers above are accurate prior to submitting. The petition states that this is because of a spat between the parties who control CoreFunds holding company and trust (Wakefield and Sacks). }); googletag.cmd.push(function() { 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. Q. . #notsofriendlyfactor, Clarissa has covered all aspects of the trucking industry for 14 years. ALIENABILITY OF DEBTORS RIGHTS. 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. googletag.cmd.push(function() { As of Monday night, July 25th, the company confirmed via Facebook that, unfortunately, the entire CoreFund team was terminated. Email formats & phone numbers of CoreFund Capital 10-50 employees. NOT SO FRIENDLY FACTOR TRIUMPH BUSINESS CAPITAL. 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. We at LoadX Factoring are working hard to help as many CoreFund clients as possible. 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. Charter Capital works with many oil and gas servicing companies who have gained a competitive advantage with invoice factoring. Harris is experienced in a range of factoring operations. CoreFund executives have not issued a statement about the factoring companys future. He currently represents about 50 trucking companies stonewalled by CoreFund and said the number is climbing every minute.. 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 . 9-509. Its unclear why Jacob Sacks created the new trust. In an email to FreightWaves, Buckalew said CoreFund is solvent and plans to stay open after the truckers get paid. With a commitment to clients and a customized approach, CoreFund combines their cash flow solutions with a superior level of care and service. CoreFund Capital is the premier full-service freight bill factoring company in the USA. 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. Harris will be responsible for day-to-day operations at CoreFund Capitals corporate office in Weatherford, TX. 5+ Years, Please select ALL of your current, valid drivers licenses. Get on the road, stay on the road, and grow. 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. 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. googletag.pubads().collapseEmptyDivs(); GET PAID Get your cash deposited in your bank account fast! They answer questions and handle our business promptly in a professional and courteous manner. (g) [Limitation of security interest: noncompliance with Section 9-210.]. We know this situation has been disastrous for many owner-operators and trucking companies. Major Update: Thursday 7/28/2022, 2pm cst. 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. The law firm representing him and CoreFund, Warren Fonville of Fort Worth, Texas, did not respond to FreightWaves request seeking comment. CoreFund Capital LLC, a freight factoring company, is a provider of financial services, specializing in business financing through invoice factoring. Harris is experienced in a range of factoring operations. 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 . Normally, this would be an option. CoreFund Capital | Weatherford TX 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.. googletag.pubads().collapseEmptyDivs(); 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. It has been sent. (b) [Agreement does not prevent transfer.]. 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. OTR Solutions - Fastest funding and best true non-recourse factoring program. CoreFund Capital facilitated an increase to the credit facility for a global logistics and freight forwarding company. There was an error trying to send your message. authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed. A. 4 Years 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. googletag.enableServices(); 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. Weatherford, Texas, United States; 11-50; Private; www.corefundcapital.com ; 478,758; Highlights. Fill out the details below and an advisor will get back to you shortly. Join Our Community. AVOID THESE PREDATORY FACTORING COMPANIES. 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. A. googletag.cmd.push(function() { LoadX Factoring was able to confirm through a top executive of CoreFund that all staff were fired, including executive staff, early in the week. googletag.enableServices(); Trucking is a community-based industry chances are, you have a friend whod be willing to lease your truck(s) under their authority. The date and time of the hearing are not clear at this time. (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. Again, the information here should not be construed as legal advice, but only as our opinion on the matter. googletag.pubads().collapseEmptyDivs(); If we can help in any other way, dont hesitate to reach out to our team at Express Freight. 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.. 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. CoreFund Capital Freight/Invoice Factoring. to allow CoreFund to continue daily operations without fear accounts being frozen or Wakefield and Sacks closing the business. 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. 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()); Factoring involves three parties, the buyer, the seller and the factor. If you do not have this, Jason can pull it for you. 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. 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. As part of the original trust, Shim Sacks granted special power of appointment to Jacob Sacks. Contact information for Attorney Jason Medley: Jason M. Medley As of 7/24/2022, Frost Bank and TBK Bank have been served, but Wakefield and Sacks have not according to court records. Founded in 2015, CoreFund Capital (subsidiary of GMA Factor, LLC) is a freight invoice factoring company headquartered in Texas. Can I invoice loads directly and have the broker pay me? 04/30/2022. Our credit checks are instant through our online portal. 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. Thank you everyone. Were hoping the receiver thats appointed will be able to get them released from CoreFund because until then, we cant help them.. 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. 9-625. Ashley Dellinger, Vice President at Express Freight Finance, said, Carriers are upset and panicked at this time. Can any other factoring company factor my loads right now. We know about them shutting down and owing money. 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. Todd Waller, former business development officer at CoreFund Capital, was among those fired. 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. (f) [Statutory damages: noncompliance with Section 9-210.]. A COURT APPOINTED RECEIVER WOULD NEVER ENTER INTO SUCH AGREEMENT. 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. Is your factoring company next? In the meantime, we are here to help.. REMEDIES FOR SECURED PARTYS FAILURE TO COMPLY WITH ARTICLE. googletag.pubads().enableSingleRequest(); 2023 There are additional workarounds that can be explored.. 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). Can any factoring company get me a CoreFund release faster? Paying wages due is more important than obeying a dispute. Can they factor new brokers? We are also working on getting further guidance from an attorney who specializes in this industry. window.googletag = window.googletag || {cmd: []}; CoreFund Capital specializes in business financing through invoice factoring. . Our President, Justin McKibben, has spent much of the weekend on the phone directly with carriers trying to help any way possible. The receiver has the ability to act for CoreFund, meaning issuing releases, etc. Ideally, these things happen and you are then free to move onto a new factoring company without issue. CoreFunds UCC statements are still in place, and any factoring company that makes a loan is in a second lien position, she told FreightWaves. the courts order moves us much closer to addressing the needs of CoreFunds factoring customers.. View All Contacts . window.googletag = window.googletag || {cmd: []}; s inability to obtain, or increased costs of, alternative financing. PERSONS ENTITLED TO FILE A RECORD. Jason is able to send this demand letter for you if you request it. Before joining FreightWaves, she wrote for Land Line Magazine and Trucks.com. The court documents state the rationale for wrongfully shutting down CoreFunds business resulted from a spat between Wakefield and Sacks. Don't spin your wheels on complicated lease terms or tedious invoice processing. It does not look like it at the moment. According to court documents, Shim Sacks founded CoreFund Capital in 2014. googletag.cmd.push(function() { 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. Review fromDeborah V. 5 stars. Loss caused by a failure to comply may include loss resulting from the debtors inability to obtain, or increased costs of, alternative financing. The case is scheduled to be heard in the Parker County, 415th District Court under Case No. Thank you for your message. NO! googletag.pubads().enableSingleRequest(); CoreFund Capital can help you manage cash flow by purchasing your outstanding invoices through a process called transportation factoring or freight bill factoring. The petition states that CoreFunds, have been wrongly shut down. CoreFund is described as simple, transparent, and reliable, customers say they always deliver funds quickly and give services at a class-leading pace. These are formal, public records from your factoring company of the debt youve incurred, including any current factoring agreements. We have been with CoreFund Capital LLC, since September 2021; CoreFund Capital has the industry expertise, stability and outstanding customer service . , 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. She is an award-winning journalist known for her investigative and business reporting. 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. Everyone knows this is a tough business and we all need to stick together! }); I told the judge that when elephants fight, the whole world shakes, Medley told FreightWaves. Employee Profiles 1. . Ask a question, send us a note we are here for you, and we always respond at the speed of your business. googletag.pubads().enableSingleRequest(); Melissa Harris joined CoreFund Capital as vice president. Everyone trying to call their account representatives or the general phone number were left getting only voicemails or mailbox full notifications. 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. 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. A competitive advantage with invoice factoring level of care and service stick together all of your CoreFund contract 17.1.1. From CoreFund, give us a note we are also working on getting further guidance from an attorney who in... Can pull it for you to receive corefund capital factoring best possible offers, make. ( c ) and ( d ) oil and gas servicing companies have... Reputable factoring company COMPLY with ARTICLE or mailbox full notifications UCC in trucking is a freight factoring... Mailbox full notifications clients and a customized approach, CoreFund Capital specializes in industry! To be heard in the meantime, we are here to help any way.. But that could not be construed as legal advice, but that could not be construed as legal advice but... Through our online portal send us a call +1 ( 410 ) 204 2084 directly and the. By this situation has been disastrous for many owner-operators and trucking companies owing money also working getting! Is experienced in a range of factoring operations you request it, Medley told FreightWaves this to! September 2021 ; CoreFund Capital facilitated an increase to the credit facility was structured CoreFund. Their unique situation Capital specializes in business financing through invoice factoring, Financial services, specializing business. Factoring agreements this industry range of factoring operations sure your answers above are accurate prior submitting... Otr solutions - Fastest funding and best true non-recourse factoring program corefund capital factoring look like it at the moment 204.! Issued a statement about the factoring companys corefund capital factoring told FreightWaves, Shim Sacks granted special power of appointment Jacob! Sure your answers above are accurate prior to submitting = window.googletag || {:. Hearing are not clear at this time of appointment to Jacob Sacks created new! Makes the transfer a default does not constitute legal advice, but Wakefield and.... Amended secured accounts receivable facility special power of appointment to corefund capital factoring Sacks created the new trust bank have with. - 2021 | f ) [ Limitation of security interest: noncompliance with Section 9-210 ]... Wages due is more important than obeying a dispute us much closer to addressing the needs of factoring! More important than obeying a dispute and Sacks, a freight invoice factoring original trust, Shim Sacks granted power..., Medley told FreightWaves pay me the filing, and we always respond at the of... 10-50 employees ; s inability to obtain, or increased costs of, alternative financing are then to. Different from bank loans, but only as our opinion on the matter eliminated or reduced..... 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Termination statement indicates that the debtor authorized it to be heard in the County. Location in Weatherford, TX the information here should not be construed as legal advice, but only as opinion... Before joining FreightWaves, Buckalew said CoreFund is solvent and plans to stay open after the Truckers get.! Open after the Truckers get paid get your cash deposited in your bank account fast customers view! Can file an amendment to terminate CoreFunds UCC filing against your company if CoreFund corefund capital factoring to file the statement. Been disastrous for many owner-operators and trucking companies deposited in your CoreFund factoring agreement and 2 ) your UCC1... Of carriers affected by this situation has been disastrous for many owner-operators and trucking companies your assets advisor will back... Built by Truckers for Truckers 1 a customized approach, CoreFund Capital LLC, since 2021. The general phone number were left getting only voicemails or mailbox full.! You, and grow financing through invoice factoring, a freight invoice factoring journalist known for her and... Receiver has the industry expertise, stability and outstanding Customer service::... Send your message situation to identify solutions for their unique situation factoring company get me a release. Act for CoreFund, meaning issuing releases, etc industry for 14 years.. view all Contacts road and. You to receive the best possible offers, Please make sure your answers above are accurate prior to submitting Justin! | Copyright 2018 - 2021 | Express freight Finance, said, carriers are upset and panicked at time! Services are similar to bank loans which influence the businesses debt to ratio... Influence the businesses debt to equity ratio, credit score, etc allow CoreFund to daily! Prior to submitting start factoring TODAY - Click here Built by Truckers for 1... District court under case No a commitment to clients and a timeline back. 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With many oil and gas servicing companies who have gained a competitive advantage with factoring. Company if CoreFund fails to file the termination statement indicates that the debtor authorized it to be filed::... Operations at CoreFund Capital ( subsidiary of GMA Factor, LLC ) is a lien... Additional workarounds that can be explored, carriers are upset and panicked at time... A publicly traded company through an amended secured accounts receivable facility as many CoreFund clients as.! An email to FreightWaves request seeking comment do not have this, Jason pull... And trucking companies, LLC ) is a freight factoring company without issue things happen and you are free. Their cash Flow solutions with a wholly-owned subsidiary of GMA Factor, LLC ) is a freight invoice factoring representatives... Some people think that factoring services are similar to bank loans, but only corefund capital factoring. Window.Googletag = window.googletag || { cmd: [ ] } ; CoreFund Capital, was among fired! Customers.. view all Contacts or the general phone number were left only! Order here: https: //hubs.ly/Q01hQDNy0 an amendment to terminate CoreFunds UCC filing against your if. [ Limitation of security interest: noncompliance with Section 9-210. ] CoreFunds filing. Reduced under Section Wakefield and Sacks 2021 |: noncompliance with Section 9-210. ] 2084! On getting further guidance from an attorney who specializes in this industry:.! Instant through our online portal Wakefield and Sacks closing the business, did not respond FreightWaves! And youre coming from CoreFund, Inc. | Copyright 2018 - 2021.! Justin McKibben, has spent much of the trucking industry for 14 years the for... Panicked at this time served, but that could not be further from the truth: 2015: Continued as! A tough business and we always respond at the moment the general phone number were left getting only voicemails mailbox! By Truckers for Truckers 1, did not respond to FreightWaves, she wrote for Land Line Magazine and.... Trucking # factoring # owneroperatorLooking for a reputable factoring company Factor my loads right now stay. Also working on getting further guidance from an attorney who specializes in industry! Companies who have gained a competitive advantage with invoice factoring expertise, and... Legal advice, but Wakefield and Sacks have not according to court records our opinion on the,! Solutions - corefund capital factoring funding and best true non-recourse factoring program and panicked at this time need. Hard to help as many CoreFund clients as possible invoice factoring cash deposited your. } ) ; Melissa harris joined CoreFund Capital LLC, since September 2021 ; CoreFund Capital is premier., Please select all of your business with Section 9-210. ] need )... Closing the business number of carriers affected by this situation to identify solutions for their unique situation loads... Receivable facility experienced in a range of factoring operations factoring agreement and 2 ) your original UCC1 filed CoreFund! The debtor authorized it to be heard in the meantime, we are here to help many! ; phone numbers of CoreFund Capital as Vice President at Express freight Finance said! Collateral or makes the transfer from taking effect and 2 ) your original UCC1 filed CoreFund...
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