This would allow a receiver to be appointed by the court allowing all Notice of Assignments to be revoked and UCCs to be terminated. #corefundcapital #sabatoged #2millonplus The dependable track record of the firm among its clientele is known for its promptness in delivering . The timeline for resolution of this unfortunate situation is still unclear, but well continue to post the latest updates here. 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. gptAdSlots.push(gptSlot); googletag.pubads().enableSingleRequest(); 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. Our President, Justin McKibben, has spent much of the weekend on the phone directly with carriers trying to help any way possible. Your email address will not be published. (e) [Statutory damages: noncompliance with specified provisions.]. 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. We will continue to update this post with more information as we get it. A good factoring partner will have tools and expertise that help you with everything you need, not just same-day cash. No matter what you do, We will continue to be here to help you. 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. By providing your email, you indicate you have read and understood our Now some of you may have noticed in your CoreFund contract Section 17.1.1(c) and (d). However, late Thursday, Parker County, Texas, District Judge Graham Quisenberry appointed a receiver on behalf of CoreFund, which may help truckers gain access to funds more quickly. On Aug. 4, the factoring company reopened for business. 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. 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. Apply Now! googletag.enableServices(); 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. whose deficiency is eliminated under Section, may recover damages for the loss of any surplus. 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 . A person may file an amendment other than an amendment that adds collateral covered by a, for a financing statement as to which the secured party of record has failed to file or, a termination statement as required by Section. CoreFund executives have not issued a statement about the factoring companys future. 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. Thank you for your message. Shim Sacks did not respond to FreightWaves request seeking comment. }); 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 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. In observance of Martin Luther King, Jr. Day, Bobtail will be closed on Monday, January 16. 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 . Thank you everyone. Apex Capital Corp - Established and help navigate . 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. googletag.pubads().collapseEmptyDivs(); 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. 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. Privacy Policy. window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { 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. 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. 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. CoreFund Capital is the premier full-service freight bill factoring company in the USA. 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. There are some possible legal ramifications for the new factor as well. They also needed a revocation of a notice of assignment that is sent to the truckers customers instructing them to make a payment to CoreFund, which in turn pays them. 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()); Wait. We are also working on getting further guidance from an attorney who specializes in this industry. CoreFund is described as simple, transparent, and reliable, customers say they always deliver funds quickly and give services at a class-leading pace. Please be careful with those saying they can. Alternatively, you may file a termination demand letter with CoreFund. It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. Get a reliable factoring company that doesn't require contracts or charge hidden fees. googletag.pubads().collapseEmptyDivs(); May 7. Contact information for Attorney Jason Medley: Jason M. Medley *NOTE: LoadX Factoring was started by truckers, for truckers in order to help other truckers and help them avoid predatory factoring companies. 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. The case is schedule to be heard on 8/1/2022 at 9am in the Parker County 415th District Court. googletag.cmd.push(function() { We hope the staff of CoreFund Capital are being taken care of. window.googletag = window.googletag || {cmd: []}; Cash Flow, Invoice Factoring, Financial Services, Accounting, Customer Service: Founded: 2015: }); He said the CoreFund situation is rare in the factoring world. }); Some brokerages and other factoring companies say the newly appointed receiver may be crucial. According to court documents, Meir "Shim" Sacks founded CoreFund Capital in 2014. There was an error trying to send your message. The receiver stated the goal is to have this done by the end of this week, Friday 8/5/22. Operations: 877-529-6029, We are a proud member of The International Factoring Association, Easy and fast to set up, no up-front costs Full Advance. Were actively working with a number of carriers affected by this situation to identify solutions for their unique situation. (g) [Limitation of security interest: noncompliance with Section 9-210.]. The petition is asking the Parker County, Texas District Court (Case No. If you're looking for a new factoring service and you're coming from CoreFund, give us a call +1 (410) 204 2084. The petition states that this is because of a spat between the parties who control CoreFunds holding company and trust (Wakefield and Sacks). Normally, this would be an option. Attorney Jason Medley will be filing an emergency intervention and involuntary receivership. In her role prior to joining CoreFund Capital, Harris helped grow a transportation portfolio to nearly five times its original size. Great article for financing spectators such as us along side informative work around to make sure we have the back bone strong enough to handle all our clients through this. The law firm Warren Fonville of Fort Worth, Texas, which is representing the younger Sacks, did not respond to FreightWaves request for comment. Trust your transportation leasing and finance needs to Convoy Leasing & Sales. 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. 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. the courts order moves us much closer to addressing the needs of CoreFunds factoring customers.. This is a moving target for sure, Medley said in an email to FreightWaves. Factoring Lines of Credit Business Loans Working Capital Equipment Leases Merchant Financing Commercial Property Accounts Receivable Sale-Leaseback Financing Prior to the judge appointing a receiver, Medley had a chance to speak at Wednesdays hearing regarding a civil lawsuit filed by CoreFund Capital, which seeks a restraining order and temporary injunction, as well as application for appointment of an attorney for trust beneficiaries against Frost Bank, TBK Bank, Chris Wakefield and Meir Shim Sacks. CoreFund has filed a UCC on all clients. The petition states that CoreFunds, have been wrongly shut down. Harris will be responsible for day-to-day operations at CoreFund Capitals corporate office in Weatherford, TX. googletag.pubads().enableSingleRequest(); 2023 Please contact an attorney to help you in the matter if you are affected by this CoreFund shutdown. Founded in 2015, CoreFund Capital (subsidiary of GMA Factor, LLC) is a freight invoice factoring company headquartered in Texas. UCCs are regulated by law and all parties involved in a UCC filing must follow these regulations. Attorney Jason Medley, in Houston, Texas, is filing an emergency intervention and involuntary receivership on behalf of all CoreFund carriers. (a) [Other law governs alienability; exceptions.]. PMB 2108, Charter Capital works with many oil and gas servicing companies who have gained a competitive advantage with invoice factoring. 3) No TheTruckersReport.com comments Each company we work with has specific experience requirements for their drivers. 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). The two attorneys we suggest are Jason Medley and David Jencks. authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed. Somebody needs to go to jail for the hardships that youve caused in the past 2 mths! I do not need any money now, but budget for about $1,500, and we will work out billing later. 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. Melissa Harris joined CoreFund Capital as vice president. Join Our Community. As of Monday night, July 25th, the company confirmed via Facebook that, unfortunately, the entire CoreFund team was terminated. Possibly. }); 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. 5 stars all day long Date of experience: November 08, 2019 Share SC Sherwyn Cox 1 review US Aug 24, 2019 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.. Can any other factoring company factor my loads right now. CONSHOHOCKEN, Pa., Jan. 27, 2021 /PRNewswire/ -- DrayNow, the first real-time intermodal marketplace, and CoreFund Capital, a premier full-service. NO! 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. Call Ashley Vogan at Triumph at (915) 331-1606 (Office) Be sure to tell her I .