Dear Wild Fur Shipper;


In my letter of October 1st, I neglected to deliver a clear message to the many trappers who had prompt payments from our August sale returned NSF. Once again, I apologize. This point definitely requires more explanation and more importantly, information on the repayment plan.

As we approached the September 17 Prompt Date for our August 2019 Auction, we were finalizing the details to transition from our current banking syndicate (“Bank”), to another lender group. At that time, there was a clear expectation on our part that our Bank would honor all prompt payments as the vast majority of these funds had already been paid on September 17th via electronic means. However, 2 days later, the Bank, unexpectedly and without any warning, decided to reverse course and immediately reject any further such check payments by returning marked NSF.

It appears that the Bank took this action as a means to put pressure on both NAFA and the new financial lender to close this refinancing deal more quickly. In our view, this was an unwarranted and unnecessary action by the Bank, given that the new lender had, just that very day (September 19th), credit approved its deal with NAFA and was ready to proceed with putting this new financing in place.

As I stated in the October 1 letter, we have every reason to expect that the transition to the new lender will be finalized around the middle of this month. After this is completed, we will reissue checks for those that were returned NSF along with an additional sum designed to cover your NSF fees. If you have not yet deposited your check, please hold onto it and we will advise you when to cash it.

We expect that all outstanding payments will be cleared up by the end of October.

Again, I am immensely sorry for this delay in getting you your payment for the furs that you entrusted us with in good faith. I can only say that NAFA will honour our commitments to you and will work hard to regain your trust as your fur marketing company.

For your information, we have revised our selling schedule for 2020, which is outlined below.



Sincerely,


Doug Lawson
President & CEO

Ttt

We need NAFA! Hope this clears things up with those involved.

This whole bad check and bank business with NAFA reeks of some sort of animal rights crusading banker to take down the fur trade. Scatter the market and hope it never recovers.

That's my conspiracy theory anyways.....

I still don't understand the financing why is the hard currency that the buyers pay financed??? That is supposedly why there is a lag between buyers check pay prompt date and release of goods and another delay between that and us being paid. How did this go wrong, please explain???? I could see if there was mass hold over but their clearances are according to them near 100% Unless NAFA is spending your fur check before your furs sold... Conspiracy or bad finance?

But, I also agree it would be a tragedy to lose NAFA we need both NAFA and FHA to keep a balance with competition and also international support for fur.

What is worse than us consigners losing a few skins how about buyer confidence? They plop down hundreds of thousands if not more and wait for a month... What happens if NAFA slams its doors and goes into bankruptcy during that time... I can't even imagine. Who gets paid first then the bank or the clientele? I'm thinking the bank they always win even if they lose they get bailed out by taxpayers but us... We tow the line and sink w/ the ship.

I thinks it's clear what happened if you read the letter.

I just cant help but feel NAFA is putting the blame elsewhere.

I read the letter they changed banks but why was my fur check financed in the first place?... I can't stomach the lender part? who has dibbs on my furs/ money?

There you go Sniper. I'm not sure either way and have no dog in the fight but there's two sides to every story and usually the truth lies somewhere between the two.

~ADC~

My jist is this a bank doesn't bounce a check if there is money in the account. Unless you're expecting to use their overdraft and they decided enough overdraft and cut them off...

Will be interesting when NAFA becomes the place to sell coon or whatever,how many will climb back on board.

I get the "neglected to deliver a clear message" part.

Rat, many are not jumping ship, just concerned with what is going on.

Gib You say to hold on to your check if you have not cashed it . I have not cashed mine yet , Now are they going to issue me a new one or am i supposed to try and cash the one i have at a latter date ?

The timming coincides perfectly with when many of the worlds largest banks signed onto the UN "s principles of responsible banking agreement . These banks agree to divest from businesses that are deemed hard on the environment (politically incorrect) and lead (push )borrowers to a greener business plan .This agreement is being touted as being against fossil fuels but it covers everything from meat industry ,big ag to affordable housing .The banks that signed onto this control 1/3 of the worlds credit . They are agreeing to open their portfolios for inspection to their peers (the other signatory banks) to remain signatory .

I would be certain that they are doing things in a way to inflict maximum damage to the businesses they have deemed bad because they feel they have the moral high ground How often does a corporate banker say that.

Bigfoot why was my check financed

A bank can decide to stop lending but not withhold your checking account balance unless you used it for collateral?

Financing doesn't mean a loan was involved.it could but the terms aren't the same.

Smart business move to get off board when nafa is not the place to sell. Irregardless of what trappers do, 90 plus percent of nafa's revenues comes from ranch mink.