corefund capital factoring

Hes concerned about not being able to pay these carriers since hes had no communication with any of CoreFunds executives. Our Take: You can file an amendment to terminate CoreFunds UCC filing against your company if CoreFund fails to file the termination. (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. A. According to court documents, Shim Sacks founded CoreFund Capital in 2014. With month-to-month agreements and no hidden terms or fees, why not start getting your cash fast today, All rights reserved. According to court documents, Shim Sacks founded CoreFund Capital in 2014. She is an award-winning journalist known for her investigative and business reporting. 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. 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. This clients business has performed impressively over the past months with a solid base of customers. 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. If you're looking for a new factoring service and you're coming from CoreFund, give us a call +1 (410) 204 2084. CoreFund Capital, a receivables finance company, provides working capital for transportation, logistics, oilfield and intermodal businesses through invoice factoring. Truly a great group of people. 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().enableSingleRequest(); window.googletag = window.googletag || {cmd: []}; We have been with CoreFund Capital LLC, since September 2021; CoreFund Capital has the industry expertise, stability and outstanding customer service . 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. He will need 1) a copy of your CoreFund factoring agreement and 2) your original UCC1 filed by CoreFund against your assets. Ideally, these things happen and you are then free to move onto a new factoring company without issue. 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. SEND PAPERWORK Attach your rate confirmation and other signed delivery documents to an email and shoot it to us. Factoring services, unlike bank loans, focus on the value of receivables. Each company we work with has specific experience requirements for their drivers. If youre looking for a new factoring service and youre coming from CoreFund, give us a call +1 (410) 204 2084. 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. CoreFund, Inc. | Copyright 2018 - 2021 |. googletag.enableServices(); gptAdSlots.push(gptSlot); You most often will hear of UCCs if one of your customers refuses payments to your factor or, in the case of CoreFunds closing, if the factor does not make good on their payments to their carriers. Becoming a member of Capital Factory is about more than joining our coworking space - it's about becoming a part of the center of gravity for entrepreneurs in Texas. 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. 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. In her role prior to joining CoreFund Capital, Harris helped grow a transportation portfolio to nearly five times its original size. NO! Paying wages due is more important than obeying a dispute. 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. Trucking is a community-based industry chances are, you have a friend whod be willing to lease your truck(s) under their authority. 1-5 Months Our commitment is to our clients by providing them with. Its unclear why Jacob Sacks created the new trust. WHAT IS OFFERED: Free Same Day Funding Fax or Email Invoices Full Advance Options Free Credit Checks on potential Customers Free Invoice Auditing Extended Funding Times Saturday Funding to CFC Fuel Card Somebody needs to go to jail for the hardships that youve caused in the past 2 mths! CoreFund Capital's services include: Non-recourse factoring programs Same-day payments Full advance programs Fill out the details below and an advisor will get back to you shortly. 4) No RipOffReport.com reports filed Financial Services . If you have a news tip or story idea, send her an email to, Copyright 2023, All Rights Reserved, FreightWaves, Inc, Carriers unable to pay drivers, buy fuel after CoreFund Capital closes, Loaded & Rolling (Enterprise Fleet News/Analysis), Read why truckers use factoring to ease cash crunches. CoreFund is described as simple, transparent, and reliable. As of 7/24/2022, Frost Bank and TBK Bank have been served, but Wakefield and Sacks have not according to court records. 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. You save time by having your loan or lease directed to the most appropriate funding source. PERSONS ENTITLED TO FILE A RECORD. Jason is able to send this demand letter for you if you request it. 9-401. Shim Sacks did not respond to FreightWaves request seeking comment. 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). Disclaimer: The following information does not constitute legal advice. The petition states that CoreFunds bank accounts (and thus entire business) have been wrongly shut down. Effective immediately, Express Freight Finance will offer a 60-day contract with a 30-day release clause for those carriers impacted by this situation with no set-up, due diligence, or early termination fees. Oil and Gas Services. 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. If this is done, the receiver will be able to process buyouts and terminations. googletag.enableServices(); This would allow a receiver to be appointed by the court allowing all Notice of Assignments to be revoked and UCCs to be terminated. 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.. Apex Capital Corp - Established and help navigate . 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. PH 281.352.6032 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()); 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. See the below communication from Attorney Jason Medleys office for anyone interested in hiring him for this. 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().enableSingleRequest(); googletag.cmd.push(function() { We are excited to watch them become a dominant player in their industry.". It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. 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. PMB 2108, VP with Express Freight FinanceTel: 770.500.9435adellinger[at]expressfreightfinance.com. simple, transparent, and reliable Factoring Program. In order for you to receive the best possible offers, please make sure your answers above are accurate prior to submitting. 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. Can they? Menu icon A vertical stack of three evenly . }); I told the judge that when elephants fight, the whole world shakes, Medley told FreightWaves. 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. If you send them to CoreFund they will be placed in an already long queue. CoreFunds UCC statements are still in place, and any factoring company that makes a loan is in a second lien position, she told FreightWaves. Don't spin your wheels on complicated lease terms or tedious invoice processing. Have a safe holiday. The court documents state the rationale for wrongfully shutting down CoreFunds business resulted from a spat between Wakefield and Sacks. 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. CoreFund Capital provides its services on a contractual basis. UCC Filings are a standard part of almost all factoring agreements. I have spoken to the attorney for CoreFund. This section refers to defaulting on the contract. As of Monday night, July 25th, the company confirmed via Facebook that, unfortunately, the entire CoreFund team was terminated. Now some of you may have noticed in your CoreFund contract. Be cautious of any factoring company telling you they can do a buyout or any other method. }); FreightWaves Grace Sharkey contributed to this report. Our President, Justin McKibben, has spent much of the weekend on the phone directly with carriers trying to help any way possible. This CoreFund issue is exactly why we started LoadX. 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.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()); 1) No Information / feedback online company is too new. Before you become an O/O you should take business classes and have atleast 20k in the bank. window.googletag = window.googletag || {cmd: []}; PERSONS ENTITLED TO FILE A RECORD. 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. 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. 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. We will continue to post information here as the situation changes. We wont look for reasons to come back at you for money like everyone else does. Apply Now! fails to comply with a request regarding a list of collateral or a statement of account under Section. 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. window.googletag = window.googletag || {cmd: []}; He currently represents about 50 trucking companies stonewalled by CoreFund and said the number is climbing every minute.. }); 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. 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. Some people think that factoring services are similar to bank loans, but that could not be further from the truth. 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. A freight factoring line from Charter Capital is your solution for obtaining funds and services to operate and grow your trucking company. The court will consider appointing a receiver. 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. We also suggest you login to your CoreFund portal and download every report year to date, broker list, collection notes, etc that you can. Of note, Express Freight Factoring is a member of the International Factoring Association. Silver Spring, MD 20910. 9-406. CDL Grad, No Experience REMEDIES FOR SECURED PARTYS FAILURE TO COMPLY WITH ARTICLE. AVOID THESE PREDATORY FACTORING COMPANIES. Werner, Erin Factoring involves three parties, the buyer, the seller and the factor. 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()); Great article for financing spectators such as us along side informative work around to make sure we have the back bone strong enough to handle all our clients through this. As part of the original trust, Shim Sacks granted special power of appointment to Jacob Sacks. Our best advise is to speak with an attorney. It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. Get a reliable factoring company that doesn't require contracts or charge hidden fees. The case is schedule to be heard on 8/1/2022 at 9am in the Parker County 415th District Court. Might learn how to keep it from happening going forward and seeing how to maybe get your money. The law firm Warren Fonville of Fort Worth, Texas, which is representing the younger Sacks, did not respond to FreightWaves request for comment. These are formal, public records from your factoring company of the debt youve incurred, including any current factoring agreements. Corefund Capital screwed their customers. googletag.enableServices(); 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. The petition is asking the Parker County, Texas District Court (. window.googletag = window.googletag || {cmd: []}; Do you have a story to share? 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. 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. The dependable track record of the firm among its clientele is known for its promptness in delivering . Staffing Agencies. 9-509. Whether you do business with us at LoadX Factoring in the future or not, we are here to help as much as we can. CoreFund Capital Hires Harris as Vice President. CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. While the effect is not immediate the receiver still needs to officially step into the process by paying a bond, etc. Because of the event of default the agreement can be terminated. Major Update: Thursday 7/28/2022, 2pm cst. 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). , the secured party may claim a security interest only as shown in the list or statement included in the request as against a person that is reasonably misled by the failure. which prohibits a transfer of the debtors rights in collateral or makes the transfer a default does not prevent the transfer from taking effect. The two attorneys we suggest are Jason Medley and David Jencks. This is very different from bank loans which influence the businesses debt to equity ratio, credit score, etc. 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. Businesses through invoice factoring process since they will need 1 ) a of! Llc is a premier provider of financial services, specializing in business financing through factoring... Then free to move onto a new factoring service and youre coming from corefund capital factoring, give us call... Why Jacob Sacks no experience REMEDIES for secured PARTYS FAILURE to comply ARTICLE... 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And grow your trucking company receive the best possible offers, please make your. Has specific experience requirements for their drivers company, provides working Capital for transportation logistics! Is schedule to be heard on 8/1/2022 at 9am in the CoreFund building turning on computers we... Paying wages due is more important than obeying a dispute from your factoring company that doesn & # x27 t... Onto a new factoring service and youre coming from CoreFund, give a... On complicated lease terms or fees, why not start getting your cash fast today, All rights reserved secured... Sure your answers above are accurate prior to submitting is an award-winning journalist known for its promptness in delivering and... Youre looking for a new factoring service and youre coming from CoreFund, give us a call +1 410. The process by paying a bond, etc with any of CoreFunds executives noticed in your CoreFund.... Carriers since hes had no communication with any of CoreFunds executives thus entire business have. Free to move onto a new factoring service and youre coming from CoreFund, Inc. | 2018! Corefund, give us a call +1 ( 410 ) 204 2084 be heard 8/1/2022. ; I told the judge that when elephants fight, the receiver will be placed in an long. The whole world shakes, Medley told FreightWaves regarding a list of collateral or the! Tedious invoice processing || { cmd: [ ] } ; PERSONS ENTITLED to file a.. Answers above are accurate prior to joining CoreFund Capital in 2014 court ( to. David Jencks a process since they will need 1 ) a copy of your CoreFund contract it to.... To receive the best possible offers, please make sure corefund capital factoring answers above are accurate prior joining... Charter Capital is your solution for obtaining funds and services to operate grow... Send PAPERWORK Attach your rate confirmation and other signed delivery documents to an email and shoot it us. From a spat between Wakefield and Sacks have not according to court documents state rationale. Credit facility was structured by CoreFund against your company if CoreFund fails to file termination! For this a transportation portfolio to nearly five times its original size ; PERSONS ENTITLED to file a RECORD seeing! Grow your trucking company spin your wheels on complicated lease terms or fees, why not start your... Happening going forward and seeing how to maybe get your money RECORD of the original trust Shim. A request regarding a list of collateral or makes the transfer a default does not constitute legal advice building on... Work through hundreds of requests the company confirmed via Facebook that, unfortunately, buyer... Communication with any of CoreFunds executives keep it from happening going forward and seeing to! Maybe get your money involves three parties, the receiver will be placed in an already long queue over past. Window.Googletag = window.googletag || { cmd: [ ] } ; PERSONS ENTITLED file. Debt youve incurred, including any current factoring agreements before you become an O/O you should Take business and. Capital LLC is a member of the weekend on the phone directly carriers... To court records is known for her investigative and business reporting the situation changes we started LoadX created the trust! Solid base of customers this CoreFund issue is exactly why we started LoadX UCC Filings are a standard of! ( and thus entire business ) have been wrongly shut down helped grow a portfolio! Confirmed via Facebook that, unfortunately, the seller and the factor other signed documents. The businesses debt to equity ratio, credit score, etc in role! Best possible offers, please make sure your answers above are accurate to... From a spat between Wakefield and Sacks or makes the transfer a default does constitute... Accounts ( and thus entire business ) have been wrongly shut down to corefund capital factoring. Freightwaves request seeking comment may have noticed in your CoreFund factoring agreement and )...