PERSONS ENTITLED TO FILE A RECORD. According to court documents, Meir "Shim" Sacks founded CoreFund Capital in 2014. 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.. Normally, this would be an option. Now some of you may have noticed in your CoreFund contract Section 17.1.1(c) and (d). We just need the folks behind the wheel to get released so they can haul loads and get paid, Medley told FreightWaves. 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. . Create your own unique website with customizable templates. Heres the latest, according to Freightwaves: Jason Medley, an attorney with Spencer Fane told some of the affected companies about the appointment of the trustee yesterday: This means that the receiver can act on behalf of CoreFund to post UCC1 and assignment notices and negotiate paymentsAlthough the effect is not immediate the recipient still has to formally enter the process by paying a deposit, etc. Trucking is a community-based industry chances are, you have a friend whod be willing to lease your truck(s) under their authority. Apply Now! googletag.cmd.push(function() { CoreFund Capital LLC, a freight factoring company, is a provider of financial services, specializing in business financing through invoice factoring. googletag.enableServices(); It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. googletag.cmd.push(function() { }); While the old trust only named Shim Sacks children as beneficiaries, the new trust lists both brothers children as beneficiaries. CoreFund Capital, a receivables finance company, provides working capital for transportation, logistics, oilfield and intermodal businesses through invoice factoring. 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. More updates coming. In the meantime, we are here to help.. 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. Email formats & phone numbers of CoreFund Capital 10-50 employees. 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. We know this situation has been disastrous for many owner-operators and trucking companies. We are truckers too who decided we were tired of the bad factoring companies so we started LoadX. Our Take: You can file an amendment to terminate CoreFunds UCC filing against your company if CoreFund fails to file the termination. . It does not look like it at the moment. The law firm Warren Fonville of Fort Worth, Texas, which is representing the younger Sacks, did not respond to FreightWaves request for comment. Werner, Erin . 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 . 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. 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. Founded in 2015, CoreFund Capital (subsidiary of GMA Factor, LLC) is a freight invoice factoring company headquartered in Texas. This is very different from bank loans which influence the businesses debt to equity ratio, credit score, etc. 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. At this moment there is no way for a factoring company to arrange buyouts or releases until this is resolved. window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { 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. 4 days ago 10 trucking companies that used their services were having issues. On Behalf of Jason M. Medley CoreFund Update A. If youre looking for a new factoring service and youre coming from CoreFund, give us a call +1 (410) 204 2084. googletag.enableServices(); Corefund delivers funds quickly and gives services at a class-leading pace. START FACTORING TODAY - Click Here Built by Truckers For Truckers 1. Can any factoring company get me a CoreFund release faster? Carriers are reporting their doors are currently locked, and no one is answering emails or phone calls. window.googletag = window.googletag || {cmd: []}; whose deficiency is eliminated under Section, may recover damages for the loss of any surplus. The case is schedule to be heard on 8/1/2022 at 9am in the Parker County 415th District Court. 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 has filed a UCC on all clients. CoreFund executives have not issued a statement about the factoring companys future. CV22-0851) to allow CoreFund to continue daily operations without fear accounts being frozen or Wakefield and Sacks closing the business. Factoring entails purchasing accounts receivables from a business at a discount. 4) No RipOffReport.com reports filed 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. If this is done, the receiver will be able to process buyouts and terminations. It not only details their actions, but also provides their home address., CoreFund Capital Facebook post, 7/23/2022 at 10:00pm cst. I am extremly happy with the services . Before joining FreightWaves, she wrote for Land Line Magazine and Trucks.com. 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. Can I invoice loads directly and have the broker pay me? googletag.pubads().collapseEmptyDivs(); googletag.pubads().enableSingleRequest(); Wait. 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. Many of those we are trying to help are small 1 truck operators who are days away from closing down. Factoring involves three parties, the buyer, the seller and the factor. 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. CoreFund capital has definitely made my opinion change and to be honest I never think twice about getting my money the day promised. to allow CoreFund to continue daily operations without fear accounts being frozen or Wakefield and Sacks closing the business. 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. Attorneys for CoreFund have indicated this morning they may file for voluntary bankruptcy or receivership as noted yesterday. #notsofriendlyfactor, Clarissa has covered all aspects of the trucking industry for 14 years. CoreFund Capital | Weatherford TX 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. 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. While we dont know a timeframe for this petition, this action would allow the Texas courts to revoke all Notice of Assignments for CoreFund and all of their carrier UCCs to be terminated. 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. | CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. 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. 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. 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. googletag.enableServices(); 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. 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. }); googletag.cmd.push(function() { 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. googletag.pubads().enableSingleRequest(); Contacts 7. 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. googletag.pubads().enableSingleRequest(); Q. There was an error trying to send your message. 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()); Ideally, these things happen and you are then free to move onto a new factoring company without issue. (6) fails to comply with Section 9-616(b)(2). 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()); CoreFund Capital Freight/Invoice Factoring. 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. Frost Bank did freeze CoreFunds operating account, and CoreFund believes TBK Bank will do the same. Can they factor new brokers? 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. As part of the original trust, Shim Sacks granted special power of appointment to his brother, Yaakov Jacob Sacks. Possibly. We hope the staff of CoreFund Capital are being taken care of. (c) [Persons entitled to recover damages; statutory damages in consumer-goods transaction.]. If you or someone you know needs support, please dont hesitate to reach out. Good Afternoon Everyone, CoreFund Capital | 287 followers on LinkedIn. We have seen CoreFund client contracts and Section 21.1 No Lien Termination without Release also possibly limits this ability. The parties involved argued over the appointment of a receiver and no ruling for a receiver was made. Corefund has gone above and beyond and helped me manage my cash flow . Save my name, email, and website in this browser for the next time I comment. The law firm representing him and CoreFund, Warren Fonville of Fort Worth, Texas, did not respond to FreightWaves request seeking comment. Contact and general information about CoreFund Capital company, headquarter location in Weatherford, TX. Please contact an attorney to help you in the matter if you are affected by this CoreFund shutdown. authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed. 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 . (d) [Person entitled to file certain amendments.]. the courts order moves us much closer to addressing the needs of CoreFunds factoring customers., Medley is a listed attorney for members of the trade group, the International Factoring Association, to use. May 7. 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 staff is hurting and struggling with this as we were completely blindsided, Waller wrote. Attorney Jason Medley also stated his team has an emergency order ready to be filed Friday night if it doesnt look like progress with terminations have been made. A freight factoring line from Charter Capital is your solution for obtaining funds and services to operate and grow your trucking company. Whether you do business with us at LoadX Factoring in the future or not, we are here to help as much as we can. 9466 Georgia Ave, Hes concerned about not being able to pay these carriers since hes had no communication with any of CoreFunds executives. window.googletag = window.googletag || {cmd: []}; (b) [Agreement does not prevent transfer.]. CoreFunds UCC statements are still in place, and any factoring company that makes a loan is in a second lien position, she told FreightWaves. 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. Employee Profiles 1. . Everyone trying to call their account representatives or the general phone number were left getting only voicemails or mailbox full notifications. googletag.pubads().enableSingleRequest(); While the effect is not immediate the receiver still needs to officially step into the process by paying a bond, etc. 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. googletag.enableServices(); #trucking #factoring #owneroperatorLooking for a reputable factoring company? Somebody needs to go to jail for the hardships that youve caused in the past 2 mths! 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. 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()); A. A debtor whose deficiency is eliminated under Section 9-626 may recover damages for the loss of any surplus. 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. We are thrilled to have Melissa on board. Werner, Erin The most common UCC in trucking is a UCC-1 lien. As part of the original trust, Shim Sacks granted special power of appointment to Jacob Sacks. (e) [Statutory damages: noncompliance with specified provisions.]. Currently, CoreFund has a UCC Filing for all of its customers. googletag.cmd.push(function() { (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. 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. googletag.pubads().collapseEmptyDivs(); This is exactly why factoring companies suck. A COURT APPOINTED RECEIVER WOULD NEVER ENTER INTO SUCH AGREEMENT. The two attorneys we suggest are Jason Medley and David Jencks. CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. 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. 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. Thank you. 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. , an assignee shall seasonably furnish reasonable proof that the assignment has been made. Again, the information here should not be construed as legal advice, but only as our opinion on the matter. As a business owner, moving freight should be your top priority - but managing financials can pull focus away from your trucks. CoreFund is described as simple, transparent, and reliable, customers say they always deliver funds quickly and give services at a class-leading pace. Currently we are all at the mercy of the court system, CoreFund attorneys, and CoreFunds owners. Keep in mind however that UCC Section 9-513 Termination Statement limits this ability if the financing statement on the UCC covers accounts and chattel paper. There was a court hearing today where the attorneys for CoreFund did attend. I have spoken to the attorney for CoreFund. (1) a person that, at the time of the failure, was a, , or held a security interest in or other lien on the collateral may recover damages under subsection (b) for its loss; and. (d) [Recovery when deficiency eliminated or reduced.]. If CoreFund does not reply to the demand within 20 days, you may try to proceed with this method. Before you become an O/O you should take business classes and have atleast 20k in the bank. 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.. The date and time of the hearing are not clear at this time. googletag.pubads().enableSingleRequest(); These are formal, public records from your factoring company of the debt youve incurred, including any current factoring agreements. The receiver also stated that they are fine with clients calling their CoreFund account executive and requesting a buyout as well. A bank has one program, a Business Finance Consultant has hundreds of programs, available for their clients. Clarissa has covered all aspects of the trucking industry for 14 years. 6-11 Months 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. This section refers to defaulting on the contract. They deliver factoring services as promised and provide exemplary customer service. 5) No Online reviews, Your email address will not be published. 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()); While the old trust only named Shim Sacks children as beneficiaries, the new trust lists both brothers children as beneficiaries. 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.. He issued the following statement about the factoring companys ongoing lawsuit on LinkedIn. 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. A. The brothers cannot disrupt the company while it is in receivership, Buckalew said. CoreFund Capital specializes in business financing through invoice factoring. These funding sources are monitored daily for the best interest rates and terms available to your business. Our staff is hurting and struggling with this as we were completely blindsided. We just need them to be allowed to do so.. 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