What's chapter 11?

little bigger than chapter 10

I talked to a NAFA employee today at fur school. We are good friends and he wouldn't say anything about what's going on. But he did say within 72 hours everything will come to light ad the cat will be out of the bag.
He also said that T man posters don't have a clue on what has happened or what's going to happen. So I wouldn't be giving up hope just yet.

gotta believe the damage is done.

The old cks will NEVER be good.Tha bank account is closed. NAFA will make a statement as to the cks soon. Be patient and count your blessings.

Me either. I feel one (This word is unacceptable on Trapperman) of a lot better today than I did a week ago.

To me for the one say the one T man don't have clue for what is going on because of that NAFA dose not want to tell there shippers what is going on for what do say is only what they only want us to think is going on then what is and bounce the checks. For what that one say prove that .

Your friend sounds like a company man. Wrong guy to talk to. Got find the employees that are a little irritated with nafa. Then you get the truth.

I guess we will just have to wait and see. He told me that there are only 5 individuals that know how this going to shake out. So I'm sure the disgruntled employees aren't In the loop. Be patient grasshopper.

No wonder we don't know whats going on, they don't tell us squat. I bet a lot of what we say on here is the truth whenever it comes out-if it ever does.

It's gonna be OK. I'll give em whatever support I can.

Oh, Beav. Really? They tell trappers to pound sand, lose financial credibility with the bank they have been working with for years, bounce checks all over north america, going radio silent, and you expect a rabbit out of the hat?!
Good grief. You are either sitting on a huge pile of bogus nafa checks and praying, or you have lost your marbles.

Good or bad the facts will come out soon. Nafa will either be still In the wild fur game or they won't.
My check didn't bonce.

Well, wait a minute: I assumed that when they issued an official statement that their bank dropped the ball, that was the truth. Then the letter/statement that all checks and fees were covered by the "new bank". Then SAGA will cover it, no problem.
In the next week, I forecast rain.

Talk is cheap and time will tell .

Beav, you got real lucky or you had small checks to cash. I was told if I want to pay more bonced check fees, to run the checks through my bank again. Bonce was your word, not mine Beav. Don't know if bonce means the same thing as bounce, but only the Beav. knows.
Was told that certain things might be known the first of next week. I think they are pretty sure about ranch Mink, not so sure about wild fur. Then the problem of,even if Saga decides to go ahead with the wild fur, will they pick up the tab on wild fur that was sold on the last auction. Lots of variables we talked about today.
I am thankful I started to diversify several years ago. I will have my markets on Beaver pelts, Beaver castor, Rats, Coyotes, and Mink. Coon on my markets will be a tough sell. Otter is a tough item and Red and Grey Fox will be tough. I hope MR. Phil didn't have a lot of Fox stored at NAFA.
The fur world will be a different place if NAFA folds on wild fur. I started selling to Dominion Soudak in 1962 or 63 or some time around there. Then started at the Bay in 65 or 66 I think. All I know is it has been a heck of a ride. One I am proud of being a part of. I was one of the founding members of the wild fur council. I met people from all over the world and these people were, good people. My wife and I always liked to get to the auction house early on sale days so we could sit and watch the buyers come in with a good looking gal, on each side of their body. All the Ladies were decked out in fur. In time we got to meet some of the buyers and did a bit of socializing with them.
It has been a great life and one I would never trade with not a Soul on this Earth. Even though I will still be buying fur for several seasons yet, I do know that my ride on the fur train is just about over.

So NAFA is insulting the Trapperman posters in they do not know what is going on, and from the above letter, the Trapperman posters have had this right from the start in NAFA blew it on ranch fur, did not have the markets, went "bankrupt", tried to get the regime in Canada to bail them out for millions in loans which fell through, left customers in the dark and with bad checks, and have now appeared in a SAGA takeover. SAGA is a Finnish auction house which prides itself on a RESPONSIBLE and ETHICAL choice in Europe.That means European regulations are coming to Canada and America. SAGA is in control not NAFA. With all the harping Europeans do about North American fur taking methods, and SAGA only deals with top quality furs, it should be easy to follow this trail where it is going. This appears to be tapping the high end furs for a monopoly out of Canada and the States and dump the rest as furs which will be rejected.
SAGA only entered this deal for the cream and I highly doubt if those at NAFA calling Tman posers ignorant are the cream, and within 5 years, these incompetent managers who bet on ranch fur, will be replaced with Europeans who will operate under the European Union's regulations.

Chapter 11 is an action when they file to be able to write-off certain items, and they want to reorganize, but then there is a person or a panel of people that are charged by the court to over see what happens. There are times when the court has stepped in and stopped the action, because what they wanted to do in not feasible in the long run. The corporation filling the action can select who they want to pay and how much and then the court decide if that is reasonable and fair. The court can also tell them they have to pay so much on the dollar. Believe me it isn't much. I was involved in one some years back when I had a business and I was only owed like $300 and I ended up getting a check for a little more than a buck fifty. The people or companies with standing claims are usually categorized and the high class you are in the more you get of what you are owed. Like banks are usually sitting right at the top of the list, the little guy gets the hind teat. I hope this explains so it make sense. But again that is Canada so God only knows how it will work there.

Garry-

This^^^^^^^^^^^^. Being realistic seems to be a rare commodity here! This man is as close as anyone knows. Good luck, boys!

FHA,Groeny's,and Warren Crum ROCK.