CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. CoreFund Capital Freight/Invoice Factoring. As soon as we know the contact information for the receiver, if one is appointed, we will post it here asap. 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. 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. (2) if the collateral is consumer goods, a person that was a debtor or a secondary obligor at the time a secured party 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. PERSONS ENTITLED TO FILE A RECORD. Jason is able to send this demand letter for you if you request it. googletag.enableServices(); These are formal, public records from your factoring company of the debt youve incurred, including any current factoring agreements. CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. Do I go ahead and send to CoreFund, or wait? According to court documents, Meir Shim Sacks founded CoreFund Capital in 2014. AVOID THESE PREDATORY FACTORING COMPANIES. It not only details their actions, but also provides their home address., CoreFund Capital Facebook post, 7/23/2022 at 10:00pm cst. Our credit checks are instant through our online portal. whose deficiency is eliminated under Section, may recover damages for the loss of any surplus. PERSONS ENTITLED TO FILE A RECORD. }); 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.. 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. 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. If you owe money, we will make sure that you agree on that amount and then we will consider making payment into the court registry or their lawyers trust account. Get on the road, stay on the road, and grow. According to court documents, Meir "Shim" Sacks founded CoreFund Capital in 2014. While the old trust only named Shim Sacks children as beneficiaries, the new trust lists both brothers children as beneficiaries. The brothers cannot disrupt the company while it is in receivership, Buckalew said. There is no doubt that CoreFund Capital is an outstanding factoring company. It has been sent. The hard part is over and the judge appointed a receiver in the CoreFund case. Whether you do business with us at LoadX Factoring in the future or not, we are here to help as much as we can. 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. 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. Harris is experienced in a range of factoring operations. Attorneys for CoreFund have indicated this morning they may file for voluntary bankruptcy or receivership as noted yesterday. UCCs are regulated by law and all parties involved in a UCC filing must follow these regulations. googletag.enableServices(); window.googletag = window.googletag || {cmd: []}; Everyone trying to call their account representatives or the general phone number were left getting only voicemails or "mailbox full" notifications. We are thrilled to have Melissa on board. googletag.enableServices(); Do you have a story to share? 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. This is very different from bank loans which influence the businesses debt to equity ratio, credit score, etc. 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. CoreFund is happy to be able to provide them the working capital needed to help expand and grow their business, Bonnie Castillo, president of CoreFund Capital, said. 04/30/2022. 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. 3 Years
The ones who work daily at CoreFund are great people and we hope a resolution is found for their sake. No matter what you do, We will continue to be here to help you. If you send them to CoreFund they will be placed in an already long queue. }); Court-appointed receiver Timothy Hassenger is working on getting hundreds of truckers accounts receivable paid nearly three weeks after a legal feud between brothers regarding the assets of a family trust led to the abrupt shutdown and firing of all employees at CoreFund Capital, a Texas-based factoring company. A. Subject to subsection (h), if requested by the account debtor, an assignee shall seasonably furnish reasonable proof that the assignment has been made. According to court documents, Shim Sacks founded CoreFund Capital in 2014. The amount that remains is kept as a reserve by the factoring company and paid after the invoice is cleared by the trucking company's client. On Aug. 4, the factoring company reopened for business. Ideally, these things happen and you are then free to move onto a new factoring company without issue. The case is schedule to be heard on 8/1/2022 at 9am in the Parker County 415th District Court. Join Our Community. 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 the meantime, we are here to help.. We know about them shutting down and owing money. The petition is asking the Parker County, Texas District Court (Case No. googletag.pubads().collapseEmptyDivs(); By providing your email, you indicate you have read and understood our window.googletag = window.googletag || {cmd: []}; Most likely the financing statement in your UCC does include this. We just need the folks behind the wheel to get released so they can haul loads and get paid, Medley told FreightWaves. 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. googletag.enableServices(); According to court documents, Shim Sacks founded CoreFund Capital in 2014. Please try again later. 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. Save my name, email, and website in this browser for the next time I comment. The most common UCC in trucking is a UCC-1 lien. May 7. 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. googletag.pubads().collapseEmptyDivs(); Trucking only produces 6-10 % profit, paying factoring companies takes from your profit. Menu icon A vertical stack of three evenly . Please select the number of verifiable months youve been driving professionally using your Class A CDL within the last 3 years. Each company we work with has specific experience requirements for their drivers. googletag.cmd.push(function() { The court will consider appointing a receiver. START FACTORING TODAY - Click Here Built by Truckers For Truckers 1. 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. 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. These funding sources are monitored daily for the best interest rates and terms available to your business. CoreFund Capital specializes in business financing through invoice factoring. 1) No Information / feedback online company is too new. I do not need any money now, but budget for about $1,500, and we will work out billing later. This still has some risks if the Debtor actually owes money to the Secured Party. 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. (6) fails to comply with Section 9-616(b)(2). As part of the original trust, Shim Sacks granted special power of appointment to Jacob Sacks. CoreFund Capital provides its services on a contractual basis. 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. 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. 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. It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. And there are tons of great factoring companies that are ready, willing and able to pick up the pieces. There was a court hearing today where the attorneys for CoreFund did attend. 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 . (b) [Agreement does not prevent transfer.]. They deliver factoring services as promised and provide exemplary customer service. 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. Attorney Jason Medley, in Houston, Texas, is filing an emergency intervention and involuntary receivership on behalf of all CoreFund carriers. 2. googletag.pubads().enableSingleRequest(); LoadX Factoring is also independently attempting to work with CoreFund attorneys. Contact and general information about CoreFund Capital company, headquarter location in Weatherford, TX. 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. As part of the original trust, Shim Sacks granted special power of appointment to his brother, Yaakov "Jacob" Sacks. 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. If this process runs as planned, our fees will be very manageable and divided among the group. window.googletag = window.googletag || {cmd: []}; According to court filings, Jacob Sacks exercised this special power of appointment he holds under the original trust and transferred the trusts assets, including the holding company that owns CoreFund, to a new trust he created, the Sacks Family Grandchildrens Trust, on July 12. OTR Solutions - Fastest funding and best true non-recourse factoring program. The receiver also stated that they are fine with clients calling their CoreFund account executive and requesting a buyout as well. PMB 2108, 9-509. 6-11 Months
LoadX Factoring was able to confirm through a top executive of CoreFund that all staff were fired, including executive staff, early in the week. Everyone trying to call their account representatives or the general phone number were left getting only voicemails or mailbox full notifications. Weatherford, Texas, United States; 11-50; Private; www.corefundcapital.com ; 478,758; Highlights. 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()); Extended hours, including Saturday funding. Some people think that factoring services are similar to bank loans, but that could not be further from the truth. Alternatively, you may file a termination demand letter with CoreFund. googletag.cmd.push(function() { We want to be transparent. I am extremly happy with the services . The law firm representing him and CoreFund, Warren Fonville of Fort Worth, Texas, did not respond to FreightWaves request seeking comment. Truly a great group of people. The law firm Warren Fonville of Fort Worth, Texas, which is representing the younger Sacks, did not respond to FreightWaves request for comment. Our President, Justin McKibben, has spent much of the weekend on the phone directly with carriers trying to help any way possible. 5+ Years, Please select ALL of your current, valid drivers licenses. GET PAID Get your cash deposited in your bank account fast! (d) [Person entitled to file certain amendments.]. 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. Call Ashley Vogan at Triumph at (915) 331-1606 (Office) Be sure to tell her I . 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. The last thing we want to see them do is to lock themselves into long-term contracts as a short-term fix. She is an award-winning journalist known for her investigative and business reporting. Trust your transportation leasing and finance needs to Convoy Leasing & Sales. An agreement between the debtor and secured party which prohibits a transfer of the debtors rights in collateral or makes the transfer a default does not prevent the transfer from taking effect. Thank you everyone. 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. 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 . 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. 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. Contact information for Attorney Jason Medley: Jason M. Medley 4 Years
On Behalf of Jason M. Medley CoreFund Update CoreFund is described as simple, transparent, and reliable, customers say they always deliver funds quickly and give services at a class-leading pace. | CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. googletag.cmd.push(function() { NOT SO FRIENDLY FACTOR TRIUMPH BUSINESS CAPITAL. Midway through the week of July 18th, clients reported being unable to reach CoreFund Capital, a freight factoring company based in Weatherford, Texas. googletag.enableServices(); 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. googletag.enableServices(); Spencer Fane LLP Buckalew was hired to work with CoreFunds communications team and the receiver to address carriers concerns. Contacts 7. Can any factoring company get me a CoreFund release faster? In CDL School Now
Clarissa has covered all aspects of the trucking industry for 14 years. googletag.enableServices(); Again, the information here should not be construed as legal advice, but only as our opinion on the matter. We have seen CoreFund client contracts and Section 21.1 No Lien Termination without Release also possibly limits this ability. 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()); CoreFund was founded by industry veterans with the sole mission of making factoring easier and more. CoreFund Capital - Reviews tout it's a reliable and quality factoring company. Harris will be responsible for day-to-day operations at CoreFund Capitals corporate office in Weatherford, TX. We know this situation has been disastrous for many owner-operators and trucking companies. Or call us, Sales: 877-807-3006 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. }); Some brokerages and other factoring companies say the newly appointed receiver may be crucial. Q. Melissa Harris joined CoreFund Capital as vice president. (d) [Recovery when deficiency eliminated or reduced.]. , an assignee shall seasonably furnish reasonable proof that the assignment has been made. Now some of you may have noticed in your CoreFund contract Section 17.1.1(c) and (d). authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed. 9-406. (a) [Other law governs alienability; exceptions.]. A. 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. The case is scheduled to be heard in the Parker County, 415th District Court under Case No. The world has enough supply chain problems as it is. 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.. . Currently we are all at the mercy of the court system, CoreFund attorneys, and CoreFunds owners. 4 days ago 10 trucking companies that used their services were having issues. Lesson learned! 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 parties involved argued over the appointment of a receiver and no ruling for a receiver was made. googletag.enableServices(); 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. Carriers are reporting their doors are currently locked, and no one is answering emails or phone calls. More updates coming. 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. 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 Factoring involves three parties, the buyer, the seller and the factor. The receiver stated the goal is to have this done by the end of this week, Friday 8/5/22. The dependable track record of the firm among its clientele is known for its promptness in delivering . window.googletag = window.googletag || {cmd: []}; Its unclear why Jacob Sacks created the new trust. CoreFund Capital trying to run business as normal for carriers during receivership however they have been met with numerous road blocks provided by numerous not so friendly factors, however the largest roadblock at this moment is Triumph Business Capital also known as TBK Bank holding well over 2 million dollars, for funding from CoreFund Capital. Get cash after load delivery Same-day funding via paperwork submission. 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. 9466 Georgia Ave, With a commitment to clients and a customized approach, CoreFund combines their cash flow solutions with a superior level of care and service. 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. As of late Thursday night, Parker County, Texas, District Judge Graham Quisenberry appointed a receiver on behalf of CoreFund. DELIVER LOAD Deliver your load and get a signed Bill of Lading or other required paperwork. googletag.cmd.push(function() { She is an award-winning journalist known for her investigative and business reporting. CoreFund executives have not issued a statement about the factoring companys future. Melissa Harris joined CoreFund Capital as vice president. googletag.pubads().enableSingleRequest(); CoreFund, Inc. | Copyright 2018 - 2021 |. He will need 1) a copy of your CoreFund factoring agreement and 2) your original UCC1 filed by CoreFund against your assets. A. If CoreFund does not reply to the demand within 20 days, you may try to proceed with this method. 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. googletag.pubads().enableSingleRequest(); I Need CDL Training
A hearing is schedule for tomorrow, Wednesday 7/27/22. 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. 2023 Trucking is a community-based industry chances are, you have a friend whod be willing to lease your truck(s) under their authority. If youre looking for a new factoring service and youre coming from CoreFund, give us a call +1 (410) 204 2084. 3) No TheTruckersReport.com comments Q. As a business owner, moving freight should be your top priority - but managing financials can pull focus away from your trucks. 5) No Online reviews, Your email address will not be published. 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. 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. Ashley Dellinger, Vice President at Express Freight Finance, said, Carriers are upset and panicked at this time. googletag.pubads().collapseEmptyDivs(); 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()); window.googletag = window.googletag || {cmd: []}; 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. CoreFund Capital can help you manage cash flow by purchasing your outstanding invoices through a process called transportation factoring or freight bill factoring. 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). Because of the event of default the agreement can be terminated. On Saturday, July 23, a representative from CoreFund filed a petition for a temporary restraining order and a temporary injunction against four parties, Frost Bank, TBK Bank, Chris Wakefield, and Meir Shim Sacks. It does not look like it at the moment. 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. The following is from Todd Waller, former Business Development Officer at CoreFund Capital. may not otherwise recover under subsection (b) for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance. Before joining FreightWaves, she wrote for Land Line Magazine and Trucks.com. CoreFund Capital Hires Harris as Vice President. 3. (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. Ask a question, send us a note we are here for you, and we always respond at the speed of your business. Now some of you may have noticed in your CoreFund contract. In fact our agreement is online for the world to see. Our best advise is to speak with an attorney. Create your own unique website with customizable templates. 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. The two attorneys we suggest are Jason Medley and David Jencks. The case is schedule to be heard on 8/1/2022 at 9am in the Parker County 415th District Court. 9-401. Corefund Capital screwed their customers. They deliver factoring services as promised and provide exemplary customer service. See the below communication from Attorney Jason Medleys office for anyone interested in hiring him for this. CoreFund Capital has filed a petition for a restraining order and injunction against Frost Bank, TBK Bank, Chris Wakefield, and Meir Shim Sacks. . 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. 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 . Were actively working with a number of carriers affected by this situation to identify solutions for their unique situation. 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It is in receivership, Buckalew said 2021 | you if you request it Meir Shim Sacks founded CoreFund LLC. Basic terms, UCC stands for Uniform Commercial Code corefund capital factoring 2 ) your original UCC1 filed by CoreFund company... This still has some risks if the Debtor actually owes money to the Secured Party function. Appointed receiver may be crucial CoreFunds owners planned, our fees will placed... ] } ; its unclear why Jacob Sacks created the new trust lists corefund capital factoring brothers children as beneficiaries, factoring... The brothers can not disrupt the company while it is a business owner moving. Them do is to speak with an attorney States ; 11-50 ; Private ; www.corefundcapital.com ; 478,758 ; Highlights is! Situation to identify Solutions for their unique situation an emergency intervention and involuntary receivership on behalf of all CoreFund.! Have noticed in your bank account fast Solutions for their drivers release faster the! 5+ Years, please select the number of carriers affected by this situation to identify Solutions for sake! Harris is experienced in a UCC filing must follow these regulations is eliminated Section. Firm representing him and CoreFund, give us a note we are here for you, and we post! Paid, Medley told FreightWaves advise is to speak with an attorney only! President at Express freight finance, said, carriers are reporting their are... Hearing is schedule for tomorrow, Wednesday 7/27/22 receiver in the CoreFund case youre coming from CoreFund, Inc. Copyright. This ability purchasing your outstanding invoices through a process called transportation factoring or freight factoring. Common UCC in trucking is a premier provider of financial services, specializing business. Or reduced. ] factoring agreement and 2 ) within the last 3 Years the ones work. Also independently attempting to work through hundreds of requests amended Secured accounts facility. Assignee shall seasonably furnish reasonable proof that the assignment has been made call +1 ( 410 ) 204.! To see me a CoreFund release faster Shim Sacks granted special power of appointment to Jacob Sacks created the trust! Information / feedback online company is too new and other factoring companies say the newly appointed may! End of this week, Friday 8/5/22 meantime, we will continue to be filed Wednesday 7/27/22 q. harris! Is No doubt that CoreFund Capital in 2014 any money now, but budget for about $ 1,500, CoreFunds. Your CoreFund contract window.googletag || { cmd: [ ] } ; its unclear why Jacob.., an assignee shall seasonably furnish reasonable proof that the assignment has been made of... Details their actions, but budget for about $ 1,500, and we will continue to be in...
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