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Re: NAFA Speaks again ....
[Re: nimzy]
#6654307
10/31/19 08:35 PM
10/31/19 08:35 PM
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Joined: Dec 2010
Posts: 11,183
Armpit, ak
Dirt
trapper
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trapper
Joined: Dec 2010
Posts: 11,183
Armpit, ak
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Maybe Warren Buffett will step in. Didn’t he always get motivated when there was blood in the streets?
Hudson Bay built an empire on being fur dealers. Then the auction system came along and caused this collapse. I suppose Hudson Bay knew the new model was flawed.
And dirt continued cheap fur trends will be our demise. The producers carry the load and get left behind. Cheap fur only kills fur farmers and business trappers.
Who is John Galt?
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Re: NAFA Speaks again ....
[Re: SNIPERBBB]
#6654506
10/31/19 11:11 PM
10/31/19 11:11 PM
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Joined: Sep 2010
Posts: 2,236
NE
Marty B
"arbitrary noob"
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"arbitrary noob"
Joined: Sep 2010
Posts: 2,236
NE
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There's something somewhat disturbing rumor going on with saga and nafa on Facebook. If true, I'm glad my check couldn't buy a pint of bait as it was a few holdovers and a few low grade stuff left up there. Hardly any one has facebook around here, what is the disturbing rumor, is it one we've heard yet.?
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Re: NAFA Speaks again ....
[Re: yukonjeff]
#6654524
10/31/19 11:51 PM
10/31/19 11:51 PM
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Joined: Dec 2008
Posts: 1,997
Kelowna BC Canada
trapper ron
trapper
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trapper
Joined: Dec 2008
Posts: 1,997
Kelowna BC Canada
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I find it amazing that they bounce checks and still can have a sale in Helsinki like nothing happened. I believe in the US we have laws against that. I wonder what foolish ranch mink seller would consign with NAFA now. except the ones in debt.
Did they all get paid ? NAFA will not have a sale in Helsinki. Saga Furs has completely taken over the ranch mink and do not want anything to do with the wild fur operations. Basically NAFA is done with both Ranch and Wild fur. I expect a News release tomorrow or Monday to do with all of this.
Member BCTA
Trapping Instructor
"It's what you learn after you know it all that really counts."
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Re: NAFA Speaks again ....
[Re: Actor]
#6654535
11/01/19 12:46 AM
11/01/19 12:46 AM
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Joined: May 2011
Posts: 16,577
Oakland, MS
yotetrapper30
trapper
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trapper
Joined: May 2011
Posts: 16,577
Oakland, MS
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There's something somewhat disturbing rumor going on with saga and nafa on Facebook. If true, I'm glad my check couldn't buy a pint of bait as it was a few holdovers and a few low grade stuff left up there. Hardly any one has facebook around here, what is the disturbing rumor, is it one we've heard yet.? LOL. I don't know very many people from here that are not on facebook, If this post references what I think it does, Terry mentioned it earlier. Fire sale tomorrow, with NAFA intending to keep all the proceeds.
~~Proud Ultra MAGA~~
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Re: NAFA Speaks again ....
[Re: SNIPERBBB]
#6654876
11/01/19 03:50 PM
11/01/19 03:50 PM
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Joined: Dec 2006
Posts: 1,089
Cheyenne Wyoming
Castormound
trapper
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trapper
Joined: Dec 2006
Posts: 1,089
Cheyenne Wyoming
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There's something somewhat disturbing rumor going on with saga and nafa on Facebook. If true, I'm glad my check couldn't buy a pint of bait as it was a few holdovers and a few low grade stuff left up there. Where are Facebook are you seeing this, I'd like to take a look see.
Antelope, the original fast food!!
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Re: NAFA Speaks again ....
[Re: Castormound]
#6654879
11/01/19 04:03 PM
11/01/19 04:03 PM
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Joined: Dec 2006
Posts: 20,038
SEPA
Lugnut
trapper
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trapper
Joined: Dec 2006
Posts: 20,038
SEPA
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There's something somewhat disturbing rumor going on with saga and nafa on Facebook. If true, I'm glad my check couldn't buy a pint of bait as it was a few holdovers and a few low grade stuff left up there. Where are Facebook are you seeing this, I'd like to take a look see. X 2
Eh...wot?
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Re: NAFA Speaks again ....
[Re: mttrapperguy]
#6654915
11/01/19 04:54 PM
11/01/19 04:54 PM
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Joined: Dec 2006
Posts: 1,089
Cheyenne Wyoming
Castormound
trapper
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trapper
Joined: Dec 2006
Posts: 1,089
Cheyenne Wyoming
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Maybe this question has been asked but what happens to the 2 lynx cats i have up there? They are $500 cats all day long. I'm with ya Bro, got 6 select 1/2 cats sitting up there
Antelope, the original fast food!!
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Re: NAFA Speaks again ....
[Re: Actor]
#6654947
11/01/19 05:37 PM
11/01/19 05:37 PM
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Joined: Feb 2013
Posts: 1,311
Northern Illinois
huntrap247
trapper
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trapper
Joined: Feb 2013
Posts: 1,311
Northern Illinois
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Latest e-mail from my agent;
This is a summary of Tuesday’s conference call, with the receiving agents from across the US and Canada, with Doug Lawson (CEO) and Rob Cahill (VP). Roughly seventy five percent of NAFA operations is ranch mink and twenty percent is wild fur. There is no separation of monies - all income is in one pot and all expenses are paid from the same pot. Ranch mink operations and unpaid auction purchases have hurt the company.
Here is a summary of that call:
1. NAFA no longer exists as a functioning fur auction operation. SAGA (European Ranch Mink) will now market what used to be NAFA Ranch Mink. NAFA Wild Fur will no longer exists.
2. A skeleton crew will remain in Toronto, Canada and Stoughton, Wisconsin to help with liquidation and closure (1 - 2 years).
3. Employees (outside of that skeleton crew) and receiving agents are terminated November 1, 2019.
4. NAFA's liabilities are with the Canadian Imperial Bank of Commerce (CIBC). The CIBC has financially locked down NAFA and any income goes right to the CIBC. It will continue to do that until their liability with CIBC has been satisfied.
5. In order to reduce their liability, NAFA will liquidate their assets by selling equipment, and real estate. As well as, collect outstanding money owed for purchases at previous sales and collect from ranch mink farmers that are indebted or sell their notes.
6. Once the liability has been satisfied with CIBC, NAFA intends to private treaty the inter-sorted fur in storage. Inter-sorted pelts will not be returned to the shippers. Inter-sorted is what we have at NAFA - the pelt is ticketed, graded, and has become a part of a "lot" containing many more pelts of the same grade. Owners of dealer lots (which I don't handle) can make arrangements with NAFA to retrieve them.
7. Once NAFA has income without liability, they will establish an order of payment for their debts. First is shippers whose checks, from the August sale (plus any banking fees), that did not clear prior to CIBC freezing NAFA’s accounts after September 17th (see note below). Second is unpaid wages for employees and then commissions and expenses due to receiving agents. Nothing is expected to be paid out to anyone until sometime next year.
9. NAFA said they'll also update shippers via news on their account pages. Apparently, some part of the website will remain in operation.
10. I do not know how the Wild Fur Shippers Council will handle the requests for a pro-rated return of membership dues. Stay tuned.
11. NAFA has plans to resolve these matters; the bankers, lawyers, and courts have their plans too. We will see how it plays out…
Note: If you have a NAFA auction proceeds check that was “returned to maker” or that you have not yet cashed or deposited please notify me. I have no way of knowing, unless you have told me. I will try to provide those of you in this situation updates.
Some people refuse to see the truth when you bludgeon them over the head with it.
Member FTA-17I NTA
NRA Patriot life member
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Re: NAFA Speaks again ....
[Re: Actor]
#6654952
11/01/19 05:46 PM
11/01/19 05:46 PM
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Joined: Dec 2006
Posts: 21,377
Alabama (Bama for short) 108 y...
Jtrapper
trapper
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trapper
Joined: Dec 2006
Posts: 21,377
Alabama (Bama for short) 108 y...
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As I said long long ago now, ranch fur will be the death of the fur trade in the end. Now that they have their market's established
screw the wild fur bunch, they are on their own.
I doubt any money will be left for shippers after all is said and done, be nice to know what amount they owe the bank.
Not my circus, not my clowns.
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Re: NAFA Speaks again ....
[Re: Actor]
#6654954
11/01/19 05:51 PM
11/01/19 05:51 PM
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Joined: Feb 2013
Posts: 1,311
Northern Illinois
huntrap247
trapper
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trapper
Joined: Feb 2013
Posts: 1,311
Northern Illinois
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Interesting to me if they can legally sell fur to pay debts.
It doesn't explicitly say they will, but I wouldn't put it past them . (and the bank)
I wonder if anyone has scoured their shipping agreement for details.
Some people refuse to see the truth when you bludgeon them over the head with it.
Member FTA-17I NTA
NRA Patriot life member
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Re: NAFA Speaks again ....
[Re: huntrap247]
#6654956
11/01/19 05:58 PM
11/01/19 05:58 PM
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Joined: Apr 2013
Posts: 4,044
WI
nimzy
trapper
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trapper
Joined: Apr 2013
Posts: 4,044
WI
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Latest e-mail from my agent;
[This is a summary of Tuesday’s conference call, with the receiving agents from across the US and Canada, with Doug Lawson (CEO) and Rob Cahill (VP). Roughly seventy five percent of NAFA operations is ranch mink and twenty percent is wild fur. There is no separation of monies - all income is in one pot and all expenses are paid from the same pot. Ranch mink operations and unpaid auction purchases have hurt the company.
Here is a summary of that call:
1. NAFA no longer exists as a functioning fur auction operation. SAGA (European Ranch Mink) will now market what used to be NAFA Ranch Mink. NAFA Wild Fur will no longer exists.
2. A skeleton crew will remain in Toronto, Canada and Stoughton, Wisconsin to help with liquidation and closure (1 - 2 years).
I find the contrary statements interesting. Everything lumped together, prior to liquidation, till SAGA stepped in. By leaving the wild fur did they leave the liability?
Last edited by nimzy; 11/01/19 05:59 PM.
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