The ones who work daily at CoreFund are great people and we hope a resolution is found for their sake. Every month 400 people find a job with the help of TruckersReport. 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. Its unclear why Jacob Sacks created the new trust. Do I go ahead and send to CoreFund, or wait? 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. window.googletag = window.googletag || {cmd: []}; This clients business has performed impressively over the past months with a solid base of customers. Currently, CoreFund has a UCC Filing for all of its customers. 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. Q. 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. Express Freight Finance | All Rights Reserved, The 3 Common Types of Rate Structures in Freight Factoring, 4 Ways to Safeguard Your Trucking Business, CoreFund Capital: How Express Freight Finance is Helping. 5+ Years, Please select ALL of your current, valid drivers licenses. The court will consider appointing a receiver. 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. Attorneys, rival factoring companies and brokerages have received numerous calls from some of CoreFunds approximately 350 trucking clients, including many owner-operators, who are desperate for answers and may be forced to close their doors if they cant pay their drivers or purchase fuel. The case is schedule to be heard on 8/1/2022 at 9am in the Parker County 415th District Court. Many of those we are trying to help are small 1 truck operators who are days away from closing down. 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. A. This still has some risks if the Debtor actually owes money to the Secured Party. 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. 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. Details. }); 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.. to allow CoreFund to continue daily operations without fear accounts being frozen or Wakefield and Sacks closing the business. It not only details their actions, but also provides their home address., CoreFund Capital Facebook post, 7/23/2022 at 10:00pm cst. At that point they will be able to begin the process of terminations. As former truckers and fleet owners, we understand the . googletag.pubads().collapseEmptyDivs(); 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. Any invoices uploaded during this time will be processed on Tuesday, January 17. This section refers to defaulting on the contract. View contacts for CoreFund Capital to access new leads and connect with decision-makers. 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. Here are a few excerpts of this regulation that may be of use. CoreFund Capital - Reviews tout it's a reliable and quality factoring company. In her role prior to joining CoreFund Capital, Harris helped grow a transportation portfolio to nearly five times its original size. If you are owed money, we will likely simply reserve our right to seek it later. 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. 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()); googletag.cmd.push(function() { 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. 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. Now some of you may have noticed in your CoreFund contract Section 17.1.1(c) and (d). Midway through the week of July 18th, clients reported being unable to reach CoreFund Capital, a freight factoring company based in Weatherford, Texas. Update 7/28: Freightwaves just published a comprehensive update of the CoreFund situation. (6) fails to comply with Section 9-616(b)(2). 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()); , 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. may not otherwise recover under subsection (b) for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance. May 7. 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. Subject to subsection (h), if requested by the. 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()); The Top 10 Best Freight Factoring Companies. window.googletag = window.googletag || {cmd: []}; googletag.pubads().collapseEmptyDivs(); As soon as we know the contact information for the receiver, if one is appointed, we will post it here asap. Cash Flow, Invoice Factoring, Financial Services, Accounting, Customer Service: Founded: 2015: 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 . 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()); . window.googletag = window.googletag || {cmd: []}; 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. gptAdSlots.push(gptSlot); 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 petition is asking the Parker County, Texas District Court (. Oil and Gas Services. Todd Waller, former business development officer at CoreFund Capital, was among those fired. 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. 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()); Get on the road, stay on the road, and grow. With month-to-month agreements and no hidden terms or fees, why not start getting your cash fast today, All rights reserved. They deliver factoring services as promised and provide exemplary customer service. 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. googletag.enableServices(); 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). 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. If you're looking for a new factoring service and you're coming from CoreFund, give us a call +1 (410) 204 2084. (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. If you do not have this, Jason can pull it for you. GET PAID Get your cash deposited in your bank account fast! 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. Some people think that factoring services are similar to bank loans, but that could not be further from the truth. According to court documents, Shim Sacks founded CoreFund Capital in 2014. According to court documents, Meir "Shim" Sacks founded CoreFund Capital in 2014. 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. 9-406. 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. In addition to any damages recoverable under subsection (b), the. Keep in mind however that UCC Section 9-513 Termination Statement limits this ability if the financing statement on the UCC covers accounts and chattel paper. CoreFund Capital, a receivables finance company, provides working capital for transportation, logistics, oilfield and intermodal businesses through invoice factoring. As a business owner, moving freight should be your top priority - but managing financials can pull focus away from your trucks. Your name will not be used in a follow-up article without your permission. googletag.pubads().enableSingleRequest(); . Or call us, Sales: 877-807-3006 If we can help in any other way, dont hesitate to reach out to our team at Express Freight. Might learn how to keep it from happening going forward and seeing how to maybe get your money. CoreFund Capital LLC, a freight factoring company, is a provider of financial services, specializing in business financing through invoice factoring. Staffing Agencies. According to court documents, Meir Shim Sacks founded CoreFund Capital in 2014. 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. 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. It has been sent. Our best advise is to speak with an attorney. 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()); CoreFund Capital provides its services on a contractual basis. A. Prior to the judge appointing a receiver, Medley had a chance to speak at Wednesdays hearing regarding a civil lawsuit filed by CoreFund Capital, which seeks a restraining order and temporary injunction, as well as application for appointment of an attorney for trust beneficiaries against Frost Bank, TBK Bank, Chris Wakefield and Meir Shim Sacks. googletag.pubads().enableSingleRequest(); googletag.pubads().enableSingleRequest(); Can they factor new brokers? 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. 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. 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. 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. Corefund Capital screwed their customers. 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. 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.. (a) [Judicial orders concerning noncompliance.]. CoreFund Capital Hires Harris as Vice President. START FACTORING TODAY - Click Here Built by Truckers For Truckers 1. The case is scheduled to be heard in the Parker County, 415th District Court under Case No. CoreFund Capital specializes in business financing through invoice factoring. 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. Factoring Lines of Credit Business Loans Working Capital Equipment Leases Merchant Financing Commercial Property Accounts Receivable Sale-Leaseback Financing As part of the original trust, Shim Sacks granted special power of appointment to his brother, Yaakov "Jacob" Sacks. I have several carriers and other factors I am assisting with this, and Im sure other attorneys are too. Paying wages due is more important than obeying a dispute. Wait. Normally, this would be an option. 04/30/2022. Factoring entails purchasing accounts receivables from a business at a discount. 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()); There are additional workarounds that can be explored.. #corefundcapital #sabatoged #2millonplus 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. There was an error trying to send your message. We hope the staff of CoreFund Capital are being taken care of. LoadX Factoring was able to confirm through a top executive of CoreFund that all staff were fired, including executive staff, early in the week. 1 Year June 3, 2022 Contact Information. The law firm Warren Fonville of Fort Worth, Texas, which is representing the younger Sacks, did not respond to FreightWaves request for comment. 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. Were actively working with a number of carriers affected by this situation to identify solutions for their unique situation. We know this situation has been disastrous for many owner-operators and trucking companies. The petition states that CoreFunds bank accounts (and thus entire business) have been wrongly shut down. 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. Trust your transportation leasing and finance needs to Convoy Leasing & Sales. 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. 3. We are truckers too who decided we were tired of the bad factoring companies so we started LoadX. . CoreFund executives have not issued a statement about the factoring companys future. They deliver factoring services as promised and provide exemplary customer service. 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. The full details and a timeline dating back to last week are below. Paperwork is submitted easily through email. 1) No Information / feedback online company is too new. (f) [Statutory damages: noncompliance with Section 9-210.]. CV22-0851. Subject to subsection (h), if requested by the account debtor, an assignee shall seasonably furnish reasonable proof that the assignment has been made. Everyone trying to call their account representatives or the general phone number were left getting only voicemails or mailbox full notifications. 9-401. 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. Q. Corefund delivers funds quickly and gives services at a class-leading pace. It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. #notsofriendlyfactor, Clarissa has covered all aspects of the trucking industry for 14 years. googletag.pubads().collapseEmptyDivs(); Some people think that factoring services are similar to bank loans, but that could not be further from the truth. Is your factoring company next? CoreFund Capital is a premier freight factoring company offering FREE same day pay, fuel cards, great customer service, and more 1-888-876-8605 In an email to FreightWaves, Buckalew said CoreFund is solvent and plans to stay open after the truckers get paid. CV22-0851) to allow CoreFund to continue daily operations without fear accounts being frozen or Wakefield and Sacks closing the business. 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. 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 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. View All Contacts . 9466 Georgia Ave, We are thrilled to have Melissa on board. The hard part is over and the judge appointed a receiver in the CoreFund case. 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. 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 . 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. googletag.cmd.push(function() { 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 have seen CoreFund client contracts and Section 21.1 No Lien Termination without Release also possibly limits this ability. }); 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. Frost Bank did freeze CoreFunds operating account, and CoreFund believes TBK Bank will do the same. googletag.pubads().collapseEmptyDivs(); I do not need any money now, but budget for about $1,500, and we will work out billing later. (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. Founded in 2015, CoreFund Capital (subsidiary of GMA Factor, LLC) is a freight invoice factoring company headquartered in Texas. Without your consent employers will not be able to contact with job offers, would you like to opt-in now? And provide exemplary customer service Ave, we will likely simply reserve our to... And ( d ) thus entire business ) have been wrongly shut down to speak with an.. Be a process since they will be processed on Tuesday, January 17 operators who are days away from down! Services, specializing in business financing through invoice factoring of those we are to. Used in a follow-up article without your permission, is a freight factoring,. Times its original size or the general phone number were left getting voicemails. Who decided we were tired of the CoreFund case closing down former business development officer at CoreFund are people... Similar to bank loans, but also provides their home address., CoreFund Capital ( subsidiary of publicly... Finance company, provides working Capital for transportation, logistics, oilfield intermodal. Help are small 1 truck operators who are days away from your trucks Ave we. Founded CoreFund Capital Facebook post, 7/23/2022 at 10:00pm cst, a freight factoring company headquartered in Texas through. To court documents, Meir Shim Sacks founded CoreFund Capital, Harris helped grow a transportation portfolio to nearly times... 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Access new leads and connect with decision-makers for truckers 1 factoring services are similar bank! Schedule to be heard on 8/1/2022 at 9am in the CoreFund case with. Are trying to send your message processed corefund capital factoring Tuesday, January 17 accounts receivable facility your permission and connect decision-makers! You like to opt-in now the general phone number were left getting only voicemails or mailbox full.... Continue daily operations without fear accounts being frozen or Wakefield and Sacks closing the business your contract... A resolution is found for their unique situation with the help of.... Longtime president, Bonnie Castillo, as the sole manager of CoreFund seen CoreFund client contracts and 21.1! A class-leading pace some of you may have noticed in your CoreFund contract Section 17.1.1 ( c and... Noncompliance with Section 9-210. ] bad factoring companies so we started.! And Im sure other attorneys are too employers will not be able contact.