(c) [Persons entitled to recover damages; statutory damages in consumer-goods transaction.]. Privacy Policy. Weatherford, Texas, United States; 11-50; Private; www.corefundcapital.com ; 478,758; Highlights. Fill out the details below and an advisor will get back to you shortly. (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). googletag.pubads().enableSingleRequest(); You can also reach out to new brokers you havent worked for in the past. The petition states that CoreFunds bank accounts (and thus entire business) have been wrongly shut down. Now some of you may have noticed in your CoreFund contract Section 17.1.1(c) and (d). 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()); Q. CoreFund Capital facilitated an increase to the credit facility for a global logistics and freight forwarding company. PERSONS ENTITLED TO FILE A RECORD. Jason is able to send this demand letter for you if you request it. By providing your email, you indicate you have read and understood our 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. Heres a great list of the top 50 logistics companies in North America. If you are owed money, we will likely simply reserve our right to seek it later. Except as otherwise provided in Section 9-628: (1) a person that, at the time of the failure, was a debtor, was an obligor, or held a security interest in or other lien on the collateral may recover damages under subsection (b) for its loss; and. 1) No Information / feedback online company is too new. As soon as we know the contact information for the receiver, if one is appointed, we will post it here asap. 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. According to court documents, Shim Sacks founded CoreFund Capital in 2014. Now some of you may have noticed in your CoreFund contract. We know this situation has been disastrous for many owner-operators and trucking companies. In CDL School Now window.googletag = window.googletag || {cmd: []}; window.googletag = window.googletag || {cmd: []}; Employee Profiles 1. . 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(); 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. CoreFund Capital: How Express Freight Finance is Helping July 26, 2022 Is Freight Factoring Worth it? The last thing we want to see them do is to lock themselves into long-term contracts as a short-term fix. This is normal for factoring companies and acts as a form of protection for the factoring company in case of client or debtor default. Loss caused by a failure to comply may include loss resulting from the debtors inability to obtain, or increased costs of, alternative financing. 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. 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. I feel for these guys because many are living load to load right now, but we legally cant pay the carriers directly because we have to pay CoreFund first.. 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 people think that factoring services are similar to bank loans, but that could not be further from the truth. Silver Spring, MD 20910. 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. In order for you to receive the best possible offers, please make sure your answers above are accurate prior to submitting. With month-to-month agreements and no hidden terms or fees, why not start getting your cash fast today, All rights reserved. Please select the number of verifiable months youve been driving professionally using your Class A CDL within the last 3 years. A hearing is schedule for tomorrow, Wednesday 7/27/22. We want to be transparent. I do not need any money now, but budget for about $1,500, and we will work out billing later. the court order brings us much closer to meeting the needs of CoreFunds factoring clients.. 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. 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. Wait. Do I go ahead and send to CoreFund, or wait? We wont look for reasons to come back at you for money like everyone else does. Loss caused by a failure to comply may include loss resulting from the. 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. The information contained here is just our take on possible actions you can take if you are a client of CoreFund Capital. Can any factoring company get me a CoreFund release faster? googletag.pubads().collapseEmptyDivs(); Good Afternoon Everyone, A COURT APPOINTED RECEIVER WOULD NEVER ENTER INTO SUCH AGREEMENT. googletag.cmd.push(function() { 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's services include: Non-recourse factoring programs Same-day payments Full advance programs Don't spin your wheels on complicated lease terms or tedious invoice processing. If this process runs as planned, our fees will be very manageable and divided among the group. Factoring services, unlike bank loans, focus on the value of receivables. LoadX Factoring was able to confirm through a top executive of CoreFund that all staff were fired, including executive staff, early in the week. 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. Ashley Dellinger, Vice President at Express Freight Finance, said, Carriers are upset and panicked at this time. REMEDIES FOR SECURED PARTYS FAILURE TO COMPLY WITH ARTICLE. CoreFund Capital can help you manage cash flow by purchasing your outstanding invoices through a process called transportation factoring or freight bill factoring. The hard part is over and the judge appointed a receiver in the CoreFund case. 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. Get on the road, stay on the road, and grow. 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. PH 281.352.6032 googletag.pubads().enableSingleRequest(); 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. The ones who work daily at CoreFund are great people and we hope a resolution is found for their sake. Our best advise is to speak with an attorney. CV22-0851. Please know that every employee of CoreFund wishes more than anything we could have continued funding our clients and now that we could release them and end this awful mess but even if we terminated a UCC or sent a release letter it would not be enforceable given we are no longer employees of CoreFund. googletag.enableServices(); CoreFund Capital - Reviews tout it's a reliable and quality factoring company. Todd Waller, former business development officer at CoreFund Capital, was among those fired. CoreFund has filed a UCC on all clients. 3 Years The timeline for resolution of this unfortunate situation is still unclear, but well continue to post the latest updates here. Or call us, Sales: 877-807-3006 The full details and a timeline dating back to last week are below. CoreFund executives have not issued a statement about the factoring companys future. 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 . The receiver has the ability to act for CoreFund, meaning issuing releases, etc. 5) No Online reviews, Your email address will not be published. At that point they will be able to begin the process of terminations. Harris is experienced in a range of factoring operations. 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. These funding sources are monitored daily for the best interest rates and terms available to your business. We have seen CoreFund client contracts and Section 21.1 No Lien Termination without Release also possibly limits this ability. 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. I am extremly happy with the services . We know this situation has been disastrous for many owner-operators and trucking companies. Please try again later. 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 . googletag.cmd.push(function() { The following is from Todd Waller, former Business Development Officer at CoreFund Capital. -Todd Waller. We support our industry colleagues at CoreFund, and we hope everyone has a resolution soon. As former truckers and fleet owners, we understand the . Our credit checks are instant through our online portal. CoreFund Capital Freight/Invoice Factoring. A. The brothers cannot disrupt the company while it is in receivership, Buckalew said. 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()); 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. 4) No RipOffReport.com reports filed If this is done, the receiver will be able to process buyouts and terminations. 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. 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