corefund capital factoring

googletag.pubads().enableSingleRequest(); Staffing Agencies. A. Weatherford, Texas, United States; 11-50; Private; www.corefundcapital.com ; 478,758; Highlights. 4 Years Disclaimer: The following information does not constitute legal advice. Spencer Fane LLP June 3, 2022 Contact Information. CoreFund Capital: How Express Freight Finance is Helping July 26, 2022 Is Freight Factoring Worth it? 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. 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. Loss caused by a failure to comply may include loss resulting from the. Trust your transportation leasing and finance needs to Convoy Leasing & Sales. Werner, Erin . Factoring services, unlike bank loans, focus on the value of receivables. He issued the following statement about the factoring companys ongoing lawsuit on LinkedIn. This would allow a receiver to be appointed by the court allowing all Notice of Assignments to be revoked and UCCs to be terminated. 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. 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. -Todd Waller. As part of the original trust, Shim Sacks granted special power of appointment to his brother, Yaakov "Jacob" Sacks. 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. 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. 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. (a) [Judicial orders concerning noncompliance.]. Contact information for Attorney Jason Medley: Jason M. Medley If this is done, the receiver will be able to process buyouts and terminations. She brings with her a very strong background in operation processes, best practices, client retention and has a proven track record as an exceptional leader, Bonnie Castillo, president of CoreFund Capital, said. This is very different from bank loans which influence the businesses debt to equity ratio, credit score, etc. I do not need any money now, but budget for about $1,500, and we will work out billing later. Werner, Erin 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 . PMB 2108, 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. 1 Year I truly can't be more thankful to this company and it's staff for doing everything they say they will do. Carriers are reporting their doors are currently locked, and no one is answering emails or phone calls. Your email address will not be published. The law firm Warren Fonville of Fort Worth, Texas, which is representing the younger Sacks, did not respond to FreightWaves request for comment. 3. Our commitment is to our clients by providing them with. authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed. CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. 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()); 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. 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. window.googletag = window.googletag || {cmd: []}; }); I told the judge that when elephants fight, the whole world shakes, Medley told FreightWaves. Harris is experienced in a range of factoring operations. (d) [Recovery when deficiency eliminated or reduced.]. 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. Paperwork is submitted easily through email. 2023 CV22-0851. Melissa Harris joined CoreFund Capital as vice president. }); While the old trust only named Shim Sacks children as beneficiaries, the new trust lists both brothers children as beneficiaries. . Details. Shim Sacks did not respond to FreightWaves request seeking comment. 9-406. window.googletag = window.googletag || {cmd: []}; window.googletag = window.googletag || {cmd: []}; googletag.enableServices(); We hope the staff of CoreFund Capital are being taken care of. googletag.pubads().collapseEmptyDivs(); You can also reach out to new brokers you havent worked for in the past. 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. 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. VP with Express Freight FinanceTel: 770.500.9435adellinger[at]expressfreightfinance.com. Can any factoring company get me a CoreFund release faster? 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.. We are excited to watch them become a dominant player in their industry.". He will need 1) a copy of your CoreFund factoring agreement and 2) your original UCC1 filed by CoreFund against your assets. Whether you do business with us at LoadX Factoring in the future or not, we are here to help as much as we can. 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. 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. If you have ever done a load for this broker in the past, they likely still have a NOA on file and will not pay you. 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. 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.. The petition states that CoreFunds, have been wrongly shut down. I have several carriers and other factors I am assisting with this, and Im sure other attorneys are too. The ones who work daily at CoreFund are great people and we hope a resolution is found for their sake. Attorney Jason Medley, in Houston, Texas, is filing an emergency intervention and involuntary receivership on behalf of all CoreFund carriers. 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. 9-401. This still has some risks if the Debtor actually owes money to the Secured Party. I am extremly happy with the services . 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()); 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. CDL Grad, No Experience Currently, CoreFund has a UCC Filing for all of its customers. 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. Alternatively, you may file a termination demand letter with CoreFund. 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. 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. I have spoken to the attorney for CoreFund. Founded in 2015, CoreFund Capital (subsidiary of GMA Factor, LLC) is a freight invoice factoring company headquartered in Texas. 5+ Years, Please select ALL of your current, valid drivers licenses. You save time by having your loan or lease directed to the most appropriate funding source. Frost Bank and TBK Bank operate CoreFunds operating accounts, while Wakefield and Sacks own controlling stakes in CoreFunds holding company. Is your factoring company next? Create your own unique website with customizable templates. Good Afternoon Everyone, }); 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. The date and time of the hearing are not clear at this time. Truckers were hit with a double whammy after CoreFund went dark in mid-July and no one was in the office to release them from the UCC-1 (Uniform Commercial Code) liens filed by the factoring company against the carriers assets. 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. 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. Thank you. 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. Not likely. Continued updates as they occur. may not otherwise recover under subsection (b) for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance. 9-509. This section refers to defaulting on the contract. Factoring involves three parties, the buyer, the seller and the factor. This is a moving target for sure, Medley said in an email to FreightWaves. LoadX Factoring is also independently attempting to work with CoreFund attorneys. Each company we work with has specific experience requirements for their drivers. A hearing is schedule for tomorrow, Wednesday 7/27/22. CoreFund is described as simple, transparent, and reliable, customers say they always deliver funds quickly and give services at a class-leading pace. If you're looking for a new factoring service and you're coming from CoreFund, give us a call +1 (410) 204 2084. 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. In fact our agreement is online for the world to see. (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. 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. 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. ALIENABILITY OF DEBTORS RIGHTS. googletag.pubads().enableSingleRequest(); CoreFund capital has definitely made my opinion change and to be honest I never think twice about getting my money the day promised. Please contact an attorney to help you in the matter if you are affected by this CoreFund shutdown. Corefund has gone above and beyond and helped me manage my cash flow . 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. Of note, Express Freight Factoring is a member of the International Factoring Association. CoreFund Capital Hires Harris as Vice President. START FACTORING TODAY - Click Here Built by Truckers For Truckers 1. googletag.enableServices(); CV22-0851) to allow CoreFund to continue daily operations without fear accounts being frozen or Wakefield and Sacks closing the business. However, a debtor or, whose deficiency is eliminated or reduced under Section. googletag.enableServices(); 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. googletag.enableServices(); Corefund delivers funds quickly and gives services at a class-leading pace. Major Update: Thursday 7/28/2022, 2pm cst. (e) [Statutory damages: noncompliance with specified provisions.]. We want to be transparent. These reviews are mostly positive, many reviewers have mentioned they are working with CoreFund for years without facing any problems. CoreFund Capital's services include: Non-recourse factoring programs Same-day payments Full advance programs If CoreFund does not reply to the demand within 20 days, you may try to proceed with this method. According to court documents, Shim Sacks founded CoreFund Capital in 2014. 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. DELIVER LOAD Deliver your load and get a signed Bill of Lading or other required paperwork. 1-5 Months 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. window.googletag = window.googletag || {cmd: []}; jmedley@spencerfane.com. Before joining FreightWaves, she wrote for Land Line Magazine and Trucks.com. I feel for these guys because many are living load to load right now, but we legally cant pay the carriers directly because we have to pay CoreFund first.. googletag.pubads().enableSingleRequest(); 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. 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. 1) No Information / feedback online company is too new. While the effect is not immediate the receiver still needs to officially step into the process by paying a bond, etc. View contacts for CoreFund Capital to access new leads and connect with decision-makers. A COURT APPOINTED RECEIVER WOULD NEVER ENTER INTO SUCH AGREEMENT. We will continue to update this post with more information as we get it. It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. 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. AVOID THESE PREDATORY FACTORING COMPANIES. . The petition states that this is because of a spat between the parties who control CoreFunds holding company and trust (Wakefield and Sacks). 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. We are doing everything in our power to restore things back to normal operations however we are currently unable to do so therefore we understand if our clients need to make other arrangements., CoreFund Capital Facebook Post, 7/22/2022 at 1:25pm cst, All, I would suggest you contact OOIDA. Update 7/28: Freightwaves just published a comprehensive update of the CoreFund situation. Some people think that factoring services are similar to bank loans, but that could not be further from the truth. the courts order moves us much closer to addressing the needs of CoreFunds factoring customers., Medley is a listed attorney for members of the trade group, the International Factoring Association, to use. May 7. LoadX Factoring has made contact with the receiver appointed by the court to act for CoreFund. They answer questions and handle our business promptly in a professional and courteous manner. Extended hours, including Saturday funding. 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 old trust only named Shim Sacks children as beneficiaries, the new trust lists both brothers children as beneficiaries. Possibly. The parties involved argued over the appointment of a receiver and no ruling for a receiver was made. googletag.cmd.push(function() { googletag.enableServices(); 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. CoreFund has filed a UCC on all clients. Our agreement: https://loadxfactoring.com/terms-and-conditions/, Our application: https://loadxfactoring.com/loadx-factoring-application/. Ideally, these things happen and you are then free to move onto a new factoring company without issue. PERSONS ENTITLED TO FILE A RECORD. 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. window.googletag = window.googletag || {cmd: []}; CoreFund Capital facilitated an increase to the credit facility for a global logistics and freight forwarding company. UCC Filings are a standard part of almost all factoring agreements. By providing your email, you indicate you have read and understood our This is normal for factoring companies and acts as a form of protection for the factoring company in case of client or debtor default. googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.cmd.push(function() { googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); On Aug. 4, the factoring company reopened for business. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot5', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767778941-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); It not only details their actions, but also provides their home address., CoreFund Capital Facebook post, 7/23/2022 at 10:00pm cst. CoreFund Capital is a premier freight factoring company offering FREE same day pay, fuel cards, great customer service, and more 1-888-876-8605 2. Silver Spring, MD 20910. It has been sent. Be cautious of any factoring company telling you they can do a buyout or any other method. 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. Founded in 2015, CoreFund Capital (subsidiary of GMA Factor, LLC) is a freight invoice factoring company headquartered in Texas. window.googletag = window.googletag || {cmd: []}; LoadX Factoring was able to confirm through a top executive of CoreFund that all staff were fired, including executive staff, early in the week. window.googletag = window.googletag || {cmd: []}; In the meantime, we are here to help.. s inability to obtain, or increased costs of, alternative financing. And there are tons of great factoring companies that are ready, willing and able to pick up the pieces. 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. Our staff is hurting and struggling with this as we were completely blindsided, Waller wrote. the court order brings us much closer to meeting the needs of CoreFunds factoring clients.. 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. googletag.pubads().collapseEmptyDivs(); googletag.pubads().collapseEmptyDivs(); }); 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.. As soon as we know the contact information for the receiver, if one is appointed, we will post it here asap. 04/30/2022. googletag.cmd.push(function() { 9466 Georgia Ave, Unfortunately, this mean that there is no change in the status and no receiver will be appointed by the court yet, however, there will be another hearing on Monday 8/1. 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. Before joining FreightWaves, she wrote for Land Line Magazine and Trucks.com. Cash Flow, Invoice Factoring, Financial Services, Accounting, Customer Service: Founded: 2015: CoreFund Capital Freight/Invoice Factoring. googletag.enableServices(); 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. As part of the original trust, Shim Sacks granted special power of appointment to his brother, Yaakov Jacob Sacks. 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. (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. Get a reliable factoring company that doesn't require contracts or charge hidden fees. googletag.pubads().enableSingleRequest(); UCCs are regulated by law and all parties involved in a UCC filing must follow these regulations. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot2', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767737710-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); We know this situation has been disastrous for many owner-operators and trucking companies. }); 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. Per a recent thread in the International Factoring Association (IFA) forum from Jason Medley on the process of filing a termination demand letter: A 20-day notice under UCC 9-513(c) can be sent to CoreFund. PERSONS ENTITLED TO FILE A RECORD. Jason is able to send this demand letter for you if you request it. Join Our Community. Normally, this would be an option. If you send them to CoreFund they will be placed in an already long queue. As of 7/24/2022, Frost Bank and TBK Bank have been served, but Wakefield and Sacks have not according to court records. 4 days ago 10 trucking companies that used their services were having issues. whose deficiency is eliminated under Section, may recover damages for the loss of any surplus. googletag.cmd.push(function() { Your name will not be used in a follow-up article without your permission. We are thrilled to have Melissa on board. gptAdSlots.push(gptSlot); Midway through the week of July 18th, clients reported being unable to reach CoreFund Capital, a freight factoring company based in Weatherford, Texas. You are not limited to one funding source. We also suggest you login to your CoreFund portal and download every report year to date, broker list, collection notes, etc that you can. 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 . (b) [Agreement does not prevent transfer.]. As former truckers and fleet owners, we understand the . . 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. The case is scheduled to be heard in the Parker County, 415th District Court under Case No. CoreFund Capital specializes in business financing through invoice factoring. 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. 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. The news about this case is coming out fast and furious, so keep a close eye on it. 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. If this process runs as planned, our fees will be very manageable and divided among the group. Thank you everyone. 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. (1) a person that, at the time of the failure, was a, , or held a security interest in or other lien on the collateral may recover damages under subsection (b) for its loss; and. Save time by having your loan or lease directed to the most appropriate funding source however a! Is filing an emergency intervention and involuntary receivership on behalf of all CoreFund carriers GMA Factor LLC! Founded CoreFund Capital Freight/Invoice factoring into SUCH agreement in business financing through invoice factoring attempting to work with CoreFund Years! Their doors are currently locked, and No ruling for a receiver and No ruling for a receiver be. 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Online company is too new against your assets scheduled to be revoked and UCCs be! Questions and handle our business promptly in a follow-up article without your permission the businesses debt to equity ratio credit. Think that factoring services, specializing in business financing through invoice factoring services are similar Bank. Published a comprehensive update of the original trust, Shim Sacks did not to. The termination statement indicates that the debtor authorized it to be revoked and UCCs to be..