This seeems like good policy right here

I wonder how long some ranchers will have to pay back to SAGA the loans that they are covering for them now? For the survivors there may well be several years of minimal margins until they repay their debts. Sure makes me feel quite free when I have a limited amount of assets in the fur business and not much of my annual income needs coming from fur.

I agree with Dirt on the restructure aspect. It will take some time but in a few months we will all find out if the restructuring will allow a new emergence of a firm or if not enough collateral, something akin to chapter 7 US.
I don't know the Canadian laws well enough that if a restructuring is doable if unsecured creditors will get paid back some or all of what is owed over time. In chapter 7 unsecured creditors seldom get paid back.

On the bright side if there is any filing for bankruptcy is "what you do to others" Foreclosure "is what creditors do to you". In the US bankruptcy judges are assigned to reorgs and the negotiations are done in an attempt to make the firm or new association viable. In this situation we don't have enough info to know what the status is. If SAGA and other foreign auction sites are what will sell ranch fur in the future, that is just another added cost to US producers to ship the fur over to be sold. In the past buyers covered those costs.

Bryce

“To err is human, to forgive, divine.”
Alexander Pope

Reckon I want get paid for the two rabbit backed cats I had up there. Haven't used NAFA since prices went south, other than these two cats, because didn't see no need waiting around 6 months for a check for southern skins. I know a lot of you got stuck with a lot more. Guess I'll join the boycott of any future NAFA if they are unwilling to return or make good on trappers pelts.

'Thank you sir. May I have another?'

Kevin Bacon

I hate to say this... but I have been saying this is EXACTLY what going on and going to happen... since the idiots bounced the first checks. I am old and been around long enough to have seen this happen to many times. All of the wooden ducks fell, all in row.. it was so predictable … but nothing any of us could do anything about it. Now everyone just must remember the signs and signals that played out... it can happen to any business. I am just so very sorry this all had to happen to such a large group of hard working men and women trappers. God Bless you all.

Garry-

Forgive, yes, if I loaned a friend $100 and they never paid it back I would forgive the debt and not break off the friendship.......buuuut I sure wouldn’t loan them another hundred. theres a difference in being forgiving and being a fool.

Thanks some real info

I just want to know if I am going to keep getting my magazine subscription that I didn't order but had to pay for.

Never liked their way of running a business, so I won't ship to them unless there are noticeable changes if they survive this.

Without sales and NAFPRO how is NAFA going to raise money to pay off debts? Liquidation. If you liquidate too much stuff you need to operate an Auction or NAFPRO then how do you run a future business after you pay off debts? What bank is going to loan money to the above business model?


Air Canada said it will keep flying while the restructuring is in progress, saying it has lined up $700 million US in special "debtor-in-possession" financing to keep operating while it restructures.

In 2004, Stelco had financial difficulties and went under court-ordered protection from its creditors, including the Deutsche Bank. Stelco exited Companies' Creditors Arrangements Act (CCAA) protection on March 31, 2006.[8] Several non-core operations were divested, including Stelwire, Norambar (formerly Stelco McMaster Works) and Welland Pipe. The CCAA exit has seen the remaining operations restructured into 9 separate operating businesses, held by the corporate entity of Stelco.
On August 27, 2007, U.S. Steel purchased Stelco for $1.9 billion – $1.1 billion in cash and assuming $800 million in debt.[citation needed] The company was renamed Hamilton Works – US Steel Canada. The deal closed on October 31, 2007. The company was renamed U.S. Steel Canada Inc. and its shares were delisted from the Toronto Stock Exchange.

bass tards....sorry its almost a cuss word...thank God for my pension check....

anyone else got last years best Marten sitting with them?

The fur mkt has fallen apart before.




In fact natural resources extraction industries are a case study in boom/bust business cycles.




This is just the first time it's happened with an internet to act as an outrage echo chamber/ multiplier.

Ya. 18 of the higher grades

If they are inter-sorted in dealer lots......and the dealer wants them back, the dealer have to pay the appraised value of your skins to get their bundles back. Bundles are 200 skins.
Go back to the last auction and make sure you print out what they were valued at and did not sell.

Has anybody sent an email requesting to know what they will be doing with your unsold fur and when they will be doing something.
I know these things take time to work out but I want little more of an answer then was give in their release.
I don't have many pelts in there inventory but I like to have them back if possible.

First time your a victim second time your a fool

There is a lot of stuff going on at NAFA right now and unfortunately the unsold wild fur is not their top priority. I realize that it is a top priority to the shippers with wild fur there. As has been stated multiple times before, ranch mink is the biggest part of NAFA and they most likely are dealing with that portion of the business first. Fact of life.

For all of you with fur at NAFA and have an online account, I would suggest you log into your account and print out as much documentation as you can to substantiate what Fur you have there, values, when it was offered for sale. Basically anything to do with your account.

In my opinion, at some point that information is going to go away on the internet and when the time comes and they deal with the unsold wild fur, you will be able to document what you have there.

I heard that it is going to take 1-2 years to completely shut down NAFA.

1to 2 years to shut down sounds hopeless. I’m getting mixed messages