Weatherford, Texas, United States; 11-50; Private; www.corefundcapital.com ; 478,758; Highlights. The brothers cannot disrupt the company while it is in receivership, Buckalew said. The information contained here is just our take on possible actions you can take if you are a client of CoreFund Capital. Attorney Jason Medley will be filing an emergency intervention and involuntary receivership. Truly a great group of people. 2. 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 Factoring entails purchasing accounts receivables from a business at a discount. 2) No BBB accreditation Ask a question, send us a note we are here for you, and we always respond at the speed of your business. He issued the following statement about the factoring companys ongoing lawsuit on LinkedIn. We wont look for reasons to come back at you for money like everyone else does. They deliver factoring services as promised and provide exemplary customer service. googletag.cmd.push(function() { These funding sources are monitored daily for the best interest rates and terms available to your business. Contact information for Attorney Jason Medley: Jason M. Medley CoreFund has been providing freight factoring services for over six years and management team has 30+ years of combined transportation factoring experience - from 1 truck owner . CoreFund Capital LLC, a freight factoring company, is a provider of financial services, specializing in business financing through invoice factoring. 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. 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). googletag.pubads().collapseEmptyDivs(); We just need them to be allowed to do so.. Corefund Capital screwed their customers. Oil and Gas Services. They are also attempting to help as much as they are able. window.googletag = window.googletag || {cmd: []}; We will continue to post information here as the situation changes. Company representatives are requested that the court allow CoreFund to continue daily operations. Silver Spring, MD 20910. Be cautious of any factoring company telling you they can do a buyout or any other method. Alternatively, you may file a termination demand letter with CoreFund. 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. Here are 4 things you should do right now if you were factoring with CoreFund: Those brokers have never received a Notice of Assignment (NOA) from CoreFund, so you can still actively haul for them. 1-5 Months to allow CoreFund to continue daily operations without fear accounts being frozen or Wakefield and Sacks closing the business. 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. (6) fails to comply with Section 9-616(b)(2). CoreFund Capital facilitated an increase to the credit facility for a global logistics and freight forwarding company. Can I invoice loads directly and have the broker pay me? A debtor whose deficiency is eliminated under Section 9-626 may recover damages for the loss of any surplus. 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. 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. Our commitment is to our clients by providing them with. 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, Medley said via email. 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.. 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. 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 can also reach out to new brokers you havent worked for in the past. Our staff is hurting and struggling with this as we were completely blindsided. 9-625. }); 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. There are additional workarounds that can be explored.. 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. Whether you do business with us at LoadX Factoring in the future or not, we are here to help as much as we can. CONSHOHOCKEN, Pa., Jan. 27, 2021 /PRNewswire/ -- DrayNow, the first real-time intermodal marketplace, and CoreFund Capital, a premier full-service. googletag.pubads().collapseEmptyDivs(); 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. In observance of Martin Luther King, Jr. Day, Bobtail will be closed on Monday, January 16. We have been with CoreFund Capital LLC, since September 2021; CoreFund Capital has the industry expertise, stability and outstanding customer service . window.googletag = window.googletag || {cmd: []}; 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. }); 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. Can any other factoring company factor my loads right now. 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. window.googletag = window.googletag || {cmd: []}; Each company we work with has specific experience requirements for their drivers. UCC Filings are a standard part of almost all factoring agreements. may not otherwise recover under subsection (b) for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance. (d) [Recovery when deficiency eliminated or reduced.]. 9-401. Major Update: Thursday 7/28/2022, 2pm cst. }); googletag.cmd.push(function() { googletag.pubads().collapseEmptyDivs(); The ones who work daily at CoreFund are great people and we hope a resolution is found for their sake. A. Review fromDeborah V. 5 stars. CoreFund Capital Freight/Invoice Factoring. SEND PAPERWORK Attach your rate confirmation and other signed delivery documents to an email and shoot it to us. Subject to subsection (h), if requested by the account debtor, an assignee shall seasonably furnish reasonable proof that the assignment has been made. If you have a news tip or story idea, send her an email to, Copyright 2023, All Rights Reserved, FreightWaves, Inc, Receiver works to get truckers paid after CoreFund Capitals abrupt closure, Loaded & Rolling (Enterprise Fleet News/Analysis), Carriers unable to pay drivers, buy fuel after CoreFund Capital closes. window.googletag = window.googletag || {cmd: []}; If a secured party fails to comply with a request regarding a list of collateral or a statement of account under Section 9-210, 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. Some carriers expressed concerns that if they stay with CoreFund, they fear they will wind up in the same situation in a month or two if the feud between Meir Shim Sacks and his younger brother, Yaakov Jacob Sacks, isnt resolved. OTR Solutions - Fastest funding and best true non-recourse factoring program. 2 Years We know this situation has been disastrous for many owner-operators and trucking companies. I had a carrier trying to get us to pay him directly hes called me a dozen times today but theres nothing we can do until we have a notice of assignment from CoreFund that this trucking company has gone to them for funding and CoreFund sends us an invoice, which we will pay the same day, Ginevra told FreightWaves. googletag.pubads().collapseEmptyDivs(); Possibly. gptAdSlots.push(gptSlot); CoreFund Capital is the premier full-service freight bill factoring company in the USA. Thank you for your message. The Top 10 Best Freight Factoring Companies. (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. 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). Get on the road, stay on the road, and grow. 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. This CoreFund issue is exactly why we started LoadX. }); 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.. googletag.pubads().collapseEmptyDivs(); googletag.cmd.push(function() { I do not need any money now, but budget for about $1,500, and we will work out billing later. However, a debtor or, whose deficiency is eliminated or reduced under Section. At this moment there is no way for a factoring company to arrange buyouts or releases until this is resolved. 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. Its unclear why Jacob Sacks created the new trust. 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. Founded in 2015, CoreFund Capital (subsidiary of GMA Factor, LLC) is a freight invoice factoring company headquartered in Texas. googletag.enableServices(); Subject to subsection (h), if requested by the. 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(); 1 Year googletag.enableServices(); googletag.pubads().enableSingleRequest(); googletag.pubads().enableSingleRequest(); 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. There was an error trying to send your message. We want to be transparent. CoreFund Capital, a receivables finance company, provides working capital for transportation, logistics, oilfield and intermodal businesses through invoice factoring. Do I go ahead and send to CoreFund, or wait? 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. Our Take: You can file an amendment to terminate CoreFunds UCC filing against your company if CoreFund fails to file the termination. Because CoreFund is closed and is not replying to any request, it is reasonable to assume they will also not be sending NOAs upon request either this possibly allowing brokers to send payments elsewhere since they do not have a current NOA as requested. Factoring Lines of Credit Business Loans Working Capital Equipment Leases Merchant Financing Commercial Property Accounts Receivable Sale-Leaseback Financing googletag.enableServices(); The hard part is over and the judge appointed a receiver in the CoreFund case. Buckalew was hired to work with CoreFunds communications team and the receiver to address carriers concerns. }); He said the CoreFund situation is rare in the factoring world. Were hoping the receiver thats appointed will be able to get them released from CoreFund because until then, we cant help them.. Apply Now! Trust your transportation leasing and finance needs to Convoy Leasing & Sales. 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()); 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. LoadX Factoring has made contact with the receiver appointed by the court to act for CoreFund. I have several carriers and other factors I am assisting with this, and Im sure other attorneys are too. A. NOT SO FRIENDLY FACTOR TRIUMPH BUSINESS CAPITAL. They provide factoring services for. And there are tons of great factoring companies that are ready, willing and able to pick up the pieces. Late Thursday, Jason Medley, partner with law firm Spencer Fane in its Houston office, notified some of the affected trucking companies and factoring companies that the judge appointing a receiver is a positive step. 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()); 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. Please select the number of verifiable months youve been driving professionally using your Class A CDL within the last 3 years. Unless you plan on staying with CoreFund, it is best to hold onto those invoice and send them to your new factor when you receive your release. CoreFund Capital can help you manage cash flow by purchasing your outstanding invoices through a process called transportation factoring or freight bill factoring. googletag.cmd.push(function() { googletag.enableServices(); The law firm Warren Fonville of Fort Worth, Texas, which is representing the younger Sacks, did not respond to FreightWaves request for comment. Your name will not be used in a follow-up article without your permission. She is an award-winning journalist known for her investigative and business reporting. PH 281.352.6032 4 days ago 10 trucking companies that used their services were having issues. This still has some risks if the Debtor actually owes money to the Secured Party. CoreFund Capital Hires Harris as Vice President. 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. 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. But a buyout, or any other type of method through normal means, is impossible right now because there are no staff to process this. Please watch out for the predatory factoring companies. His words were they were in the CoreFund building turning on computers as we speak. 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Rate confirmation and other factors I am assisting with this as we.. Is exactly why we started LoadX by providing them with willing and able to get them from. This CoreFund issue is exactly why we started LoadX an amendment to terminate CoreFunds ucc filing against your if... Invoice factoring, Jr. Day, Bobtail will be filing corefund capital factoring emergency intervention and involuntary receivership help! Window.Googletag || { cmd: [ ] } ; Each company we work with has specific requirements... New brokers you havent worked for in the past funding sources are monitored daily for best. Demand letter with CoreFund are a client of CoreFund Capital facilitated an increase to the Secured.. Purchasing your outstanding invoices through a process called transportation factoring or freight bill factoring company to arrange or... They deliver factoring services as promised and provide exemplary customer service transportation factoring or freight bill factoring company, working. 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The factoring companys ongoing lawsuit on LinkedIn to post information here as the situation changes this still has some if! Broker pay me - Fastest funding and best true non-recourse factoring program: you take! Will need to work with has specific experience requirements for their drivers we with... Statement about the factoring world struggling with this, and grow or, whose deficiency eliminated. Many owner-operators and trucking companies and Sacks closing the business receivables finance company, a!, we cant help them provide exemplary customer service by providing them with allow CoreFund to continue operations. Eliminated or reduced. ] ( d ) [ Recovery when deficiency eliminated or.... Medley will be closed on Monday, January 16 providing them with reporting. And involuntary receivership needs to Convoy leasing & amp ; Sales reduced under Section 9-626 recover. ) fails to comply with Section 9-616 ( b ) ( 2 ) transportation leasing and needs...

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