PERSONS ENTITLED TO FILE A RECORD. Jason is able to send this demand letter for you if you request it. Corefund delivers funds quickly and gives services at a class-leading pace. He currently represents about 50 trucking companies stonewalled by CoreFund and said the number is climbing every minute.. 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.. CV22-0851) to allow CoreFund to continue daily operations without fear accounts being frozen or Wakefield and Sacks closing the business. Can I invoice loads directly and have the broker pay me? googletag.pubads().collapseEmptyDivs(); As of 7/24/2022, Frost Bank and TBK Bank have been served, but Wakefield and Sacks have not according to court records. We are in contact with the International Factoring Association, the largest factoring association in the world, and also the association that both CoreFund and we at LoadX Factoring are a part of. The Top 10 Best Freight Factoring Companies. Frost Bank did freeze CoreFunds operating account, and CoreFund believes TBK Bank will do the same. 4 days ago 10 trucking companies that used their services were having issues. Apex Capital Corp - Established and help navigate . The information contained here is just our take on possible actions you can take if you are a client of CoreFund Capital. 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. We have been with CoreFund Capital LLC, since September 2021; CoreFund Capital has the industry expertise, stability and outstanding customer service . We wont look for reasons to come back at you for money like everyone else does. Send me an email. 3. Don't spin your wheels on complicated lease terms or tedious invoice processing. Any invoices uploaded during this time will be processed on Tuesday, January 17. Create your own unique website with customizable templates. She is an award-winning journalist known for her investigative and business reporting. Possibly. googletag.enableServices(); 3040 Post Oak Blvd., Suite 1300 | Houston, TX 77056-6560 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. The receiver also stated that they are fine with clients calling their CoreFund account executive and requesting a buyout as well. Carriers are reporting their doors are currently locked, and no one is answering emails or phone calls. The worst of the CoreFund fiasco is over: yesterday (July 28, 2022), the judge in the court case about the factoring company appointed a trustee on behalf of CoreFund Capital. 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.pubads().collapseEmptyDivs(); 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. Attorneys for CoreFund have indicated this morning they may file for voluntary bankruptcy or receivership as noted yesterday. At this moment there is no way for a factoring company to arrange buyouts or releases until this is resolved. Contact information for Attorney Jason Medley: Jason M. Medley I am extremly happy with the services . 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.pubads().collapseEmptyDivs(); Have a safe holiday. While the effect is not immediate the receiver still needs to officially step into the process by paying a bond, etc. googletag.enableServices(); We will continue to update this post with more information as we get it. 5+ Years, Please select ALL of your current, valid drivers licenses. As we said from the beginning, we stand with the great staff that made CoreFund the success it was. A. Loss caused by a failure to comply may include loss resulting from the debtors inability to obtain, or increased costs of, alternative financing. 4 Years
We also suggest you login to your CoreFund portal and download every report year to date, broker list, collection notes, etc that you can. Our agreement: https://loadxfactoring.com/terms-and-conditions/, Our application: https://loadxfactoring.com/loadx-factoring-application/. 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. Todd Waller, former business development officer at CoreFund Capital, was among those fired. to allow CoreFund to continue daily operations without fear accounts being frozen or Wakefield and Sacks closing the business. 1 Year
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. 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.. As of 7/24/2022, Frost Bank and TBK Bank have been served, but Wakefield and Sacks have not according to court records. In the meantime, we are here to help.. Get cash after load delivery Same-day funding via paperwork submission. PMB 2108, CoreFund has been providing freight factoring services for over six years and management team has 30+ years of combined transportation factoring experience - from 1 truck owner . 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.. In fact our agreement is online for the world to see. The law firm Warren Fonville of Fort Worth, Texas, which is representing the younger Sacks, did not respond to FreightWaves request for comment. Your email address will not be published. You save time by having your loan or lease directed to the most appropriate funding source. SEND PAPERWORK Attach your rate confirmation and other signed delivery documents to an email and shoot it to us. Or call us, Sales: 877-807-3006 CoreFund is described as simple, transparent, and reliable, customers say they always deliver funds quickly and give services at a class-leading pace. 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. 3) No TheTruckersReport.com comments Werner, Erin
. There are some possible legal ramifications for the new factor as well. . A. . (e) [Statutory damages: noncompliance with specified provisions.]. In observance of Martin Luther King, Jr. Day, Bobtail will be closed on Monday, January 16. 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. ALIENABILITY OF DEBTORS RIGHTS. These are formal, public records from your factoring company of the debt youve incurred, including any current factoring agreements. UCCs are regulated by law and all parties involved in a UCC filing must follow these regulations. (a) [Judicial orders concerning noncompliance.]. Q. We know about them shutting down and owing money. As of right now, NO FACTORING COMPANY has the ability to release you from your NOA or UCC. 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()); 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. The petition states that CoreFunds, have been wrongly shut down. This clients business has performed impressively over the past months with a solid base of customers. Please watch out for the predatory factoring companies. And there are tons of great factoring companies that are ready, willing and able to pick up the pieces. googletag.pubads().collapseEmptyDivs(); There was a court hearing today where the attorneys for CoreFund did attend. googletag.cmd.push(function() { Weatherford, Texas, United States; 11-50; Private; www.corefundcapital.com ; 478,758; Highlights. CoreFund Capital's services include: Non-recourse factoring programs Same-day payments Full advance programs According to court documents, Shim Sacks founded CoreFund Capital in 2014. Privacy Policy. I have spoken to the attorney for CoreFund. Many of those we are trying to help are small 1 truck operators who are days away from closing down. View All Contacts . All things considered, you can argue CoreFund is in default and the contract is no longer valid. The ones who work daily at CoreFund are great people and we hope a resolution is found for their sake. #notsofriendlyfactor, Clarissa has covered all aspects of the trucking industry for 14 years. Everyone trying to call their account representatives or the general phone number were left getting only voicemails or "mailbox full" notifications. 5) No Online reviews, Your email address will not be published. Clarissa has covered all aspects of the trucking industry for 14 years. 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. Can they factor new brokers? Apply Now! }); googletag.cmd.push(function() { googletag.pubads().collapseEmptyDivs(); 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. Frost Bank did freeze CoreFunds operating account, and CoreFund believes TBK Bank will do the same. A COURT APPOINTED RECEIVER WOULD NEVER ENTER INTO SUCH AGREEMENT. CoreFund will want to try and keep you, but will not force you to stay even if your contract is not up for renewal yet. Corefund Capital screwed their customers. 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. No matter what you do, We will continue to be here to help you. PERSONS ENTITLED TO FILE A RECORD. googletag.pubads().enableSingleRequest(); Please select the number of verifiable months youve been driving professionally using your Class A CDL within the last 3 years. 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. googletag.enableServices(); googletag.pubads().enableSingleRequest(); A. 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. Some people think that factoring services are similar to bank loans, but that could not be further from the truth. PH 281.352.6032 Everyone knows this is a tough business and we all need to stick together! 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. Q. 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. The petition is asking the Parker County, Texas District Court (. As a business owner, moving freight should be your top priority - but managing financials can pull focus away from your trucks. The law firm representing him and CoreFund, Warren Fonville of Fort Worth, Texas, did not respond to FreightWaves request seeking comment. Disclaimer: The following information does not constitute legal advice. It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. Good Afternoon Everyone, If it is established that a secured party 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. Section (c) states that an event of default occurs when any guarantor fails to perform their obligations to Purchaser. }); Hundreds of small-business truckers who use CoreFund Capital to factor their accounts receivable are struggling to stay afloat after the Weatherford, Texas-based company abruptly closed its doors 10 days ago and fired its entire staff over a legal spat between two brothers. The date and time of the hearing are not clear at this time. Section (d) states that if the Purchaser deems itself insecure with respect to the prospect of repayment or performance of its obligations then this will constitute an event of default. Paperwork is submitted easily through email. The parties involved argued over the appointment of a receiver and no ruling for a receiver was made. 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). See the below communication from Attorney Jason Medleys office for anyone interested in hiring him for this. 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. Now some of you may have noticed in your CoreFund contract. 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. Paying wages due is more important than obeying a dispute. Trust your transportation leasing and finance needs to Convoy Leasing & Sales. What if I have invoices that need to be sent in? I give my express consent authorizing TruckersReport and its, $10-$20 per advance, available 7 days per week, Free Credit Checks on potential Customers, Quick and Easy Qualifying online application. Feel free to pass this information along as you see fit. 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 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. Can any factoring company get me a CoreFund release faster? Factoring services, unlike bank loans, focus on the value of receivables. CoreFund Capital: How Express Freight Finance is Helping July 26, 2022 Is Freight Factoring Worth it? 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 | Weatherford TX Q. CoreFund Capital | 287 followers on LinkedIn. 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.cmd.push(function() { (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. As part of the original trust, Shim Sacks granted special power of appointment to his brother, Yaakov Jacob Sacks. (b) [Agreement does not prevent transfer.]. On Aug. 4, the factoring company reopened for business. 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. 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. 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. Ideally, these things happen and you are then free to move onto a new factoring company without issue. The full details and a timeline dating back to last week are below. 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. Factoring involves three parties, the buyer, the seller and the factor. The news about this case is coming out fast and furious, so keep a close eye on it. Harris is experienced in a range of factoring operations. UCC Filings are a standard part of almost all factoring agreements. 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. If youre looking for a new factoring service and youre coming from CoreFund, give us a call +1 (410) 204 2084. Without your consent employers will not be able to contact with job offers, would you like to opt-in now? *NOTE: LoadX Factoring was started by truckers, for truckers in order to help other truckers and help them avoid predatory factoring companies. Wait. Truly a great group of people. 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. 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. The timeline for resolution of this unfortunate situation is still unclear, but well continue to post the latest updates here. Involved argued over the appointment of a receiver and no one is answering emails or phone.... When any guarantor fails to perform their obligations to Purchaser we know about them shutting down and money. 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