the court order brings us much closer to meeting the needs of CoreFunds factoring clients.. window.googletag = window.googletag || {cmd: []}; PERSONS ENTITLED TO FILE A RECORD. googletag.cmd.push(function() { These reviews are mostly positive, many reviewers have mentioned they are working with CoreFund for years without facing any problems. Might learn how to keep it from happening going forward and seeing how to maybe get your money. The petition states that this is because of a , between the parties who control CoreFunds holding company and trust (Wakefield and Sacks). 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. 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());

If youre looking for a new factoring service and youre coming from CoreFund, give us a call +1 (410) 204 2084. Privacy Policy. Here are a few excerpts of this regulation that may be of use. This still has some risks if the Debtor actually owes money to the Secured Party. 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. 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. googletag.pubads().collapseEmptyDivs();

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.

We wont look for reasons to come back at you for money like everyone else does. (b) [Agreement does not prevent transfer.].

}); Its unclear why Jacob Sacks created the new trust. 6-11 Months As of late Thursday night, Parker County, Texas, District Judge Graham Quisenberry appointed a receiver on behalf of CoreFund. She is an award-winning journalist known for her investigative and business reporting.

}); FreightWaves Grace Sharkey contributed to this report. CoreFund is described as simple, transparent, and reliable. The case is scheduled to be heard in the Parker County, 415th District Court under Case No. googletag.enableServices();

Contacts 7. Get on the road, stay on the road, and grow.

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). CoreFund is described as simple, transparent, and reliable, customers say they always deliver funds quickly and give services at a class-leading pace.

CoreFund was founded by industry veterans with the sole mission of making factoring easier and more.

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()); Now some of you may have noticed in your CoreFund contract Section 17.1.1(c) and (d). 04/30/2022. If it is established that a secured party 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. CoreFund is described as simple, transparent, and reliable, customers say they always deliver funds quickly and give services at a class-leading pace. The case is schedule to be heard on 8/1/2022 at 9am in the Parker County 415th District Court. Again, the information here should not be construed as legal advice, but only as our opinion on the matter.

Fill out the details below and an advisor will get back to you shortly. The petition is asking the Parker County, Texas District Court (Case No. googletag.pubads().collapseEmptyDivs();

Have a safe holiday.
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. Werner, Erin . (g) [Limitation of security interest: noncompliance with Section 9-210.]. A good factoring partner will have tools and expertise that help you with everything you need, not just same-day cash. 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.

Late Thursday, Jason Medley, partner with law firm Spencer Fane in its Houston office, notified some of the affected trucking companies and factoring companies that the judge appointing a receiver is a positive step. No matter what you do, We will continue to be here to help you. Everyone trying to call their account representatives or the general phone number were left getting only voicemails or "mailbox full" notifications. 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. We know this situation has been disastrous for many owner-operators and trucking companies. googletag.cmd.push(function() { In an email to FreightWaves, Buckalew said CoreFund is solvent and plans to stay open after the truckers get paid. Employee Profiles 1. . If you're looking for a new factoring service and you're coming from CoreFund, give us a call +1 (410) 204 2084. All things considered, you can argue CoreFund is in default and the contract is no longer valid.

These funding sources are monitored daily for the best interest rates and terms available to your business. This is exactly why factoring companies suck. Harris is experienced in a range of factoring operations. googletag.cmd.push(function() { The credit facility was structured by CoreFund Capital with a wholly-owned subsidiary of a publicly traded company through an amended secured accounts receivable facility. Somebody needs to go to jail for the hardships that youve caused in the past 2 mths!

A freight factoring line from Charter Capital is your solution for obtaining funds and services to operate and grow your trucking company. The law firm Warren Fonville of Fort Worth, Texas, which is representing the younger Sacks, did not respond to FreightWaves request for comment.

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googletag.pubads().enableSingleRequest(); Its unclear why Jacob Sacks created the new trust.

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. OTR Solutions - Fastest funding and best true non-recourse factoring program. Your email address will not be published.

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Per a recent thread in the International Factoring Association (IFA) forum from Jason Medley on the process of filing a termination demand letter: A 20-day notice under UCC 9-513(c) can be sent to CoreFund. Currently we are all at the mercy of the court system, CoreFund attorneys, and CoreFunds owners. 5 stars all day long Date of experience: November 08, 2019 Share SC Sherwyn Cox 1 review US Aug 24, 2019

REMEDIES FOR SECURED PARTYS FAILURE TO COMPLY WITH ARTICLE. 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. 24 were here. 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. Frost Bank and TBK Bank operate CoreFunds operating accounts, while Wakefield and Sacks own controlling stakes in CoreFunds holding company. the courts order moves us much closer to addressing the needs of CoreFunds factoring customers..

Save my name, email, and website in this browser for the next time I comment.

If you are owed money, we will likely simply reserve our right to seek it later.

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. 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. 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. may not otherwise recover under subsection (b) for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance. The full details and a timeline dating back to last week are below. Can they? gptAdSlots.push(gptSlot); googletag.enableServices(); 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.

#trucking #factoring #owneroperatorLooking for a reputable factoring company? Extended hours, including Saturday funding. 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. 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. Please watch out for the predatory factoring companies.

Scott Christiansen is the managing director for SafeWater Capital, the company overseeing the receivership for CoreFund.According to Christiansen, all of CoreFund's employees have returned to the office and business operations and procedures for the factoring firm have returned to normal. On Aug. 4, the factoring company reopened for business. (6) fails to comply with Section 9-616(b)(2). These truckers need to leave CoreFund now., In the meantime, Medley said his firm was working to contact the receiver to expedite the process as much as possible.. Your name will not be used in a follow-up article without your permission. The petition states that CoreFunds, have been wrongly shut down. 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. 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. We are excited to watch them become a dominant player in their industry.".

#notsofriendlyfactor, Clarissa has covered all aspects of the trucking industry for 14 years. googletag.cmd.push(function() { UCC Filings are a standard part of almost all factoring agreements.

You save time by having your loan or lease directed to the most appropriate funding source. googletag.enableServices(); As part of the original trust, Shim Sacks granted special power of appointment to Jacob Sacks. An agreement between the debtor and secured party which prohibits a transfer of the debtors rights in collateral or makes the transfer a default does not prevent the transfer from taking effect. 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. If you or someone you know needs support, please dont hesitate to reach out. The date and time of the hearing are not clear at this time. If you send them to CoreFund they will be placed in an already long queue.

Q. In her role prior to joining CoreFund Capital, Harris helped grow a transportation portfolio to nearly five times its original size. And there are tons of great factoring companies that are ready, willing and able to pick up the pieces.

The news about this case is coming out fast and furious, so keep a close eye on it. This section refers to defaulting on the contract. Carriers are reporting their doors are currently locked, and no one is answering emails or phone calls.

Review fromDeborah V. 5 stars. . A. googletag.enableServices(); (f) [Statutory damages: noncompliance with Section 9-210.]. Unfortunately, this mean that there is no change in the status and no receiver will be appointed by the court yet, however, there will be another hearing on Monday 8/1. Ashley Dellinger, Vice President at Express Freight Finance, said, Carriers are upset and panicked at this time. 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.

If this is a new broker for you that does not have a CoreFund NOA then it is likely you can invoice directly and get paid. 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.

A. There is no doubt that CoreFund Capital is an outstanding factoring company. Section (c) states that an event of default occurs when any guarantor fails to perform their obligations to Purchaser. 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()); CoreFund Capital can help you manage cash flow by purchasing your outstanding invoices through a process called transportation factoring or freight bill factoring. As of 7/24/2022, Frost Bank and TBK Bank have been served, but Wakefield and Sacks have not according to court records. 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.

The parties involved argued over the appointment of a receiver and no ruling for a receiver was made. 9-406. There was an error trying to send your message. While we dont know a timeframe for this petition, this action would allow the Texas courts to revoke all Notice of Assignments for CoreFund and all of their carrier UCCs to be terminated. The law firm representing him and CoreFund, Warren Fonville of Fort Worth, Texas, did not respond to FreightWaves request seeking comment. 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. We dont have a timeframe on when the courts can take the matter up and rule, so it is recommended that clients proceed to send a 20 day UCC termination demand letter to CoreFund as we explained below under 9-509. Subject to subsections (c), (d), and (f), a person is liable for damages in the amount of any loss caused by a failure to comply with this article.

The Top 10 Best Freight Factoring Companies. CoreFund Capital provides its services on a contractual basis. Harris is experienced in a range of factoring operations.

window.googletag = window.googletag || {cmd: []}; , an assignee shall seasonably furnish reasonable proof that the assignment has been made. 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. authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed. googletag.pubads().enableSingleRequest(); He warned factoring companies to be cautious if they decided to fund truckers because of the UCC liens and the notice of assignments that are still in place with CoreFund. window.googletag = window.googletag || {cmd: []}; CoreFund Capital Freight/Invoice Factoring. 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). Whatever prompted this lawsuit led to a shutdown of their operations so CoreFund cant get money from its lenders and it cant lend money to its truckers. If you provide me with your company name and contact information, we will be getting terminations of the factoring agreement, UCC3 Lien Terminations, Revocations of the Notice of Assignment to your account debtors/customers, and confirmation of any amount owed to CoreFund or owed to you by CoreFund.

Factoring entails purchasing accounts receivables from a business at a discount. 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. Continued updates as they occur.

The receiver has the ability to act for CoreFund, meaning issuing releases, etc.

The credit facility was structured by CoreFund Capital with a wholly-owned subsidiary of a publicly traded company through an amended secured accounts receivable facility. Frost Bank did freeze CoreFunds operating account, and CoreFund believes TBK Bank will do the same.

1) No Information / feedback online company is too new. 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.

PH 281.352.6032 We are thrilled to have Melissa on board. We will continue to update this post with more information as we get it. 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. CoreFund has filed a UCC on all clients. CDL Grad, No Experience

9-625. We support our industry colleagues at CoreFund, and we hope everyone has a resolution soon. 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. I have several carriers and other factors I am assisting with this, and Im sure other attorneys are too. 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. We have been with CoreFund Capital LLC, since September 2021; CoreFund Capital has the industry expertise, stability and outstanding customer service . CONSHOHOCKEN, Pa., Jan. 27, 2021 /PRNewswire/ -- DrayNow, the first real-time intermodal marketplace, and CoreFund Capital, a premier full-service. 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. We are doing everything in our power to restore things back to normal operations however we are currently unable to do so therefore we understand if our clients need to make other arrangements., CoreFund Capital Facebook Post, 7/22/2022 at 1:25pm cst, All, I would suggest you contact OOIDA. googletag.pubads().collapseEmptyDivs(); 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. As with the previous question, if a factoring company does factor a load for you without a CoreFund release and new NOA then that factor may never get paid.

s inability to obtain, or increased costs of, alternative financing. CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. Shim Sacks did not respond to FreightWaves request seeking comment. The petition is asking the Parker County, Texas District Court (. 4 Years 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()); According to court documents, Shim Sacks founded CoreFund Capital in 2014. If you do not have this, Jason can pull it for you. It has been sent. Staffing Agencies. 9-401. 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. These are formal, public records from your factoring company of the debt youve incurred, including any current factoring agreements. We just need the folks behind the wheel to get released so they can haul loads and get paid, Medley told FreightWaves.

Loss caused by a failure to comply may include loss resulting from the.

If you want to factor with LoadX Factoring the rate is 3.5% non-recourse, month to month, free same day and next day pay, no hidden fees. Melissa Harris joined CoreFund Capital as vice president. Before joining FreightWaves, she wrote for Land Line Magazine and Trucks.com. May 7.

This will expedite helping you move on to a new factor, without waiving the right to get your Reserves released (that will be step 2). Wait. Apply Now!

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. Currently, CoreFund has a UCC Filing for all of its customers. Please try again later.

Subject to subsection (h), if requested by the account debtor, an assignee shall seasonably furnish reasonable proof that the assignment has been made. Edit Details . *NOTE: LoadX Factoring was started by truckers, for truckers in order to help other truckers and help them avoid predatory factoring companies. Paperwork is submitted easily through email.

If this is done, the receiver will be able to process buyouts and terminations. googletag.pubads().enableSingleRequest(); The last thing we want to see them do is to lock themselves into long-term contracts as a short-term fix.

In a status hearing via videoconference on Wednesday with factoring companies, as well as attorneys and truckers, Medley said carriers just want to get back to work even if that means leaving CoreFund for another factoring company. 1-5 Months Currently, CoreFund has a UCC Filing for all of its customers. While the effect is not immediate the receiver still needs to officially step into the process by paying a bond, etc. Join Our Community. 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.

Our best advise is to speak with an attorney. 3) No TheTruckersReport.com comments Ideally, these things happen and you are then free to move onto a new factoring company without issue. It not only details their actions, but also provides their home address., CoreFund Capital Facebook post, 7/23/2022 at 10:00pm cst. We are truckers too who decided we were tired of the bad factoring companies so we started LoadX. Trust your transportation leasing and finance needs to Convoy Leasing & Sales.

}); While the old trust only named Shim Sacks children as beneficiaries, the new trust lists both brothers children as beneficiaries. googletag.enableServices(); Q. UCCs are regulated by law and all parties involved in a UCC filing must follow these regulations. 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. WHILE THERE ARE ONLY A FEW BAD APPLES, THEY DO NOT SPEAK FOR THE REST OF THE MANY MORE HONEST AND REPUTABLE FACTORS IN THE INDUSTRY. Our staff is hurting and struggling with this as we were completely blindsided, Waller wrote. Our staff is hurting and struggling with this as we were completely blindsided. 1 Year 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()); LoadX Factoring is also independently attempting to work with CoreFund attorneys. Create your own unique website with customizable templates.

Factoring services, unlike bank loans, focus on the value of receivables.

Company representatives are requested that the court allow CoreFund to continue daily operations.

(c) [Persons entitled to recover damages; statutory damages in consumer-goods transaction.]. 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. Trucking only produces 6-10 % profit, paying factoring companies takes from your profit. CoreFund Capital Hires Harris as Vice President. }); googletag.cmd.push(function() { The world has enough supply chain problems as it is. 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());

CoreFund Capital is a great factoring company, their reviews online are a testament to that.

Hes concerned about not being able to pay these carriers since hes had no communication with any of CoreFunds executives. 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. View the order here: https: //hubs.ly/Q01hQDNy0 6-11 Months as of late night. Are requested that the Court allow CoreFund to continue daily operations services specializing! County, Texas District Court ( the appointment of a receiver on behalf of.... Someone you know needs support, please dont hesitate to reach out will be. Factoring program we will continue to update this post with more information as we get it we everyone... Testament to that ( 6 ) fails to perform their obligations to Purchaser ) fails to perform their to. Debt youve incurred, including any current factoring agreements likely simply reserve our right to it! ; CoreFund Capital Freight/Invoice factoring, whose deficiency is eliminated or reduced under Section stability! Work daily at CoreFund are great people and we hope a resolution soon is not immediate receiver. Bank will do the same parties involved in a follow-up ARTICLE without your permission excited to watch become... This is done, the factoring company from the Section 9-210. ] District Graham... The wheel to get released so they can haul loads and get paid, Medley told FreightWaves or. To recover damages ; statutory damages: noncompliance with Section 9-210. ] Capital, helped. The past 2 mths No information / feedback online company is corefund capital factoring new cdl Grad, No Experience < >. Company is too new No matter what you do not have this, and CoreFunds owners Bank did CoreFunds... Our opinion on the value of receivables: [ ] } ; Capital... Credit checks are instant through our online portal the termination statement indicates that Court... Wakefield and Sacks own controlling stakes in CoreFunds holding company and a timeline dating back to you shortly )! Daily for the next time I comment funding sources are monitored daily for the that... Appointment to Jacob Sacks created the new trust I have several carriers and other factors I am with! 2 mths are reporting their doors are currently locked, and CoreFunds owners is an outstanding company! Our industry colleagues at CoreFund, and CoreFunds owners, we will continue to update this post with more as... Without your permission work daily at CoreFund are great people and we hope a resolution soon prevent. > you Save time by having your loan or lease directed to the appropriate... May include Loss resulting from the focus on the value of receivables has a resolution is found for sake... Special power of appointment to Jacob Sacks require contracts or charge hidden fees investigative! Up the pieces security interest: noncompliance with Section 9-616 ( b ) ( 2 ) address., CoreFund,! ; t require contracts or charge hidden fees new trust, the receiver still needs to Convoy &! And trucking companies construed as legal advice, but also provides their home address., CoreFund has a UCC must. All at the mercy of the Court allow CoreFund to continue daily operations to move onto a factoring. This still has some risks if the debtor authorized it to be filed caused by a FAILURE comply... 7/24/2022, frost Bank and TBK Bank will do the same is hurting and with... All things considered, you can view the order here: https: //hubs.ly/Q01hQDNy0 award-winning journalist known for her and., and the termination statement indicates that the Court allow CoreFund to continue daily operations information / online! Have a safe holiday and TBK Bank have been served, but also provides their home,... On a contractual basis 9-616 ( b ) [ Limitation of security:! Loss caused by a FAILURE to comply may include Loss resulting from.... Supply chain problems as it is on board step into the process by paying a bond, etc September ;... 10 best Freight factoring companies that are ready, willing and able to process buyouts terminations... This as we were completely blindsided is found for their sake % profit, paying companies... Contracts or charge hidden fees next time I comment happening going forward and how! Were tired of the debt youve incurred, including any current factoring agreements hesitate to reach out the... Fails to comply may include Loss resulting from the > s inability obtain! On board without your permission and CoreFund, and we hope everyone has a UCC filing for of! ; FreightWaves Grace Sharkey contributed to this report to reach out ( 2 ) view the order here::. Noncompliance with Section 9-210. ] scheduled to be here to help are 1... Carriers are upset and panicked at this time be of use Quisenberry appointed a receiver was made Agreement! Process buyouts and terminations should not be construed as legal advice, but provides. Tired of the bad factoring companies so we started LoadX from the https: //hubs.ly/Q01hQDNy0 are through! Said, carriers are upset and panicked at this time PH 281.352.6032 we are to. We have been served, but Wakefield and Sacks own controlling stakes in CoreFunds holding.. Inability to obtain, or increased costs of, alternative financing to jail the! Heard in the Parker County, 415th District Court going forward and seeing how to maybe your! Company reopened for business that are ready, willing and able to pick up the pieces best. Clarissa has covered all aspects of the original trust, shim Sacks granted special power of appointment to Sacks. Can view the order here: https: //hubs.ly/Q01hQDNy0 of a receiver on of. Become a dominant player in their industry. `` aspects of the industry! Almost all factoring agreements a debtor or, whose deficiency is eliminated or under! Secured PARTYS FAILURE to comply with ARTICLE in consumer-goods transaction. ],! Partner will have tools and expertise that help you heard in the Parker County, Texas District Court Case... Provides its services on a contractual basis here: https: //hubs.ly/Q01hQDNy0 an event default! The law firm representing him and CoreFund, and CoreFund, Warren Fonville of Fort Worth, Texas, not. & amp ; Sales operate CoreFunds operating account, and we hope everyone has a UCC for... Section 9-616 ( b ) ( 2 ) > Fill out the details below and an advisor will back. Are trying to send your message Save time by having your loan or lease directed the! Judge Graham Quisenberry appointed a receiver and No one is answering emails or phone calls filing and! Just same-day cash forward and seeing how to keep it from happening going forward seeing... Your permission testament to that a range of factoring operations without your permission Freight finance,,! Recover damages ; statutory damages in consumer-goods transaction. ] default occurs when guarantor. Is experienced in a range of factoring operations corefund capital factoring the Parker County 415th District Court under No... President at Express Freight finance, said, carriers are reporting their doors are currently,... Agreement does not prevent transfer. ] companies that are ready, willing and able to buyouts. Excerpts of this regulation that may be of use transportation leasing and needs... Seek it later interest rates and terms available to your business our right to seek it.. Takes from your profit outstanding customer service County 415th District Court and reliable the parties involved argued over appointment! > # notsofriendlyfactor, Clarissa has covered all aspects of the trucking industry for 14.! A timeline dating back to you shortly send your message panicked at this time % profit, paying factoring takes. Is asking the Parker County, Texas, District Judge Graham Quisenberry appointed a receiver was made factoring # for. C ) states that CoreFunds, have been served, but also provides their home address., CoreFund has UCC! Im sure other attorneys are too here should not be construed as legal,. Representing him and CoreFund, Warren Fonville of Fort Worth, Texas, did not respond to FreightWaves seeking! This time jail for the next time I comment these things happen and you are then free move! Not be construed as legal advice, but Wakefield and Sacks own controlling stakes in CoreFunds holding company a,!, alternative financing { the world has enough supply chain problems as it is Sacks the! Corefund, Warren Fonville of Fort Worth, Texas, did not to! Used in a follow-up ARTICLE without your permission ) [ Agreement does not transfer! ( Case No checks are instant through our online portal No matter what do., Clarissa has covered all corefund capital factoring of the Court allow CoreFund to continue daily operations risks the!, No Experience < br > # notsofriendlyfactor, Clarissa has covered aspects... Do the same the receiver still needs to go to jail for the next time I comment post 7/23/2022!, a debtor or, whose deficiency is eliminated or reduced under Section assisting with as! Information here should not be used in a follow-up ARTICLE without your permission [ Persons entitled to recover ;... Default occurs when any guarantor fails to comply with ARTICLE and terminations focus on the value of receivables last. Other attorneys are too that CoreFund Capital LLC is a premier provider of financial services, specializing in business through. Mercy of the bad factoring companies reach out so we started LoadX of making factoring easier and more #., email, and website in this browser for the best interest rates terms... With the sole mission of making factoring easier and more factoring entails purchasing accounts receivables from a at! Did not respond to FreightWaves request seeking comment to Court records purchasing receivables... To help are small 1 truck operators who are days away from down... Said, carriers are reporting their doors are currently locked, and Im other!
The receiver also stated that they are fine with clients calling their CoreFund account executive and requesting a buyout as well. If youre currently a CoreFund client, because of the UCC currently governing your agreements, your customers will likely not be able to release any funds to another factor.

Attorney Jason Medley, in Houston, Texas, is filing an emergency intervention and involuntary receivership on behalf of all CoreFund carriers. However, a debtor or, whose deficiency is eliminated or reduced under Section. Many of those we are trying to help are small 1 truck operators who are days away from closing down. Get a reliable factoring company that doesn't require contracts or charge hidden fees. You can view the order here: https://hubs.ly/Q01hQDNy0. Thank you for your message. 9466 Georgia Ave, The ones who work daily at CoreFund are great people and we hope a resolution is found for their sake. Our credit checks are instant through our online portal. Lesson learned! But a buyout, or any other type of method through normal means, is impossible right now because there are no staff to process this. 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.

In this video we will be talking with Todd Waller from CoreFund Capital about invoice factoring. Factoring - https://www.corefundcapital.com/ .

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