I have several carriers and other factors I am assisting with this, and Im sure other attorneys are too. Trust your transportation leasing and finance needs to Convoy Leasing & Sales. 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. CoreFund Capital can help you manage cash flow by purchasing your outstanding invoices through a process called transportation factoring or freight bill factoring. As soon as we know the contact information for the receiver, if one is appointed, we will post it here asap. These reviews are mostly positive, many reviewers have mentioned they are working with CoreFund for years without facing any problems. 9-625. I Need CDL Training
Do I go ahead and send to CoreFund, or wait? 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. He issued the following statement about the factoring companys ongoing lawsuit on LinkedIn. This is exactly why factoring companies suck. Without your consent employers will not be able to contact with job offers, would you like to opt-in now? 3) No TheTruckersReport.com comments 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. }); While the old trust only named Shim Sacks children as beneficiaries, the new trust lists both brothers children as beneficiaries. 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. The receiver stated the goal is to have this done by the end of this week, Friday 8/5/22. NOT SO FRIENDLY FACTOR TRIUMPH BUSINESS CAPITAL. 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 . A hearing is schedule for tomorrow, Wednesday 7/27/22. Carriers are reporting their doors are currently locked, and no one is answering emails or phone calls. 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. Join Our Community. 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. He will need 1) a copy of your CoreFund factoring agreement and 2) your original UCC1 filed by CoreFund against your assets. We are excited to watch them become a dominant player in their industry.". 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. 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. The two attorneys we suggest are Jason Medley and David Jencks. 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. 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. A COURT APPOINTED RECEIVER WOULD NEVER ENTER INTO SUCH AGREEMENT. What if I have invoices that need to be sent in? Attorney Jason Medley will be filing an emergency intervention and involuntary receivership. 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. 2 Years
Required fields are marked *. But a buyout, or any other type of method through normal means, is impossible right now because there are no staff to process this. As part of the original trust, Shim Sacks granted special power of appointment to Jacob Sacks. Yes. 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. If this process runs as planned, our fees will be very manageable and divided among the group. On Aug. 4, the factoring company reopened for business. 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. In the meantime, we are here to help.. Midway through the week of July 18th, clients reported being unable to reach CoreFund Capital, a freight factoring company based in Weatherford, Texas. The brothers cannot disrupt the company while it is in receivership, Buckalew said. AVOID THESE PREDATORY FACTORING COMPANIES. If you or someone you know needs support, please dont hesitate to reach out. Get on the road, stay on the road, and grow. Founded in 2015, CoreFund Capital (subsidiary of GMA Factor, LLC) is a freight invoice factoring company headquartered in Texas. Be cautious of any factoring company telling you they can do a buyout or any other method. OTR Solutions - Fastest funding and best true non-recourse factoring program. 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. 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. 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. They answer questions and handle our business promptly in a professional and courteous manner. 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. We just need the folks behind the wheel to get released so they can haul loads and get paid, Medley told FreightWaves. There was little to no prior warning other than a comment posted to an earlier Facebook thread from the company on Thursday, July 21st, at 8:30 PM. 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. Corefund has gone above and beyond and helped me manage my cash flow . In observance of Martin Luther King, Jr. Day, Bobtail will be closed on Monday, January 16. 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 Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. Factoring involves three parties, the buyer, the seller and the factor. I am extremly happy with the services . (c) [Persons entitled to recover damages; statutory damages in consumer-goods transaction.]. The petition is asking the Parker County, Texas District Court (. 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. 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. CoreFund Capital's services include: Non-recourse factoring programs Same-day payments Full advance programs As of late Thursday night, Parker County, Texas, District Judge Graham Quisenberry appointed a receiver on behalf of CoreFund. The petition is asking the Parker County, Texas District Court (Case No. If CoreFund does not reply to the demand within 20 days, you may try to proceed with this method. In her role prior to joining CoreFund Capital, Harris helped grow a transportation portfolio to nearly five times its original size. 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. Your name will not be used in a follow-up article without your permission. CoreFund Capital | Weatherford TX 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. 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. In an email to FreightWaves, Buckalew said CoreFund is solvent and plans to stay open after the truckers get paid. CoreFund is described as simple, transparent, and reliable. (d) [Person entitled to file certain amendments.]. We are thrilled to have Melissa on board. }); googletag.cmd.push(function() { Please watch out for the predatory factoring companies. 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.pubads().enableSingleRequest(); . Our Take: Simply put, if the secured party (CoreFund) is not following the UCC regulations you have the right to file a lawsuit against them for damages incurred due to their failure to comply. Thank you everyone. 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()); 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. Privacy Policy. If youre looking for a new factoring service and youre coming from CoreFund, give us a call +1 (410) 204 2084. More updates coming. It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. , 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. Everyone in the industry has heard of the CoreFund case by now, so letting them know youve been affected by it could earn you some empathy points. }); Its unclear why Jacob Sacks created the new trust. CV22-0851) to allow CoreFund to continue daily operations without fear accounts being frozen or Wakefield and Sacks closing the business. googletag.pubads().collapseEmptyDivs(); Not likely. 04/30/2022. Disclaimer: The following information does not constitute legal advice. googletag.cmd.push(function() { In CDL School Now
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. }); 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.. Each company we work with has specific experience requirements for their drivers. According to court documents, Shim Sacks founded CoreFund Capital in 2014. 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. We know this situation has been disastrous for many owner-operators and trucking companies. Q. LoadX Factoring is also independently attempting to work with CoreFund attorneys. }); Some brokerages and other factoring companies say the newly appointed receiver may be crucial. Email formats & phone numbers of CoreFund Capital 10-50 employees. Corefund Capital screwed their customers. googletag.enableServices(); Factoring entails purchasing accounts receivables from a business at a discount. In addition to any damages recoverable under subsection (b), the. Ashley Dellinger, Vice President at Express Freight Finance, said, Carriers are upset and panicked at this time. 5 stars all day long Date of experience: November 08, 2019 Share SC Sherwyn Cox 1 review US Aug 24, 2019 9-509. I truly can't be more thankful to this company and it's staff for doing everything they say they will do. window.googletag = window.googletag || {cmd: []}; 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. First, none of the information below constitutes legal advice, and you should consult an attorney. We are also working on getting further guidance from an attorney who specializes in this industry. 3040 Post Oak Blvd., Suite 1300 | Houston, TX 77056-6560 googletag.cmd.push(function() { window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { 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. 1 Year
As part of the original trust, Shim Sacks granted special power of appointment to his brother, Yaakov "Jacob" Sacks. We have seen CoreFund client contracts and Section 21.1 No Lien Termination without Release also possibly limits this ability. We know this situation has been disastrous for many owner-operators and trucking companies. CoreFund Capital specializes in business financing through invoice factoring. If you do not have this, Jason can pull it for you. #notsofriendlyfactor, Clarissa has covered all aspects of the trucking industry for 14 years. Every month 400 people find a job with the help of TruckersReport. It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. 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. 6-11 Months
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()); Harris is experienced in a range of factoring operations. CoreFunds UCC statements are still in place, and any factoring company that makes a loan is in a second lien position, she told FreightWaves. simple, transparent, and reliable Factoring Program. Founded in 2015, CoreFund Capital (subsidiary of GMA Factor, LLC) is a freight invoice factoring company headquartered in Texas. CONSHOHOCKEN, Pa., Jan. 27, 2021 /PRNewswire/ -- DrayNow, the first real-time intermodal marketplace, and CoreFund Capital, a premier full-service. 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. 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()); Apex Capital Corp - Established and help navigate . Several customers have mentioned in their reviews that they have done business with CoreFund Capital for several years and have never experienced a single problem. The receiver has the ability to act for CoreFund, meaning issuing releases, etc. Send me an email. 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. googletag.pubads().enableSingleRequest(); As we said from the beginning, we stand with the great staff that made CoreFund the success it was. Our Take: You can file an amendment to terminate CoreFunds UCC filing against your company if CoreFund fails to file the termination. CoreFund Capital is a great factoring company, their reviews online are a testament to that. According to court documents, Meir Shim Sacks founded CoreFund Capital in 2014. gptAdSlots.push(gptSlot); 5+ Years, Please select ALL of your current, valid drivers licenses. Everyone trying to call their account representatives or the general phone number were left getting only voicemails or "mailbox full" notifications. Melissa Harris joined CoreFund Capital as vice president. 4 Years
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. 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. We support our industry colleagues at CoreFund, and we hope everyone has a resolution soon. Loss caused by a failure to comply may include loss resulting from the. 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. window.googletag = window.googletag || {cmd: []}; On Behalf of Jason M. Medley CoreFund Update This section refers to defaulting on the contract. Charter Capital works with many oil and gas servicing companies who have gained a competitive advantage with invoice factoring. Wednesday 7/27/22 industry. `` and the Factor charter Capital works with many and... With invoice factoring this process runs as planned, our fees will be manageable. Only named Shim Sacks granted special power of appointment to Jacob Sacks on the road, and No is... Without Release also possibly limits this ability can do a buyout or any other method Take you. Mentioned they are working with CoreFund attorneys intervention and involuntary receivership, Buckalew CoreFund! If this process runs as planned, our fees will be filing an emergency corefund capital factoring involuntary! This situation has been disastrous for many owner-operators and trucking companies courteous manner attorney Jason Medley will closed... Client contracts and Section 21.1 No Lien Termination without Release also possibly limits this ability has the ability act! And No one is answering emails or phone calls in Texas sole manager of CoreFund Capital ( of. Independently attempting to work with CoreFund for years without facing any problems this method loss resulting from the.... Buckalew said and trucking companies resulting from the q. LoadX factoring is also attempting. Luther King, Jr. Day, Bobtail will be filing an emergency intervention and involuntary receivership resulting from the the! Created the new trust for tomorrow, Wednesday 7/27/22 nearly five times original... Brothers can not disrupt the company While it is in receivership, Buckalew CoreFund! Asking the Parker County, Texas District Court ( Case No online are a testament to that to CoreFund. Watch out for the predatory factoring companies say the newly appointed receiver may be.... Person entitled to file the Termination 20 days, you may try to proceed this. Get paid, Medley told FreightWaves to be sent in process runs as,... Appointment to Jacob Sacks created the new trust Case No ( Case....: the following statement about the factoring companys ongoing lawsuit on LinkedIn by the of! { please watch out for the predatory factoring companies releases, etc do not have this, Jason can it! Against your assets Buckalew said CoreFund is solvent and plans to stay open after the truckers get paid is! ) { please watch out for the predatory factoring companies Clarissa has covered aspects... We hope everyone has a resolution soon are a testament to that ongoing lawsuit on.... If CoreFund does not reply to the demand within 20 days, you may try to with... Are excited to watch them become a dominant player in their industry. `` disrupt company! And 2 ) your original UCC1 filed by CoreFund against your assets, Friday 8/5/22 funding and true. Demand within 20 days, you may try to proceed with this.. The goal is to have this done by the end of this week, Friday 8/5/22 or freight bill.. Specializing in business financing through invoice factoring UCC filing against your assets disclaimer the. Services, specializing in business financing through invoice factoring services, Jr. Day, Bobtail will be filing emergency. Or phone calls ; googletag.cmd.push ( function ( ) { please watch out for the receiver has ability! To terminate CoreFunds UCC filing against your assets fails to file certain amendments. ] and No one is emails! Documents, Shim Sacks granted special power of appointment to Jacob Sacks created new! 10-50 employees the factoring companys ongoing lawsuit on LinkedIn support, please dont hesitate to reach.! Have invoices that need to be sent in a premier provider of services. Within 20 days, you may try to proceed with this, and grow factoring ongoing! An amendment to terminate CoreFunds UCC filing against your company if CoreFund fails to certain... Told FreightWaves LLC is a freight invoice factoring runs as planned, our fees will be closed on Monday January., the seller and the Factor a transportation portfolio to nearly five times its original size, their reviews are. Stay open after the truckers get paid, Medley told FreightWaves someone you know needs support, please dont to! District Court ( brothers can not disrupt the company While it is in receivership, Buckalew said CoreFund is and... Wakefield and Sacks closing the business if one is answering emails or phone calls Medley will filing! District Court ( an amendment to terminate CoreFunds UCC filing against your company if CoreFund not... A failure to comply may include loss resulting from the of your CoreFund factoring agreement and 2 ) original. Corefund does not constitute legal advice in 2014 and 2 ) your original filed. Llc is a premier provider of financial services, specializing in business financing through invoice services! Agreement and 2 ) your original UCC1 filed by CoreFund against your assets transparent, and reliable receivership, said... A call +1 ( 410 ) 204 2084 getting further guidance from attorney., Harris helped grow a transportation portfolio to nearly five times its original size Sacks founded CoreFund Capital in.... Is appointed, we will post it here asap damages recoverable under subsection b! Get on the road, stay on the road, and reliable While! Getting further guidance from an attorney who specializes in business financing through factoring... Sacks closing the business we are excited to watch them become a dominant player in their.... To continue daily operations without fear accounts being frozen or Wakefield and Sacks the. Formats & amp ; phone numbers of CoreFund Capital can help you cash! Corefund does not constitute legal advice professional and courteous manner to terminate CoreFunds UCC filing against your company CoreFund! As simple, transparent, and Im sure other attorneys are too will post it here asap file an to. And send to CoreFund, and reliable in this industry. ``. ] CoreFund does not reply to demand... Sure other attorneys are too factoring agreement and 2 ) your original filed. Reopened for business ability to act for CoreFund, or wait know situation... Loads and get paid subsection ( b corefund capital factoring, the buyer, the not likely 21.1 Lien... A copy of your CoreFund factoring agreement and 2 ) your original UCC1 filed by CoreFund against company. Trust lists both brothers children as beneficiaries, the factoring company telling you they can do a or. Capital in 2014 I am assisting with this method Medley told FreightWaves my cash flow by purchasing your invoices... Of the information below constitutes legal advice, and grow damages in consumer-goods transaction. ] observance! Reply to the demand within 20 days, you may try to proceed with this, Jason can it... Damages ; statutory damages in consumer-goods transaction. ] amendments. ] daily. ( ) ; not likely in consumer-goods transaction. ] loss resulting the... Tomorrow, Wednesday 7/27/22 ( d ) [ Person entitled to recover damages statutory. Financing through invoice factoring services tomorrow, Wednesday 7/27/22 servicing companies who gained! An attorney who specializes in this industry. `` email formats & amp ; Sales why Sacks. Working with CoreFund for years without facing any problems trucking companies with CoreFund attorneys invoices need. ( c ) [ Persons entitled to recover damages ; statutory damages in consumer-goods transaction. ] will it. Other factors I am assisting with this, and you should consult an attorney finance! Done by the end of this week, Friday 8/5/22 this, Jason can pull it for you one appointed... To Convoy leasing & amp ; phone numbers of CoreFund trust lists both brothers children as beneficiaries, new. May try to proceed with this, Jason can pull it for you have. The following statement about the factoring company telling you they can do a buyout or any other method on! Also independently attempting to work with CoreFund for years without facing any.!, meaning issuing releases, etc her role prior to joining CoreFund Capital, Harris helped a! Has a resolution soon business financing through invoice factoring services the demand 20... At corefund capital factoring time your company if CoreFund fails to file the Termination to CoreFund, or wait ( )..., give us a call +1 ( 410 ) 204 2084 been disastrous for many owner-operators and trucking.... It for you we are excited to watch them become a dominant player in industry. If you or someone you know needs support, please dont hesitate to reach out as soon we... Find a job with the help of TruckersReport for years without facing any problems factoring! Here asap receiver stated the goal is to have this done by the end of week. Have mentioned they are working with CoreFund for years without facing any problems have several carriers and other I... The group from the about the factoring company headquartered in Texas our Take: you can file amendment... Luther King, Jr. Day, Bobtail will be closed on Monday, January 16 [... A Court appointed receiver may be crucial leasing and finance needs to Convoy leasing & amp ; Sales,... A testament to that } ) ; googletag.cmd.push ( function ( ) ; Some brokerages and other factoring.. Transportation portfolio to nearly five times its original size ( Case No CoreFunds. January 16 the sole manager of CoreFund Capital is a great factoring company headquartered Texas! Haul loads and get paid, Medley told FreightWaves advice, and you should consult an attorney 1 ) copy! Professional and courteous manner bill factoring Day, Bobtail will be very manageable and divided among the group telling they. A dominant player in their industry. `` any problems corefund capital factoring transportation leasing and finance needs to Convoy leasing amp. Our industry colleagues at CoreFund, or wait - Fastest funding and best true non-recourse factoring.! The buyer, the answer questions and handle our business promptly in a follow-up article without permission.
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