To: NAFA Customer
As you know from previous communications, NAFA has been, for many weeks, working towards a refinancing of the Company with a new lending syndicate that we hoped and expected would be in place by Thursday, October 17th. Unfortunately and most regrettably, despite our best efforts, this new financing has now fallen through. There are a variety of reasons for this, none of which are important at this point in time.
Consequently, NAFA’s Senior Management is currently pursing other strategic options in order to preserve NAFA’s business in some form so that it can continue to satisfy the needs of our customers, both buyers and consignors, employees and other stakeholders.
We greatly appreciate the support and patience of our customers during these difficult times. Obviously, after expending so much effort in recent times to preserve NAFA as we have come to know it, we are deeply sorry to have to be in this position. Nevertheless, we continue to work hard to secure the best possible future for the Company, our
customers and the trade.
We will announce further details as they develop over the coming days.
Sincerely,
Douglas Lawson
President & CEO
Category : Auction
Alaska Viking summed it up, but what is not being said is the reports that 10 million dollar loan was in the works to bail out NAFA. That loan has fallen through, and appeared to be based in Canadian banking, which meant it was agreed to in Ottawa. That was before Justin Trudeau went chronic black face and has sunk in the polls. NAFA is or was an important institution in Canada's microeconomic economy. Canada produces a great deal of fur, on a different trapping set up than the States. This underwrites or fuels the base economy in Canada in the remote areas, and into Alaska.
That was deemed too important to fail, after NAFA speculated on the ranch mink market, which crashed as unlike Ronald Reagan, they did not line up Asians to buy North American fur in quantity. NAFA or more to the point, Ottawa in Trudeau, should have reached an agreement to dump Canadian fur into the huge Chinese market. Instead Trudeau picked a fight over Chinese electronics. All of this is interconnected, and what this appears to be now is the financiers, meaning London and New York, are bailing for whatever reason on Canada, and Ottawa is incapable under Trudeau to do anything, as Trudeau is incapable.
This was all red flags when NAFA was sending out bad checks and blaming the bank. Banks have routing numbers and account numbers on the checks. It is not possible to issue checks on banks unknowingly. Whenever you read a statement of "pursuing other strategic options to preserve NAFA in some form" that translates there are no options and NAFA does not exist, except to issue bankrolls to the people still collecting the good checks, and the only way there are any good checks, is that money came from fur auctions where trappers or farmers received the checks that bounced.
