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. 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. This still has some risks if the Debtor actually owes money to the Secured Party. This clients business has performed impressively over the past months with a solid base of customers. While the effect is not immediate the receiver still needs to officially step into the process by paying a bond, etc. 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()); Our Take: This section dictates that the account debtor (the client or a broker) can request from the assignee (CoreFund) reasonable proof that the assignment has been made (a Notice of Assignment). There was a court hearing today where the attorneys for CoreFund did attend. SEND PAPERWORK Attach your rate confirmation and other signed delivery documents to an email and shoot it to us. A. Weatherford, Texas, United States; 11-50; Private; www.corefundcapital.com ; 478,758; Highlights. NOT SO FRIENDLY FACTOR TRIUMPH BUSINESS CAPITAL. Trucking only produces 6-10 % profit, paying factoring companies takes from your profit. the courts order moves us much closer to addressing the needs of CoreFunds factoring customers.. googletag.pubads().collapseEmptyDivs(); Here are 4 things you should do right now if you were factoring with CoreFund: Those brokers have never received a Notice of Assignment (NOA) from CoreFund, so you can still actively haul for them. In order for you to receive the best possible offers, please make sure your answers above are accurate prior to submitting. 2) No BBB accreditation 3 Years
gptAdSlots.push(gptSlot); 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. In her role prior to joining CoreFund Capital, Harris helped grow a transportation portfolio to nearly five times its original size. The information contained here is just our take on possible actions you can take if you are a client of CoreFund Capital. 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. The court documents state the rationale for wrongfully shutting down CoreFunds business resulted from a spat between Wakefield and Sacks. Corefund has gone above and beyond and helped me manage my cash flow . CoreFund Capital is a premier freight factoring company offering FREE same day pay, fuel cards, great customer service, and more 1-888-876-8605 If you send them to CoreFund they will be placed in an already long queue. Each company we work with has specific experience requirements for their drivers. jmedley@spencerfane.com. s inability to obtain, or increased costs of, alternative financing. 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. We have been with CoreFund Capital LLC, since September 2021; CoreFund Capital has the industry expertise, stability and outstanding customer service . View contacts for CoreFund Capital to access new leads and connect with decision-makers. The receiver has the ability to act for CoreFund, meaning issuing releases, etc. He currently represents about 50 trucking companies stonewalled by CoreFund and said the number is climbing every minute.. You save time by having your loan or lease directed to the most appropriate funding source. 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. CoreFund is described as simple, transparent, and reliable, customers say they always deliver funds quickly and give services at a class-leading pace. Attorney Jason Medley, in Houston, Texas, is filing an emergency intervention and involuntary receivership on behalf of all CoreFund carriers. Melissa Harris joined CoreFund Capital as vice president. 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. CDL Grad, No Experience
They deliver factoring services as promised and provide exemplary customer service. The receiver stated the goal is to have this done by the end of this week, Friday 8/5/22. . They provide factoring services for. Every month 400 people find a job with the help of TruckersReport. window.googletag = window.googletag || {cmd: []}; Thank you for your message. Subject to subsection (h), if requested by the. 4) No RipOffReport.com reports filed 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. to allow CoreFund to continue daily operations without fear accounts being frozen or Wakefield and Sacks closing the business. Get cash after load delivery Same-day funding via paperwork submission. Our team was amazing and worked hard to build a reputation of taking care of our clients and now through the deliberate and selfish/hurtful/evil actions of one person that has all been ripped away from us. Get a reliable factoring company that doesn't require contracts or charge hidden fees. Please try again later. }); googletag.cmd.push(function() { A bank has one program, a Business Finance Consultant has hundreds of programs, available for their clients. 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. 5) No Online reviews, Your email address will not be published. | CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. We will continue to post information here as the situation changes. CoreFund Capital: How Express Freight Finance is Helping July 26, 2022 Is Freight Factoring Worth it? Some small-business truckers were forced to cease operations or couldnt pay their drivers or buy fuel when CoreFund stopped answering phone calls or emails from desperate truckers after the office went dark July 18. We are also working on getting further guidance from an attorney who specializes in this industry. Before you become an O/O you should take business classes and have atleast 20k in the bank. Werner, Erin . CoreFunds UCC statements are still in place, and any factoring company that makes a loan is in a second lien position, she told FreightWaves. Ashley Dellinger, Vice President at Express Freight Finance, said, Carriers are upset and panicked at this time. PH 281.352.6032 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.. googletag.enableServices(); 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. Effective immediately, Express Freight Finance will offer a 60-day contract with a 30-day release clause for those carriers impacted by this situation with no set-up, due diligence, or early termination fees. 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. Todd Waller, former business development officer at CoreFund Capital, was among those fired. CoreFund is described as simple, transparent, and reliable, customers say they always deliver funds quickly and give services at a class-leading pace. 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: []}; A. As part of the original trust, Shim Sacks granted special power of appointment to Jacob Sacks. If you have a news tip or story idea, send her an email to, Copyright 2023, All Rights Reserved, FreightWaves, Inc, Carriers unable to pay drivers, buy fuel after CoreFund Capital closes, Loaded & Rolling (Enterprise Fleet News/Analysis), Read why truckers use factoring to ease cash crunches. googletag.enableServices(); 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. This is exactly why factoring companies suck. 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. A COURT APPOINTED RECEIVER WOULD NEVER ENTER INTO SUCH AGREEMENT. #corefundcapital #sabatoged #2millonplus Because of the event of default the agreement can be terminated. Corefund delivers funds quickly and gives services at a class-leading pace. Our agreement: https://loadxfactoring.com/terms-and-conditions/, Our application: https://loadxfactoring.com/loadx-factoring-application/. 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. Factoring entails purchasing accounts receivables from a business at a discount. }); googletag.cmd.push(function() { In the meantime, we are here to help.. According to court documents, Meir Shim Sacks founded CoreFund Capital in 2014. (c) [Persons entitled to recover damages; statutory damages in consumer-goods transaction.]. 2023 The receiver also stated that they are fine with clients calling their CoreFund account executive and requesting a buyout as well. As a business owner, moving freight should be your top priority - but managing financials can pull focus away from your trucks. A recipient of a request under Section 9-210 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. CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. They deliver factoring services as promised and provide exemplary customer service. On Behalf of Jason M. Medley CoreFund Update Edit Details . As of Monday night, July 25th, Frost Bank has frozen CoreFunds operating account, and its unknown at this time if TBK Bank has done the same. CoreFund Capital | Weatherford TX CoreFund, Inc. | Copyright 2018 - 2021 |. I truly can't be more thankful to this company and it's staff for doing everything they say they will do. 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. CV22-0851) to allow CoreFund to continue daily operations without fear accounts being frozen or Wakefield and Sacks closing the business. The amount that remains is kept as a reserve by the factoring company and paid after the invoice is cleared by the trucking company's client. }); While the old trust only named Shim Sacks children as beneficiaries, the new trust lists both brothers children as beneficiaries. 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. window.googletag = window.googletag || {cmd: []}; Founded in 2015, CoreFund Capital (subsidiary of GMA Factor, LLC) is a freight invoice factoring company headquartered in Texas. 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. googletag.pubads().collapseEmptyDivs(); By having access to a Business Finance Consultant you have access to hundreds of funding sources across the United States as well as Canada, Australia and the U.K. Melissa Harris joined CoreFund Capital as vice president. Our staff is hurting and struggling with this as we were completely blindsided, Waller wrote. She is an award-winning journalist known for her investigative and business reporting. Were actively working with a number of carriers affected by this situation to identify solutions for their unique situation. Attorney Jason Medley will be filing an emergency intervention and involuntary receivership. 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()); Send me an email. Contact and general information about CoreFund Capital company, headquarter location in Weatherford, TX. 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. VP with Express Freight FinanceTel: 770.500.9435adellinger[at]expressfreightfinance.com. Q. We just need them to be allowed to do so.. Normally, this would be an option. 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. googletag.pubads().enableSingleRequest(); Section (d) states that if the Purchaser deems itself insecure with respect to the prospect of repayment or performance of its obligations then this will constitute an event of default. (6) fails to comply with Section 9-616(b)(2). window.googletag = window.googletag || {cmd: []}; June 3, 2022 Contact Information. Factoring involves three parties, the buyer, the seller and the factor. 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. Lesson learned! 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. 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. As soon as we know the contact information for the receiver, if one is appointed, we will post it here asap. googletag.enableServices(); (f) [Statutory damages: noncompliance with Section 9-210.]. Here are a few excerpts of this regulation that may be of use. Heres a great list of the top 50 logistics companies in North America. To identify solutions for their unique situation June 3, 2022 contact information # #. 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