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. REMEDIES FOR SECURED PARTYS FAILURE TO COMPLY WITH ARTICLE. You can view the order here: https://hubs.ly/Q01hQDNy0. Ashley Dellinger, Vice President at Express Freight Finance, said, Carriers are upset and panicked at this time. 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()); 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. According to court documents, Shim Sacks founded CoreFund Capital in 2014. window.googletag = window.googletag || {cmd: []}; googletag.pubads().enableSingleRequest(); authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed. googletag.pubads().enableSingleRequest(); window.googletag = window.googletag || {cmd: []}; 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 growth for the client. It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. Our best advise is to speak with an attorney. 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 . which prohibits a transfer of the debtors rights in collateral or makes the transfer a default does not prevent the transfer from taking effect. 2023 googletag.pubads().collapseEmptyDivs(); Every month 400 people find a job with the help of TruckersReport. In addition to any damages recoverable under subsection (b), the debtor, consumer obligor, or person named as a debtor 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 9-509(a); (4) fails to cause the secured party of record to file or send a termination statement as required by Section 9-513(a) or (c); (5) fails to comply with Section 9-616(b)(1) and whose failure is part of a pattern, or consistent with a practice, of noncompliance; or. googletag.pubads().enableSingleRequest(); As former truckers and fleet owners, we understand the . 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. . With month-to-month agreements and no hidden terms or fees, why not start getting your cash fast today, All rights reserved. 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. 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. }); googletag.cmd.push(function() { Heres a great list of the top 50 logistics companies in North America. 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. No matter what you do, We will continue to be here to help you. googletag.pubads().enableSingleRequest(); 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: []}; Our staff is hurting and struggling with this as we were completely blindsided, Waller wrote. (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. googletag.pubads().enableSingleRequest(); 9-406. Possibly. The court will consider appointing a receiver. The petition is asking the Parker County, Texas District Court (Case No. Clarissa has covered all aspects of the trucking industry for 14 years. The hard part is over and the judge appointed a receiver in the CoreFund case. googletag.cmd.push(function() { 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 petition states that CoreFunds bank accounts (and thus entire business) have been wrongly shut down. googletag.pubads().collapseEmptyDivs(); I truly can't be more thankful to this company and it's staff for doing everything they say they will do. #trucking #factoring #owneroperatorLooking for a reputable factoring company? If you or someone you know needs support, please dont hesitate to reach out. 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. 9466 Georgia Ave, 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). This is a moving target for sure, Medley said in an email to FreightWaves. There was an error trying to send your message. 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. 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. Subject to subsection (h), if requested by the. googletag.enableServices(); CoreFund is described as simple, transparent, and reliable, customers say they always deliver funds quickly and give services at a class-leading pace. window.googletag = window.googletag || {cmd: []}; googletag.pubads().enableSingleRequest(); The receiver stated the goal is to have this done by the end of this week, Friday 8/5/22. Our credit checks are instant through our online portal. Your name will not be used in a follow-up article without your permission. Get on the road, stay on the road, and grow. Continued updates as they occur. This still has some risks if the Debtor actually owes money to the Secured Party. 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 . may not otherwise recover under subsection (b) for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance. Cash Flow, Invoice Factoring, Financial Services, Accounting, Customer Service: Founded: 2015: The Top 10 Best Freight Factoring Companies. 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. Yes. Its unclear why Jacob Sacks created the new trust. , an assignee shall seasonably furnish reasonable proof that the assignment has been made. 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). Disclaimer: The following information does not constitute legal advice. CoreFund Capital Hires Harris as Vice President. the court order brings us much closer to meeting the needs of CoreFunds factoring clients.. CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. 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. 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 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. Required fields are marked *. We want to be transparent. 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. Please try again later. 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. CoreFund Capital is a premier freight factoring company offering FREE same day pay, fuel cards, great customer service, and more 1-888-876-8605 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. 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. A. 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. 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 will be responsible for day-to-day operations at CoreFund Capitals corporate office in Weatherford, TX. You are not limited to one funding source. May 7. }); googletag.cmd.push(function() { Please select the number of verifiable months youve been driving professionally using your Class A CDL within the last 3 years. View contacts for CoreFund Capital to access new leads and connect with decision-makers. window.googletag = window.googletag || {cmd: []}; There are some possible legal ramifications for the new factor as well. 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. 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. 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. 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.. }); While the old trust only named Shim Sacks children as beneficiaries, the new trust lists both brothers children as beneficiaries. 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. We will continue to update this post with more information as we get it. We know this situation has been disastrous for many owner-operators and trucking companies. simple, transparent, and reliable Factoring Program. They deliver factoring services as promised and provide exemplary customer service. 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. 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 Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. A COURT APPOINTED RECEIVER WOULD NEVER ENTER INTO SUCH AGREEMENT. Again, the information here should not be construed as legal advice, but only as our opinion on the matter. Attorney Jason Medley, in Houston, Texas, is filing an emergency intervention and involuntary receivership on behalf of all CoreFund carriers. googletag.pubads().collapseEmptyDivs(); googletag.pubads().collapseEmptyDivs(); 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. -Todd Waller. It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. 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. Before joining FreightWaves, she wrote for Land Line Magazine and Trucks.com. Can they factor new brokers? 9-401. A good factoring partner will have tools and expertise that help you with everything you need, not just same-day cash. The petition is asking the Parker County, Texas District Court (. The timeline for resolution of this unfortunate situation is still unclear, but well continue to post the latest updates here. As a business owner, moving freight should be your top priority - but managing financials can pull focus away from your trucks. 2. If you do not have this, Jason can pull it for you. 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. A. }); 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. , 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. If we can help in any other way, dont hesitate to reach out to our team at Express Freight. PMB 2108, Call Ashley Vogan at Triumph at (915) 331-1606 (Office) Be sure to tell her I . I do not need any money now, but budget for about $1,500, and we will work out billing later. 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. Save my name, email, and website in this browser for the next time I comment. Contact and general information about CoreFund Capital company, headquarter location in Weatherford, TX. GET PAID Get your cash deposited in your bank account fast! GMA Funding LLC, a global leader in factoring and alternative commercial finance, announced that the board of directors have selected James Rothman as Chief Executive Officer of GMA Factor and its operating units GMA USA and CoreFund Capital. It will take a little time for the receiver to get into the offices, get access to accounts, etc, but the hard part is over. 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 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. (b) [Agreement does not prevent transfer.]. googletag.enableServices(); 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. 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. Good Afternoon Everyone, SEND PAPERWORK Attach your rate confirmation and other signed delivery documents to an email and shoot it to us. As part of the original trust, Shim Sacks granted special power of appointment to Jacob Sacks. Hes concerned about not being able to pay these carriers since hes had no communication with any of CoreFunds executives. 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.
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