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. Didn't know where to put this but can be moved, but i figure I'd throw it out there for O/O or Small carriers/fleet owners. We just need the folks behind the wheel to get released so they can haul loads and get paid, Medley told FreightWaves. Join Our Community. 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. There are some possible legal ramifications for the new factor as well. 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. s inability to obtain, or increased costs of, alternative financing. Factoring Lines of Credit Business Loans Working Capital Equipment Leases Merchant Financing Commercial Property Accounts Receivable Sale-Leaseback Financing You can also reach out to new brokers you havent worked for in the past. NOT SO FRIENDLY FACTOR TRIUMPH BUSINESS CAPITAL. The petition is asking the Parker County, Texas District Court (Case No. googletag.pubads().collapseEmptyDivs(); 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()); 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. The court documents state the rationale for wrongfully shutting down CoreFunds business resulted from a spat between Wakefield and Sacks. A hearing is schedule for tomorrow, Wednesday 7/27/22. 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. Heres a great list of the top 50 logistics companies in North America. According to court documents, Shim Sacks founded CoreFund Capital in 2014. 6-11 Months The case is schedule to be heard on 8/1/2022 at 9am in the Parker County 415th District Court. The last thing we want to see them do is to lock themselves into long-term contracts as a short-term fix. 2. 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. As we said from the beginning, we stand with the great staff that made CoreFund the success it was. 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. We wont look for reasons to come back at you for money like everyone else does. Our team was amazing and worked hard to build a reputation of taking care of our clients and now through the deliberate and selfish/hurtful/evil actions of one person that has all been ripped away from us. I have several carriers and other factors I am assisting with this, and Im sure other attorneys are too. The world has enough supply chain problems as it is. (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. Thank you for your message. the court order brings us much closer to meeting the needs of CoreFunds factoring clients.. Unfortunately, there will be a very small number of factoring companies that may try and take advantage of the situation and make claims that are completely not true. LoadX Factoring was able to confirm through a top executive of CoreFund that all staff were fired, including executive staff, early in the week. 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. 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. Clarissa has covered all aspects of the trucking industry for 14 years. In an email to FreightWaves, Buckalew said CoreFund is solvent and plans to stay open after the truckers get paid. The case is scheduled to be heard in the Parker County, 415th District Court under Case No. We are also working on getting further guidance from an attorney who specializes in this industry. 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. And there are tons of great factoring companies that are ready, willing and able to pick up the pieces. googletag.pubads().collapseEmptyDivs(); Many of those we are trying to help are small 1 truck operators who are days away from closing down. 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. Our Take: This section dictates that the account debtor (the client or a broker) can request from the assignee (CoreFund) reasonable proof that the assignment has been made (a Notice of Assignment). 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. PMB 2108, PERSONS ENTITLED TO FILE A RECORD. 9-509. 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()); 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. CoreFund, Inc. | Copyright 2018 - 2021 |. As of Monday night, July 25th, the company confirmed via Facebook that, unfortunately, the entire CoreFund team was terminated. Every month 400 people find a job with the help of TruckersReport. Each company we work with has specific experience requirements for their drivers. A. The petition is asking the Parker County, Texas District Court (. Do you have a story to share? In basic terms, UCC stands for Uniform Commercial Code. Each state has its own legal and financial laws, but for businesses that typically operate across state lines, a UCC is a common set of laws that multiple states agree and abide by. LoadX Factoring has made contact with the receiver appointed by the court to act for CoreFund. The ones who work daily at CoreFund are great people and we hope a resolution is found for their sake. 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. These truckers need to leave CoreFund now., In the meantime, Medley said his firm was working to contact the receiver to expedite the process as much as possible.. Founded in 2015, CoreFund Capital (subsidiary of GMA Factor, LLC) is a freight invoice factoring company headquartered in Texas. Lesson learned! We just need them to be allowed to do so.. Again, the information here should not be construed as legal advice, but only as our opinion on the matter. 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. CoreFund Capital: How Express Freight Finance is Helping July 26, 2022 Is Freight Factoring Worth it? We will continue to update this post with more information as we get it. Can they? The parties involved argued over the appointment of a receiver and no ruling for a receiver was made. Our credit checks are instant through our online portal. *NOTE: LoadX Factoring was started by truckers, for truckers in order to help other truckers and help them avoid predatory factoring companies. I have spoken to the attorney for CoreFund. Carriers are reporting their doors are currently locked, and no one is answering emails or phone calls. 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.. Call Ashley Vogan at Triumph at (915) 331-1606 (Office) Be sure to tell her I . Attorney Jason Medley, in Houston, Texas, is filing an emergency intervention and involuntary receivership on behalf of all CoreFund carriers. 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 receiver has the ability to act for CoreFund, meaning issuing releases, etc. (6) fails to comply with Section 9-616(b)(2). 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. 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. window.googletag = window.googletag || {cmd: []}; Except as otherwise provided in subsection (b) and Sections 9-406, 9-407, 9-408, and 9-409, whether a debtors rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this article. googletag.cmd.push(function() { GET PAID Get your cash deposited in your bank account fast! 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. With month-to-month agreements and no hidden terms or fees, why not start getting your cash fast today, All rights reserved. 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. Attorneys for CoreFund have indicated this morning they may file for voluntary bankruptcy or receivership as noted yesterday. CoreFund Capital is a premier freight factoring company offering FREE same day pay, fuel cards, great customer service, and more 1-888-876-8605 CV22-0851) to allow CoreFund to continue daily operations without fear accounts being frozen or Wakefield and Sacks closing the business. (g) [Limitation of security interest: noncompliance with Section 9-210.]. CoreFund is described as simple, transparent, and reliable, customers say they always deliver funds quickly and give services at a class-leading pace. While the effect is not immediate the receiver still needs to officially step into the process by paying a bond, etc. This is normal for factoring companies and acts as a form of protection for the factoring company in case of client or debtor default. Yes. Factoring entails purchasing accounts receivables from a business at a discount. window.googletag = window.googletag || {cmd: []}; If you or someone you know needs support, please dont hesitate to reach out. 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. googletag.pubads().collapseEmptyDivs(); We will continue to post information here as the situation changes. We also suggest you login to your CoreFund portal and download every report year to date, broker list, collection notes, etc that you can. Wait. Of note, Express Freight Factoring is a member of the International Factoring Association. A debtor whose deficiency is eliminated under Section 9-626 may recover damages for the loss of any surplus. Your name will not be used in a follow-up article without your permission. 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. Review fromDeborah V. 5 stars. (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. 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. Corefund Capital screwed their customers. }); While the old trust only named Shim Sacks children as beneficiaries, the new trust lists both brothers children as beneficiaries. googletag.enableServices(); Staffing Agencies. , 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. CDL Grad, No Experience Is your factoring company next? We have been with CoreFund Capital LLC, since September 2021; CoreFund Capital has the industry expertise, stability and outstanding customer service . 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. 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. }); He said the CoreFund situation is rare in the factoring world. If this process runs as planned, our fees will be very manageable and divided among the group. Good Afternoon Everyone, She is an award-winning journalist known for her investigative and business reporting. Charter Capital works with many oil and gas servicing companies who have gained a competitive advantage with 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()); Update 7/28: Freightwaves just published a comprehensive update of the CoreFund situation. window.googletag = window.googletag || {cmd: []}; In observance of Martin Luther King, Jr. Day, Bobtail will be closed on Monday, January 16. 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. He currently represents about 50 trucking companies stonewalled by CoreFund and said the number is climbing every minute.. Loss caused by a failure to comply may include loss resulting from the. 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. which never claimed an interest in the collateral or obligations that are the subject of a request under that section has a reasonable excuse for failure to comply with the request within the meaning of this subsection. We are thrilled to have Melissa on board. Apex Capital Corp - Established and help navigate . In CDL School Now 3) No TheTruckersReport.com comments CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. 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. altLine The Southern Bank Company - Low fees, accounts receivable-based financing. Because CoreFund is closed and is not replying to any request, it is reasonable to assume they will also not be sending NOAs upon request either this possibly allowing brokers to send payments elsewhere since they do not have a current NOA as requested. Heard in the factoring world sure other attorneys are too Limitation of security interest: noncompliance with Section.... Factoring Association the industry expertise, stability and outstanding customer service loss corefund capital factoring! Capital in 2014 behalf of all CoreFund carriers to see them do is to themselves... Money like everyone else does online portal ) fails to comply with Section 9-616 ( b (. 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