If we can help in any other way, dont hesitate to reach out to our team at Express Freight. Factoring services, unlike bank loans, focus on the value of receivables. Financial Services . Attorneys for CoreFund have indicated this morning they may file for voluntary bankruptcy or receivership as noted yesterday. googletag.enableServices(); They deliver factoring services as promised and provide exemplary customer service. 1-5 Months
We also suggest you login to your CoreFund portal and download every report year to date, broker list, collection notes, etc that you can. Get cash after load delivery Same-day funding via paperwork submission. 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. Join Our Community. A bank has one program, a Business Finance Consultant has hundreds of programs, available for their clients. You'll have access to over 81,000 square feet of coworking space, 900 tech-focused events, 150+ of the top tech mentors in Texas, quarterly Founders . 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. Express Freight Finance | All Rights Reserved, The 3 Common Types of Rate Structures in Freight Factoring, 4 Ways to Safeguard Your Trucking Business, CoreFund Capital: How Express Freight Finance is Helping. }); 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. In addition to any damages recoverable under subsection (b), the. This will expedite helping you move on to a new factor, without waiving the right to get your Reserves released (that will be step 2). 3. Heres a great list of the top 50 logistics companies in North America. CoreFund Capital LLC, a freight factoring company, is a provider of financial services, specializing in business financing through invoice factoring. Wait. authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed. Extended hours, including Saturday funding. However, former employees with access to CoreFunds Facebook account have been posting updates to its panicking trucking customers since no one has responded to their calls or emails. Send me an email. window.googletag = window.googletag || {cmd: []}; The court will consider appointing a receiver. He will need 1) a copy of your CoreFund factoring agreement and 2) your original UCC1 filed by CoreFund against your assets. There are additional workarounds that can be explored.. 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. 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. As part of the original trust, Shim Sacks granted special power of appointment to his brother, Yaakov Jacob Sacks. PERSONS ENTITLED TO FILE A RECORD. Email formats & phone numbers of CoreFund Capital 10-50 employees. Unfortunately, there will be a very small number of factoring companies that may try and take advantage of the situation and make claims that are completely not true. CoreFund Capital has filed a petition for a restraining order and injunction against Frost Bank, TBK Bank, Chris Wakefield, and Meir Shim Sacks. 04/30/2022. 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. 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). The timeline for resolution of this unfortunate situation is still unclear, but well continue to post the latest updates here. Our staff is hurting and struggling with this as we were completely blindsided. This is very different from bank loans which influence the businesses debt to equity ratio, credit score, etc. googletag.pubads().enableSingleRequest(); Major Update: Thursday 7/28/2022, 2pm cst. Employee Profiles 1. . UCC Filings are a standard part of almost all factoring agreements. 1) No Information / feedback online company is too new. Harris is experienced in a range of factoring operations. altLine The Southern Bank Company - Low fees, accounts receivable-based financing. CoreFund, Inc. offers highly personalized service and help cut through the red tape that is often involved in securing business loans from banks and other lending institutions. Not likely. CoreFund Capital Hires Harris as Vice President. The court documents state the rationale for wrongfully shutting down CoreFunds business resulted from a spat between Wakefield and Sacks. }); googletag.cmd.push(function() { In observance of Martin Luther King, Jr. Day, Bobtail will be closed on Monday, January 16. In this video we will be talking with Todd Waller from CoreFund Capital about invoice factoring. Factoring - https://www.corefundcapital.com/ . View All Contacts . 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. . 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. 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. A debtor or consumer obligor 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 9-210. 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. CoreFund is described as simple, transparent, and reliable. An argument could be made that Frost Bank is a guarantor to CoreFund and they have frozen CoreFunds account thereby failing to perform their original obligations to CoreFund. window.googletag = window.googletag || {cmd: []}; We are excited to watch them become a dominant player in their industry.". 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 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. 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. A. }); While the old trust only named Shim Sacks children as beneficiaries, the new trust lists both brothers children as beneficiaries. 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. 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. 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. googletag.enableServices(); googletag.enableServices(); We are also working on getting further guidance from an attorney who specializes in this industry. googletag.pubads().enableSingleRequest(); Attorney Jason Medley will be filing an emergency intervention and involuntary receivership. Is your factoring company next? CoreFund executives have not issued a statement about the factoring companys future. 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. 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. #corefundcapital #sabatoged #2millonplus }); googletag.cmd.push(function() { Do I go ahead and send to CoreFund, or wait? As of 7/24/2022, Frost Bank and TBK Bank have been served, but Wakefield and Sacks have not according to court records. 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. Here an argument can be made that CoreFund did deem itself insecure and unable to perform its obligations through a series of Facebook comments made by its official Facebook account stating, We sincerely apologize for this situation and understand our clients who count on us are rightfully upset. As part of the original trust, Shim Sacks granted special power of appointment to Jacob Sacks. With a commitment to clients and a customized approach, CoreFund combines their cash flow solutions with a superior level of care and service. 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 We at LoadX Factoring are working hard to help as many CoreFund clients as possible. They are also attempting to help as much as they are able. See the below communication from Attorney Jason Medleys office for anyone interested in hiring him for this. CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. 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. 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. (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. 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. 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 . According to court documents, Meir Shim Sacks founded CoreFund Capital in 2014. Please contact an attorney to help you in the matter if you are affected by this CoreFund shutdown. 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. googletag.enableServices(); Apply Now! }); FreightWaves Grace Sharkey contributed to this report. 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. Get a reliable factoring company that doesn't require contracts or charge hidden fees. Factoring involves three parties, the buyer, the seller and the factor. View contacts for CoreFund Capital to access new leads and connect with decision-makers. 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()); Call Ashley Vogan at Triumph at (915) 331-1606 (Office) Be sure to tell her I . 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. Create your own unique website with customizable templates. CoreFund Capital specializes in business financing through invoice factoring. Before joining FreightWaves, she wrote for Land Line Magazine and Trucks.com. 4 days ago 10 trucking companies that used their services were having issues. Can any factoring company get me a CoreFund release faster? 2) No BBB accreditation CoreFunds UCC statements are still in place, and any factoring company that makes a loan is in a second lien position, she told FreightWaves. Subject to subsection (h), if requested by the. Shim Sacks did not respond to FreightWaves request seeking comment. It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. If you are owed money, we will likely simply reserve our right to seek it later. We know about them shutting down and owing money. Thank you everyone. googletag.enableServices(); 4) No RipOffReport.com reports filed If youre currently a CoreFund client, because of the UCC currently governing your agreements, your customers will likely not be able to release any funds to another factor. Possibly. googletag.cmd.push(function() { 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.. We just need them to be allowed to do so.. 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. 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. 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. . While the old trust only named Shim Sacks children as beneficiaries, the new trust lists both brothers children as beneficiaries. the court order brings us much closer to meeting the needs of CoreFunds factoring clients.. 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. Get on the road, stay on the road, and grow. 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. CoreFund Capital Freight/Invoice Factoring. Yes. DELIVER LOAD Deliver your load and get a signed Bill of Lading or other required paperwork. Please select the number of verifiable months youve been driving professionally using your Class A CDL within the last 3 years. PERSONS ENTITLED TO FILE A RECORD. Jason is able to send this demand letter for you if you request it. Frost Bank and TBK Bank operate CoreFunds operating accounts, while Wakefield and Sacks own controlling stakes in CoreFunds holding company. Cash Flow, Invoice Factoring, Financial Services, Accounting, Customer Service: Founded: 2015: 1 Year
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. 6-11 Months
And there are tons of great factoring companies that are ready, willing and able to pick up the pieces. Factoring services, unlike bank loans, focus on the value of receivables. CoreFund will want to try and keep you, but will not force you to stay even if your contract is not up for renewal yet. CoreFund Capital | Weatherford TX As of Monday night, July 25th, the company confirmed via Facebook that, unfortunately, the entire CoreFund team was terminated. 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. However, a debtor or, whose deficiency is eliminated or reduced under Section. The hard part is over and the judge appointed a receiver in the CoreFund case. The information contained here is just our take on possible actions you can take if you are a client of CoreFund Capital. CoreFund Capital - Reviews tout it's a reliable and quality factoring company. We will continue to post information here as the situation changes. 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 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. Update 7/28: Freightwaves just published a comprehensive update of the CoreFund situation. googletag.pubads().collapseEmptyDivs(); All things considered, you can argue CoreFund is in default and the contract is no longer valid. 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. Our Take: You can file an amendment to terminate CoreFunds UCC filing against your company if CoreFund fails to file the termination. If youre looking for a new factoring service and youre coming from CoreFund, give us a call +1 (410) 204 2084. The parties involved argued over the appointment of a receiver and no ruling for a receiver was made. 5) No Online reviews, Your email address will not be published. We are truckers too who decided we were tired of the bad factoring companies so we started LoadX. CoreFund Capital: How Express Freight Finance is Helping July 26, 2022 Is Freight Factoring Worth it? The petition states that CoreFunds, have been wrongly shut down. 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. You are not limited to one funding source. The reserve is kept to cater for short payments; payments of a fraction of the amount of the invoice by the debtor or a delayed payment. Every month 400 people find a job with the help of TruckersReport. 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. In CDL School Now
If you want to factor with LoadX Factoring the rate is 3.5% non-recourse, month to month, free same day and next day pay, no hidden fees. These reviews are mostly positive, many reviewers have mentioned they are working with CoreFund for years without facing any problems. Before joining FreightWaves, she wrote for Land Line Magazine and Trucks.com. 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. Required fields are marked *. Company representatives are requested that the court allow CoreFund to continue daily operations. googletag.cmd.push(function() { There was an error trying to send your message. As former truckers and fleet owners, we understand the . Somebody needs to go to jail for the hardships that youve caused in the past 2 mths! 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. Weatherford, Texas, United States; 11-50; Private; www.corefundcapital.com ; 478,758; Highlights. 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. Please be careful with those saying they can. 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. 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. 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. Currently we are all at the mercy of the court system, CoreFund attorneys, and CoreFunds owners. Werner, Erin
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