CoreFund Capital LLC, a freight factoring company, is a provider of financial services, specializing in business financing through invoice factoring. 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()); 5) No Online reviews, Your email address will not be published. Possibly. 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. Attorney Jason Medley, in Houston, Texas, is filing an emergency intervention and involuntary receivership on behalf of all CoreFund carriers. Will they? Our best advise is to speak with an attorney. ALIENABILITY OF DEBTORS RIGHTS. We appreciate how complicated this process and situation can get, especially for smaller carriers. 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 . The brothers cannot disrupt the company while it is in receivership, Buckalew said. window.googletag = window.googletag || {cmd: []}; , 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. googletag.pubads().collapseEmptyDivs(); googletag.pubads().collapseEmptyDivs(); Please know that every employee of CoreFund wishes more than anything we could have continued funding our clients and now that we could release them and end this awful mess but even if we terminated a UCC or sent a release letter it would not be enforceable given we are no longer employees of CoreFund. At this moment there is no way for a factoring company to arrange buyouts or releases until this is resolved. 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. 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. 5+ Years, Please select ALL of your current, valid drivers licenses. As part of the original trust, Shim Sacks granted special power of appointment to Jacob Sacks. DELIVER LOAD Deliver your load and get a signed Bill of Lading or other required paperwork. 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. This is a moving target for sure, Medley said in an email to FreightWaves. Carriers are reporting their doors are currently locked, and no one is answering emails or phone calls. authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed. Don't spin your wheels on complicated lease terms or tedious invoice processing. 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. I spoke to a carrier yesterday out of New York that submitted three invoices to CoreFund last week and no one responded to her so shes stuck in limbo, Ashley Dellinger, vice president of sales and marketing of Utah-based Express Freight Finance, told FreightWaves. According to court documents, Shim Sacks founded CoreFund Capital in 2014. Join Our Community. window.googletag = window.googletag || {cmd: []}; 5 stars all day long Date of experience: November 08, 2019 Share SC Sherwyn Cox 1 review US Aug 24, 2019 googletag.cmd.push(function() { At that point they will be able to begin the process of terminations. See the below communication from Attorney Jason Medleys office for anyone interested in hiring him for this. 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. CoreFunds UCC statements are still in place, and any factoring company that makes a loan is in a second lien position, she told FreightWaves. Our staff is hurting and struggling with this as we were completely blindsided. 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. 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 . CoreFund Capital: How Express Freight Finance is Helping July 26, 2022 Is Freight Factoring Worth it? Please try again later. Many of those we are trying to help are small 1 truck operators who are days away from closing down. Feel free to pass this information along as you see fit. We know this situation has been disastrous for many owner-operators and trucking companies. Harris is experienced in a range of factoring operations. The parties involved argued over the appointment of a receiver and no ruling for a receiver was made. It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. 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. 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. 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. Melissa Harris joined CoreFund Capital as vice president. Can they? 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. 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. 04/30/2022. A. And there are tons of great factoring companies that are ready, willing and able to pick up the pieces. (6) fails to comply with Section 9-616(b)(2). 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 . 4 Years
Loss caused by a failure to comply may include loss resulting from the. UCC Filings are a standard part of almost all factoring agreements. This means there is now an entity that (in theory) could issue releases from UCCs and NOAs, though it will likely take days or weeks for them to organize the mess CoreFund left behind. Now some of you may have noticed in your CoreFund contract. 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. We will continue to post information here as the situation changes. I have several carriers and other factors I am assisting with this, and Im sure other attorneys are too. 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. whose deficiency is eliminated under Section, may recover damages for the loss of any surplus. The court documents state the rationale for wrongfully shutting down CoreFunds business resulted from a spat between Wakefield and Sacks. }); I told the judge that when elephants fight, the whole world shakes, Medley told FreightWaves. 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. Privacy Policy. Do I go ahead and send to CoreFund, or wait? NO! We know this situation has been disastrous for many owner-operators and trucking companies. 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. We know about them shutting down and owing money. As soon as we know the contact information for the receiver, if one is appointed, we will post it here asap. LoadX Factoring was able to confirm through a top executive of CoreFund that all staff were fired, including executive staff, early in the week. Frost Bank did freeze CoreFunds operating account, and CoreFund believes TBK Bank will do the same. 9466 Georgia Ave, googletag.pubads().collapseEmptyDivs(); CoreFund was founded by industry veterans with the sole mission of making factoring easier and more. Alternatively, you may file a termination demand letter with CoreFund. googletag.enableServices(); }); 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. A freight factoring line from Charter Capital is your solution for obtaining funds and services to operate and grow your trucking company. CoreFund Capital facilitated an increase to the credit facility for a global logistics and freight forwarding company. The case is schedule to be heard on 8/1/2022 at 9am in the Parker County 415th District Court. June 3, 2022 Contact Information. Before joining FreightWaves, she wrote for Land Line Magazine and Trucks.com. As part of the original trust, Shim Sacks granted special power of appointment to his brother, Yaakov "Jacob" Sacks. As of right now, NO FACTORING COMPANY has the ability to release you from your NOA or UCC. 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. Q. I do not need any money now, but budget for about $1,500, and we will work out billing later. Trucking is a community-based industry chances are, you have a friend whod be willing to lease your truck(s) under their authority. Q. Section (c) states that an event of default occurs when any guarantor fails to perform their obligations to Purchaser. LoadX Factoring is also independently attempting to work with CoreFund attorneys. googletag.pubads().enableSingleRequest(); If this process runs as planned, our fees will be very manageable and divided among the group. 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. On Behalf of Jason M. Medley CoreFund Update A. CoreFund Capital's services include: Non-recourse factoring programs Same-day payments Full advance programs }); googletag.cmd.push(function() { CoreFund, Inc. | Copyright 2018 - 2021 |. PERSONS ENTITLED TO FILE A RECORD. Jason is able to send this demand letter for you if you request it. Or call us, Sales: 877-807-3006 They are also attempting to help as much as they are able. We have been with CoreFund Capital LLC, since September 2021; CoreFund Capital has the industry expertise, stability and outstanding customer service . googletag.pubads().enableSingleRequest(); 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. 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. googletag.enableServices(); Do you have a story to share? 4 days ago 10 trucking companies that used their services were having issues. 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. A COURT APPOINTED RECEIVER WOULD NEVER ENTER INTO SUCH AGREEMENT. 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.. Founded in 2015, CoreFund Capital (subsidiary of GMA Factor, LLC) is a freight invoice factoring company headquartered in Texas. According to court documents, Shim Sacks founded CoreFund Capital in 2014. These funding sources are monitored daily for the best interest rates and terms available to your business. googletag.cmd.push(function() { 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. You can view the order here: https://hubs.ly/Q01hQDNy0. Somebody needs to go to jail for the hardships that youve caused in the past 2 mths! 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. All things considered, you can argue CoreFund is in default and the contract is no longer valid. START FACTORING TODAY - Click Here Built by Truckers For Truckers 1. Oil and Gas Services. The ones who work daily at CoreFund are great people and we hope a resolution is found for their sake. The receiver also stated that they are fine with clients calling their CoreFund account executive and requesting a buyout as well. }); Some brokerages and other factoring companies say the newly appointed receiver may be crucial. As of Monday night, July 25th, the company confirmed via Facebook that, unfortunately, the entire CoreFund team was terminated. SEND PAPERWORK Attach your rate confirmation and other signed delivery documents to an email and shoot it to us. As we said from the beginning, we stand with the great staff that made CoreFund the success it was. Our commitment is to our clients by providing them with. googletag.enableServices(); VP with Express Freight FinanceTel: 770.500.9435adellinger[at]expressfreightfinance.com. 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. (c) [Persons entitled to recover damages; statutory damages in consumer-goods transaction.]. (a) [Other law governs alienability; exceptions.]. Normally, this would be an option. 9-625. CoreFund Capital | Weatherford TX 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. 2) No BBB accreditation 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. 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() { 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 Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. 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. 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. CoreFund capital has definitely made my opinion change and to be honest I never think twice about getting my money the day promised. Ashley Dellinger, Vice President at Express Freight Finance, said, Carriers are upset and panicked at this time. View contacts for CoreFund Capital to access new leads and connect with decision-makers. s inability to obtain, or increased costs of, alternative financing. may not otherwise recover under subsection (b) for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance. window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { It not only details their actions, but also provides their home address., CoreFund Capital Facebook post, 7/23/2022 at 10:00pm cst. According to court documents, Meir Shim Sacks founded CoreFund Capital in 2014. Financial Services . (d) [Recovery when deficiency eliminated or reduced.]. 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.. googletag.pubads().enableSingleRequest(); 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. googletag.enableServices(); . 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. 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. He issued the following statement about the factoring companys ongoing lawsuit on LinkedIn. NOT SO FRIENDLY FACTOR TRIUMPH BUSINESS CAPITAL. jmedley@spencerfane.com. Be cautious of any factoring company telling you they can do a buyout or any other method. Any invoices uploaded during this time will be processed on Tuesday, January 17. 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. 3) No TheTruckersReport.com comments Can they factor new brokers? Factoring entails purchasing accounts receivables from a business at a discount. We wont look for reasons to come back at you for money like everyone else does. Get cash after load delivery Same-day funding via paperwork submission. Lesson learned! 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. Werner, Erin
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