| CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. A good factoring partner will have tools and expertise that help you with everything you need, not just same-day cash. Normally, this would be an option. Again, there are some limits when it comes to chattel paper here but we believe there is still recourse by the courts to provide relief. CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. Lesson learned! The court documents state the rationale for wrongfully shutting down CoreFunds business resulted from a spat between Wakefield and Sacks. Fill out the details below and an advisor will get back to you shortly. CoreFund is described as simple, transparent, and reliable, customers say they always deliver funds quickly and give services at a class-leading pace. 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. }); FreightWaves Grace Sharkey contributed to this report. 1) No Information / feedback online company is too new. Our credit checks are instant through our online portal. whose deficiency is eliminated under Section, may recover damages for the loss of any surplus. However, a debtor or, whose deficiency is eliminated or reduced under Section. googletag.cmd.push(function() { The petition is asking the Parker County, Texas District Court (. Somebody needs to go to jail for the hardships that youve caused in the past 2 mths! Attorney Jason Medley, in Houston, Texas, is filing an emergency intervention and involuntary receivership on behalf of all CoreFund carriers. June 3, 2022 Contact Information. s inability to obtain, or increased costs of, alternative financing. 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. This section refers to defaulting on the contract. By providing your email, you indicate you have read and understood our The ones who work daily at CoreFund are great people and we hope a resolution is found for their sake. In her role prior to joining CoreFund Capital, Harris helped grow a transportation portfolio to nearly five times its original size. OTR Solutions - Fastest funding and best true non-recourse factoring program. 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. 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. We appreciate how complicated this process and situation can get, especially for smaller carriers. 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. We hope the staff of CoreFund Capital are being taken care of. Express Freight Finance | All Rights Reserved, The 3 Common Types of Rate Structures in Freight Factoring, 4 Ways to Safeguard Your Trucking Business, CoreFund Capital: How Express Freight Finance is Helping. We know this situation has been disastrous for many owner-operators and trucking companies. Factoring involves three parties, the buyer, the seller and the factor. Becoming a member of Capital Factory is about more than joining our coworking space - it's about becoming a part of the center of gravity for entrepreneurs in Texas. 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()); gptAdSlots.push(gptSlot); We are thrilled to have Melissa on board. Save my name, email, and website in this browser for the next time I comment. We will continue to update this post with more information as we get it. According to court documents, Shim Sacks founded CoreFund Capital in 2014. 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. 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. googletag.cmd.push(function() { Clarissa has covered all aspects of the trucking industry for 14 years. Our best advise is to speak with an attorney. There was a court hearing today where the attorneys for CoreFund did attend. #corefundcapital #sabatoged #2millonplus 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. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot3', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767553440-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); Trust your transportation leasing and finance needs to Convoy Leasing & Sales. GET PAID Get your cash deposited in your bank account fast! 24 were here. CoreFund Capital is the premier full-service freight bill factoring company in the USA. Alternatively, you may file a termination demand letter with CoreFund. Factoring services, unlike bank loans, focus on the value of receivables. As we said from the beginning, we stand with the great staff that made CoreFund the success it was. Do I go ahead and send to CoreFund, or wait? The news about this case is coming out fast and furious, so keep a close eye on it. googletag.pubads().collapseEmptyDivs(); Get on the road, stay on the road, and grow. 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. 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. 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. Don't spin your wheels on complicated lease terms or tedious invoice processing. It not only details their actions, but also provides their home address., CoreFund Capital Facebook post, 7/23/2022 at 10:00pm cst. It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. They deliver factoring services as promised and provide exemplary customer service. CoreFund Capital can help you manage cash flow by purchasing your outstanding invoices through a process called transportation factoring or freight bill factoring. This is very different from bank loans which influence the businesses debt to equity ratio, credit score, etc. As of 7/24/2022, Frost Bank and TBK Bank have been served, but Wakefield and Sacks have not according to court records. Q. jmedley@spencerfane.com. 4) No RipOffReport.com reports filed A debtor whose deficiency is eliminated under Section 9-626 may recover damages for the loss of any surplus. googletag.cmd.push(function() { 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. CoreFund, Inc. | Copyright 2018 - 2021 |. The petition states that this is because of a spat between the parties who control CoreFunds holding company and trust (Wakefield and Sacks). 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.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()); 2023 The petition states that this is because of a , between the parties who control CoreFunds holding company and trust (Wakefield and Sacks). googletag.pubads().collapseEmptyDivs(); If this is done, the receiver will be able to process buyouts and terminations. }); Its unclear why Jacob Sacks created the new trust. (a) [Judicial orders concerning noncompliance.]. }); 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.. Hes concerned about not being able to pay these carriers since hes had no communication with any of CoreFunds executives. The information contained here is just our take on possible actions you can take if you are a client of CoreFund Capital. googletag.cmd.push(function() { (d) [Recovery when deficiency eliminated or reduced.]. 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. 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. Paperwork is submitted easily through email. A. Because of the event of default the agreement can be terminated. 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. googletag.cmd.push(function() { 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 There are additional workarounds that can be explored.. You can view the order here: https://hubs.ly/Q01hQDNy0. googletag.pubads().collapseEmptyDivs(); 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()); There are some possible legal ramifications for the new factor as well. (d) [Person entitled to file certain amendments.]. googletag.pubads().enableSingleRequest(); (6) fails to comply with Section 9-616(b)(2). 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()); Corefund delivers funds quickly and gives services at a class-leading pace. googletag.pubads().collapseEmptyDivs(); 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). coup de torchon film complet, refurbished dj equipment, This report the receiver will be able to process buyouts and terminations especially for smaller.! It not only details their actions, but Wakefield and Sacks the staff. 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