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. 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.
Here are 4 things you should do right now if you were factoring with CoreFund:
1. Work with brokers that you have never factored loads with.
Those brokers have never received a Notice of Assignment (NOA) from CoreFund, so you can still actively haul for them. Everyone in the industry has heard of the CoreFund case by now, so letting them know you’ve been affected by it could earn you some empathy points.
You can also reach out to new brokers you haven’t worked for in the past. Here’s a great list of the top 50 logistics companies in North America.
2. Lease your truck(s) under someone else’s authority.
Trucking is a community-based industry – chances are, you have a friend who’d be willing to lease your truck(s) under their authority. It’ll 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. Everyone knows this is a tough business and we all need to stick together!
3. Stay up-to-date with the news on the CoreFund case.
The news about this case is coming out fast and furious, so keep a close eye on it. Here’s 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 payments…Although the effect is not immediate — the recipient still has to formally enter the process by paying a deposit, etc. — the court order brings us much closer to meeting the needs of CoreFund’s factoring clients.”
4. Get a reliable factoring company that doesn’t require contracts or charge hidden fees.
If you’re looking for a new factoring service and you’re coming from CoreFund, give us a call +1 (410) 204 2084. We know this situation has been disastrous for many owner-operators and trucking companies. While we don’t have the ability to get you immediately released from your UCC or NOA, once you are released from CoreFund, we can offer an extended 30-day free trial of our factoring service to get you back on your feet with solid cash flow if you sign up by October 31, 2022.
When you sign up on our website and talk to a representative, make sure you mention that you’re a former CoreFund client so they make sure you get the extended free trial.