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
