1 Year #trucking #factoring #owneroperatorLooking for a reputable factoring company? LoadX Factoring was able to confirm through a top executive of CoreFund that all staff were fired, including executive staff, early in the week. This CoreFund issue is exactly why we started LoadX. altLine The Southern Bank Company - Low fees, accounts receivable-based financing. 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. If you owe money, we will make sure that you agree on that amount and then we will consider making payment into the court registry or their lawyers trust account. }); 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.. 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. 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 The dependable track record of the firm among its clientele is known for its promptness in delivering . Please watch out for the predatory factoring companies. 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. 3. googletag.cmd.push(function() { We are also working on getting further guidance from an attorney who specializes in this industry. Didn't know where to put this but can be moved, but i figure I'd throw it out there for O/O or Small carriers/fleet owners. 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. As part of the original trust, Shim Sacks granted special power of appointment to Jacob Sacks. CoreFund Capital Freight/Invoice Factoring. Werner, Erin #corefundcapital #sabatoged #2millonplus According to court documents, Meir "Shim" Sacks founded CoreFund Capital in 2014. I have spoken to the attorney for CoreFund. the court order brings us much closer to meeting the needs of CoreFunds factoring clients.. A bank has one program, a Business Finance Consultant has hundreds of programs, available for their clients. A. 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. 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. Save my name, email, and website in this browser for the next time I comment. It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. By checking this box and clicking the "Send me job offers" button below, I represent that I: By checking this box and clicking the "Send me job offers" button below. window.googletag = window.googletag || {cmd: []}; . In order for you to receive the best possible offers, please make sure your answers above are accurate prior to submitting. They deliver factoring services as promised and provide exemplary customer service. The court will consider appointing a receiver. Wait. Can they? Please try again later. Some people think that factoring services are similar to bank loans, but that could not be further from the truth. 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. 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. Ashley Dellinger, Vice President at Express Freight Finance, said, Carriers are upset and panicked at this time. 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. window.googletag = window.googletag || {cmd: []}; If you send them to CoreFund they will be placed in an already long queue. 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. CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. The case is schedule to be heard on 8/1/2022 at 9am in the Parker County 415th District Court. 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. 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. googletag.pubads().enableSingleRequest(); The law firm Warren Fonville of Fort Worth, Texas, which is representing the younger Sacks, did not respond to FreightWaves request for comment. CoreFund Capital LLC, a freight factoring company, is a provider of financial services, specializing in business financing through invoice factoring. The receiver stated the goal is to have this done by the end of this week, Friday 8/5/22. With a commitment to clients and a customized approach, CoreFund combines their cash flow solutions with a superior level of care and service. googletag.pubads().collapseEmptyDivs(); (a) [Other law governs alienability; exceptions.]. 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). 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().collapseEmptyDivs(); It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. Founded in 2015, CoreFund Capital (subsidiary of GMA Factor, LLC) is a freight invoice factoring company headquartered in Texas. 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. 1) No Information / feedback online company is too new. -Todd Waller. Because of the event of default the agreement can be terminated. 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. 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. Our President, Justin McKibben, has spent much of the weekend on the phone directly with carriers trying to help any way possible. failed to comply with this part may recover for that failure in any event an amount not less than the credit service charge plus 10 percent of the principal amount of the obligation or the time-price differential plus 10 percent of the cash price. Before joining FreightWaves, she wrote for Land Line Magazine and Trucks.com. CoreFund Capital facilitated an increase to the credit facility for a global logistics and freight forwarding company. Possibly. CoreFund was founded by industry veterans with the sole mission of making factoring easier and more. googletag.pubads().enableSingleRequest(); 3 Years 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. The timeline for resolution of this unfortunate situation is still unclear, but well continue to post the latest updates here. We support our industry colleagues at CoreFund, and we hope everyone has a resolution soon. The law firm representing him and CoreFund, Warren Fonville of Fort Worth, Texas, did not respond to FreightWaves request seeking comment. Thank you everyone. 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 you're looking for a new factoring service and you're coming from CoreFund, give us a call +1 (410) 204 2084. googletag.cmd.push(function() { Truly a great group of people. These reviews are mostly positive, many reviewers have mentioned they are working with CoreFund for years without facing any problems. 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. 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. window.googletag = window.googletag || {cmd: []}; The case is scheduled to be heard in the Parker County, 415th District Court under Case No. 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. googletag.enableServices(); 2. googletag.pubads().enableSingleRequest(); 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. 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