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()); If you would like to try this method you will need to send a demand for UCC termination to CoreFund via registered mail and wait 20 days. In an email to FreightWaves, Buckalew said CoreFund is solvent and plans to stay open after the truckers get paid. PMB 2108, #corefundcapital #sabatoged #2millonplus The case is schedule to be heard on 8/1/2022 at 9am in the Parker County 415th District Court. CoreFund has filed a UCC on all clients. 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. A. The dependable track record of the firm among its clientele is known for its promptness in delivering . At this moment there is no way for a factoring company to arrange buyouts or releases until this is resolved. googletag.enableServices(); 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. Update 7/28: Freightwaves just published a comprehensive update of the CoreFund situation. 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. He will need 1) a copy of your CoreFund factoring agreement and 2) your original UCC1 filed by CoreFund against your assets. On Behalf of Jason M. Medley CoreFund Update 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. Lesson learned! NOT SO FRIENDLY FACTOR TRIUMPH BUSINESS CAPITAL. Trust your transportation leasing and finance needs to Convoy Leasing & Sales. The two attorneys we suggest are Jason Medley and David Jencks. the court order brings us much closer to meeting the needs of CoreFunds factoring clients.. 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. As of right now, NO FACTORING COMPANY has the ability to release you from your NOA or UCC. (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. DISCHARGE OF ACCOUNT DEBTOR; NOTIFICATION OF ASSIGNMENT; IDENTIFICATION AND PROOF OF ASSIGNMENT; RESTRICTIONS ON ASSIGNMENT OF ACCOUNTS, CHATTEL PAPER, PAYMENT INTANGIBLES, AND PROMISSORY NOTES INEFFECTIVE. 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. Frost Bank did freeze CoreFunds operating account, and CoreFund believes TBK Bank will do the same. 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. Contacts 7. Carriers are reporting their doors are currently locked, and no one is answering emails or phone calls. CoreFund Capital provides its services on a contractual basis. 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. Privacy Policy. 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. Our staff is hurting and struggling with this as we were completely blindsided, Waller wrote. 4 Years window.googletag = window.googletag || {cmd: []}; Email formats & phone numbers of CoreFund Capital 10-50 employees. Cash Flow, Invoice Factoring, Financial Services, Accounting, Customer Service: Founded: 2015: Unless the assignee complies, the account debtor may discharge its obligation by paying the assignor, even if the account debtor has received a notification under subsection (a). We have seen CoreFund client contracts and Section 21.1 No Lien Termination without Release also possibly limits this ability. 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.. Don't spin your wheels on complicated lease terms or tedious invoice processing. 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. A recipient of a request under Section 9-210 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. googletag.enableServices(); Currently we are all at the mercy of the court system, CoreFund attorneys, and CoreFunds owners. 9-509. googletag.pubads().enableSingleRequest(); 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. CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. 6-11 Months *NOTE: LoadX Factoring was started by truckers, for truckers in order to help other truckers and help them avoid predatory factoring companies. I am extremly happy with the services . Get a reliable factoring company that doesn't require contracts or charge hidden fees. The law firm representing him and CoreFund, Warren Fonville of Fort Worth, Texas, did not respond to FreightWaves request seeking comment. 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.. If this is done, the receiver will be able to process buyouts and terminations. 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. We wont look for reasons to come back at you for money like everyone else does. 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. Our commitment is to our clients by providing them with the cash flow solutions they need using a customized approach and a level of care and service they deserve. 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. They deliver factoring services as promised and provide exemplary customer service. 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()); Frost Bank and TBK Bank operate CoreFunds operating accounts, while Wakefield and Sacks own controlling stakes in CoreFunds holding company. I Need CDL Training In the meantime, we are here to help.. It not only details their actions, but also provides their home address., CoreFund Capital Facebook post, 7/23/2022 at 10:00pm cst. 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. If this is a new broker for you that does not have a CoreFund NOA then it is likely you can invoice directly and get paid. CoreFund 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. CoreFunds UCC statements are still in place, and any factoring company that makes a loan is in a second lien position, she told FreightWaves. 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. Disclaimer: The following information does not constitute legal advice. Todd Waller, former business development officer at CoreFund Capital, was among those fired. The date and time of the hearing are not clear at this time. Weatherford, Texas, United States; 11-50; Private; www.corefundcapital.com ; 478,758; Highlights. 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. But a buyout, or any other type of method through normal means, is impossible right now because there are no staff to process this. . 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. No matter what you do, We will continue to be here to help you. googletag.pubads().enableSingleRequest(); Contact information for Attorney Jason Medley: Jason M. Medley 9-625. Alternatively, you may file a termination demand letter with CoreFund. Ideally, these things happen and you are then free to move onto a new factoring company without issue. Our President, Justin McKibben, has spent much of the weekend on the phone directly with carriers trying to help any way possible. As soon as we know the contact information for the receiver, if one is appointed, we will post it here asap. The ones who work daily at CoreFund are great people and we hope a resolution is found for their sake. 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. 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. . Have a safe holiday. We just need the folks behind the wheel to get released so they can haul loads and get paid, Medley told FreightWaves. The petition is asking the Parker County, Texas District Court (. #notsofriendlyfactor, Clarissa has covered all aspects of the trucking industry for 14 years. Factoring services, unlike bank loans, focus on the value of receivables. We will continue to post information here as the situation changes. The news about this case is coming out fast and furious, so keep a close eye on it. }); 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. Were hoping the receiver thats appointed will be able to get them released from CoreFund because until then, we cant help them.. 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()); Harris is experienced in a range of factoring operations. Factoring involves three parties, the buyer, the seller and the factor. Because of the event of default the agreement can be terminated. 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. Q. CoreFund Capital is a premier freight factoring company offering FREE same day pay, fuel cards, great customer service, and more 1-888-876-8605 googletag.cmd.push(function() { It has been sent. Major Update: Thursday 7/28/2022, 2pm cst. Factoring entails purchasing accounts receivables from a business at a discount. Many of you are now aware that CoreFund is currently closed due to an ongoing lawsuit and that all staff was terminated last week and is now legally unable to conduct any business whatsoever. We are also working on getting further guidance from an attorney who specializes in this industry. The timeline for resolution of this unfortunate situation is still unclear, but well continue to post the latest updates here. Jason Medley, partner with law firm Spencer Fane in its Houston office, is representing more than 100 trucking companies that were affected by the CoreFund shutdown. CoreFund Capital LLC, a freight factoring company, is a provider of financial services, specializing in business financing through invoice factoring. 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. The law firm Warren Fonville of Fort Worth, Texas, which is representing the younger Sacks, did not respond to FreightWaves request for comment. 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. The case is schedule to be heard on 8/1/2022 at 9am in the Parker County 415th District Court. googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); If you or someone you know needs support, please dont hesitate to reach out. May 7. window.googletag = window.googletag || {cmd: []}; Section (c) states that an event of default occurs when any guarantor fails to perform their obligations to Purchaser. Please be careful with those saying they can. View contacts for CoreFund Capital to access new leads and connect with decision-makers. (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. CoreFund was founded by industry veterans with the sole mission of making factoring easier and more. Here are a few excerpts of this regulation that may be of use. Corefund has gone above and beyond and helped me manage my cash flow . Paying wages due is more important than obeying a dispute. 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. A COURT APPOINTED RECEIVER WOULD NEVER ENTER INTO SUCH AGREEMENT. These are formal, public records from your factoring company of the debt youve incurred, including any current factoring agreements. If you are owed money, we will likely simply reserve our right to seek it later. 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()); -Todd Waller. Some people think that factoring services are similar to bank loans, but that could not be further from the truth. 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. Before joining FreightWaves, she wrote for Land Line Magazine and Trucks.com. This is exactly why factoring companies suck. 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. LoadX Factoring was able to confirm through a top executive of CoreFund that all staff were fired, including executive staff, early in the week. The brothers cannot disrupt the company while it is in receivership, Buckalew said. Werner, Erin . 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. The hard part is over and the judge appointed a receiver in the CoreFund case. googletag.pubads().enableSingleRequest(); googletag.cmd.push(function() { googletag.enableServices(); Everyone knows this is a tough business and we all need to stick together! 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()); Apex Capital Corp - Established and help navigate . googletag.cmd.push(function() { CoreFund Capital facilitated an increase to the credit facility for a global logistics and freight forwarding company. 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. Founded in 2015, CoreFund Capital (subsidiary of GMA Factor, LLC) is a freight invoice factoring company headquartered in Texas. This is a moving target for sure, Medley said in an email to FreightWaves. Hes concerned about not being able to pay these carriers since hes had no communication with any of CoreFunds executives. altLine The Southern Bank Company - Low fees, accounts receivable-based financing. The world has enough supply chain problems as it is. Now some of you may have noticed in your CoreFund contract Section 17.1.1(c) and (d). He issued the following statement about the factoring companys ongoing lawsuit on LinkedIn. We are excited to watch them become a dominant player in their industry.". We at LoadX Factoring are working hard to help as many CoreFund clients as possible. Will they? googletag.pubads().enableSingleRequest(); Yes. We appreciate how complicated this process and situation can get, especially for smaller carriers. (c) [Persons entitled to recover damages; statutory damages in consumer-goods transaction.]. Somebody needs to go to jail for the hardships that youve caused in the past 2 mths! googletag.enableServices(); Extended hours, including Saturday funding. . 4 days ago 10 trucking companies that used their services were having issues. Review fromDeborah V. 5 stars. 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. Our Take: Even if your contract with CoreFund states that the transfer of rights is prohibited (a new factoring company takes over in case of default), this section does not allow such prevention. 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. the courts order moves us much closer to addressing the needs of CoreFunds factoring customers.. 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. We are thrilled to have Melissa on board. NO! Thank you everyone. Factoring services, unlike bank loans, focus on the value of receivables. The parties involved argued over the appointment of a receiver and no ruling for a receiver was made. | CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. googletag.pubads().enableSingleRequest(); A. 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. Thank you for your message. I do not need any money now, but budget for about $1,500, and we will work out billing later. googletag.pubads().collapseEmptyDivs(); There was a court hearing today where the attorneys for CoreFund did attend. START FACTORING TODAY - Click Here Built by Truckers For Truckers 1. Currently, CoreFund has a UCC Filing for all of its customers. Not likely. June 3, 2022 Contact Information. This CoreFund issue is exactly why we started LoadX. (g) [Limitation of security interest: noncompliance with Section 9-210.]. Wait. 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. In observance of Martin Luther King, Jr. Day, Bobtail will be closed on Monday, January 16. }); 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.. According to court documents, Shim Sacks founded CoreFund Capital in 2014. Loss caused by a failure to comply may include loss resulting from the. CoreFund, Inc. | Copyright 2018 - 2021 |. window.googletag = window.googletag || {cmd: []}; Harris is experienced in a range of factoring operations. Can they factor new brokers? (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. CoreFund Capital Freight/Invoice Factoring. 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. 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. fails to comply with a request regarding a list of collateral or a statement of account under Section. Before you become an O/O you should take business classes and have atleast 20k in the bank. googletag.pubads().enableSingleRequest(); Menu icon A vertical stack of three evenly . Get on the road, stay on the road, and grow. They are also attempting to help as much as they are able. We are truckers too who decided we were tired of the bad factoring companies so we started LoadX. CoreFund Capital specializes in business financing through invoice factoring. googletag.enableServices(); They provide factoring services for. 04/30/2022. He currently represents about 50 trucking companies stonewalled by CoreFund and said the number is climbing every minute.. 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. 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. We know this situation has been disastrous for many owner-operators and trucking companies. Frost Bank did freeze CoreFunds operating account, and CoreFund believes TBK Bank will do the same. 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. While the effect is not immediate the receiver still needs to officially step into the process by paying a bond, etc. 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()); Q. The receiver has the ability to act for CoreFund, meaning issuing releases, etc. Do I go ahead and send to CoreFund, or wait? You can look up in public records the filing made in Parker County, TX. They deliver factoring services as promised and provide exemplary customer service. CoreFund is described as simple, transparent, and reliable, customers say they always deliver funds quickly and give services at a class-leading pace. 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. You can also reach out to new brokers you havent worked for in the past. 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. (f) [Statutory damages: noncompliance with Section 9-210.]. The receiver also stated that they are fine with clients calling their CoreFund account executive and requesting a buyout as well. As it is in receivership, Buckalew said is appointed, we will continue to post information as. 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