I've spend the majority of life in the auction business, I'm not sure of the laws in Canada but bet they are similar, and I doubt a company that large could get by without a separate custodial account.

I am sounding the alarm. Nafa's done. Heard the electricity was shut off. There broke. Can't squeeze blood from a turnip. No money to pay back bad checks either.

Has anybody checked on coonman?

Sure, why not, lol

And what of unsold fur they supposedly have ??

Yes Sir, google Plainville Kansas Livestock Auction, same deal happened there this year. Its ugly and only going to get uglier for those that have bad checks. There talking the guys that sold cattle that day may at best get 20 cents on the dollar when all is said and done.

How do I get shipping tags from FHA? Never sold through them

You know what happens when you assume right? That’s like me mailing a check for my mortgage knowing I had no cash in my checking account and hoping my bank would cover for me until payday. If that’s how NAFA was being run it deserves to die. If I receive my promised check in early November I’ll be shocked.

Haven't been following it that close but did hear about it when it first went down and charges were filed. It's happened at a couple of other barns in Ks in my lifetime. My now X brother in law got caught playing loose with the custodial account once, he had enough money to cover the "mistake " at the time so no charges just a stout fine.

this is not good for any of us, just sad to see , my 90 year old dad my be right about the fur market that it will never come back to what it was , end is coming soon .

May be time for local groups and or the NTA to get involved.

Markets are always evolving and changing. The trappers and fur farmers who learn to adapt with the market will do well.

Why did the direct deposits all go through but not the cheque’s if the broke?

It’s possible that this could be a good thing for trappers. Buyers that once bought at nafa auctions may now come to state association run auctions to fill orders, bringing commissions to our local associations instead of nafa, giving them more cash to promote and defend the fur business from anti trapping laws.

I’m just a dumb roustabout though, I’m probably wrong.

wonder what kind of bonuses management has pulled out of the business in the last two or three years? Gibb sure has been quiet on here ,where is he? I sure wanted to long line this Fall for Coyotes now I don't know. I sure hope not to many buyers and trappers/hunters were wiped out by this.

The next letter that will come to us will be that their electricity was accidently shut off and all of the fur fur they have been holding in the freezers spoiled and they had to put them in dumpsters and have them hauled off to the landfill.

Here is a word that comes to mind after reading the series of BS letters they have put out in the last 3 or 4 months ………………..


What is the meaning of 'kiting'?

Kiting is the fraudulent use of a financial instrument such as a check to obtain additional credit that is not authorized. There are two variants of kiting: The act of misrepresenting the value of a financial instrument for the purpose of extending credit obligations or increasing financial leverage.

Garry-

Well if you ever shipped up there ever or not this is going to have a effect on your wallet.

Have you ever read a NAFA report that wasn't total BS? It's not called NAFAese for nothing. "Increased clearance at new levels"= we dumped your fur for nothing, but we still get the drumming fee. And we'll make you an offer you can't refuse- the NAFA magazine.

x2

Where did you hear that?? I don’t think that is 100% true.

NAFA is a tough spot now but I honestly believe they are trying their darnedst toget this resolved.

As to where the money is and why banks are involved, see my post on another thread about prompt date and buyers accounts not paid in full, etc.

If you know all of the facts and understand how the fur auctions operate, you would understand what caused the current situation.