BOHICA

w

Schadenfreude. Turn that frown upside down.

From what I have read here and other places, it sounds like a cash flow squeeze when the buyers didn't pay up on time but they still had to pay trappers. NAFA can charge all they want in fees and interest to the seller who doesn't pay on time, but if they don't ever pay, it doesn't mean anything really.

My guess, and this is only a guess, is the bank that usually put up their syndicated line of credit didn't like the credit worthiness of the buyers that were supposed to pay and NAFA doesn't have the horsepower to do it all on its own, so didn't want to renew the line until that gets sorted out. Sounds like NAFA went to another bank to arrange the line, and it didn't happen in time. I would assume they are still negotiating. I would think they would get this sorted out and probably require buyers coming in to post letters of credit from their bankers to support their purchases going forward. This adds expense to everything, but it also makes sure that everyone gets paid. Especially when you are dealing with buyers from all sorts of different countries.

Not sure Canada, but in the US, going into bankruptcy could actually help until they get it sorted out under a reorganization. I would doubt they would go into bankruptcy under a liquidation. So far it doesn't sound like they have done that, so I suspect they still have the ability to make an arrangement with the new bank and be in business going forward.

I guess we will see.

-TJ

i heard it was Trumps fault.

In my mind it all boils down to...

NAFA is in financial trouble

NAFA generates revenue by commission

The depressed market coupled with the assumption that the effect of this will be less sellers shipping will reduce their revenue even more.

I can’t see them getting out of this without an improving fur market (and there’s no sign of that).

Presently, the industry is probably in its “Great Depression”. I’m no historian, but has there every been a worse time?

NAFA's problems all started with Walleyed getting a free dvd from Jim Gibb.

don't forget the informative newsletter.

Gibb never did give me a Free DVD.

Gibb wanted my name and address and I wouldn't give it to him.

Gibb was mad because I didn't want that International Trapper rag at $10.00 a pop.

Looks like Gibb should have stayed at FHA.

BOCO, where have you been hiding ?

w

FHA will have to hire back a few graders laid off at nafa to handle the extra fur.
I got booted for bad language,just normal canuck talk but offensive to some.Have to be more politically correct on here.
I keep forgetting this aint Canada.

Ranch market is to blame, I guessing 70 per cent nafa bussiness is ranch

poor management is to blame!

Welcome back, BOCO.

Nafa is so broke that they can't pay bills of a few hundred dollars. I mean there is basically no money to be had. Also found out that nafa lied about how much wealth they had in the first place.

I just hope all the guys that said "ship to nafa and cut the middle man out" had a great big load on this last sale. And hope you try it again this season.

Why is that ? I only had 1 coon leftover an bunch possums. They might figgure it out yet, but how long ? If they get this straighten out, possibly ship them again,if they dont or even if do, I wonder what happen fur prices? If not straighten out soon, or not at all, I can see prices going much lower with uncertain markets.

Why the spite? Were you a one-time buyer that got burned by trappers shipping to NAFA to get a higher price than local wholesale...? That's why I started to ship. I thought my last local guy (about an hour's drive away) was a good guy but didn't see why he should double what he got for my finished mrat skins by just re-bagging them. That was pretty good coin for 10 minutes of work...

From the conversation that is on-going... that if NAFA has played by the rules they set down... then NAFA is guilty of poor money management. I believe if I were a large investor NAFA, I would be trying to get a court ordered forensic audit of their books for at least the last 5 years if not 10. I thought it was suspicious earlier in the year when several of their top people left. We must remember that they have been doing more than selling fur. How many millions of dollars did they spend with trips around the world to showcase furs and too try to teach people how to Beaver etc.? I can't imagine how many millions they spent of this action. In this advertising venture alone, they would have had to pay for much of this up front … where did those millions come from?

My conclusion is therefore Kiting and Poor Money management. I don't personally know any of these people at NAFA, so I can't vouche for them either way, But I do know that sometimes Good people do bad things.

I would also add to that... that the rumors of Bankruptcy were likely leaks, but fact.

Garry-

If I were you coonman I would stay away from NAFA and their creative financing. You do as you see fit. They got the last fur from me

Long wait for all money but coon are good prices at nafa. No clue as to prices this season now, since this happen

In just hate to have only one selling venue. Good old groney will know have us by the short hairs.