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Re: Nafa now gone [Re: wissmiss] #6671779
11/21/19 03:11 PM
11/21/19 03:11 PM
Joined: Aug 2008
Posts: 16,171
ny
U
upstateNY Offline
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ny
Originally Posted by wissmiss
You are going to confuse coonman220. smile

LOL,,not as much as coonman confuses me!


the wheels of the gods turn very slowly
Re: Nafa now gone [Re: nimzy] #6671786
11/21/19 03:23 PM
11/21/19 03:23 PM
Joined: Aug 2008
Posts: 16,171
ny
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upstateNY Offline
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ny
Originally Posted by nimzy
Quote
dirt

Deloitte The 5 million is not going to be all spent on advances. Just some of it. Starving kits was the main justification for the loan.

"URGENT NEED FOR FILING AND OVERALL RESTRUCTURING THESIS

26.The Applicants are seeking relief under the CCAA in order to obtain DIP Financing to fund its now overdue obligations to its farming constituents, who are in the end stages of cultivating kits for this season."

"The DIP Financing is critical to the Applicants. The Applicants have already made significant capital investments by way of Kit Loans in preparation for the harvest. As shown in the Cash Flow Forecast, the Applicants run out of liquidity in the week ended November 8, 2019 to continue to fund those Kit Loans to allow the farmers to feed the mink."


This is looking like margin calls for mink ranchers. Any predictions on next years crop?

must be nice.Anything I ever raised I had to feed with my own money.I must be doin somethin wrong!! smile

Last edited by upstateNY; 11/22/19 09:55 AM.

the wheels of the gods turn very slowly
Re: Nafa now gone [Re: Rat Trapper Sr.] #6672131
11/21/19 09:52 PM
11/21/19 09:52 PM
Joined: Jan 2007
Posts: 1,047
Iowa
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mink99 Offline
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mink99  Offline
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Iowa
You guys realize that this is borrowed money right? Meaning ranchers have to pay it back. Not stolen from trappers.


ITA, NTA, FTA
Re: Nafa now gone [Re: mink99] #6672282
11/22/19 12:45 AM
11/22/19 12:45 AM
Joined: May 2011
Posts: 16,512
Oakland, MS
yotetrapper30 Offline
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yotetrapper30  Offline
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Posts: 16,512
Oakland, MS
Originally Posted by mink99
You guys realize that this is borrowed money right? Meaning ranchers have to pay it back. Not stolen from trappers.


Unless the pelts don't bring enough to pay the feed bills, huh?

How can you possibly believe that it's okay for ranchers to get ADVANCES..... LOANS..... from NAFA when NAFA still owes wild fur trappers actual debts?!?!?

I get that you're a rancher, but come on.... even as a rancher you can't possibly justify this.... can you???


~~Proud Ultra MAGA~~
Re: Nafa now gone [Re: Rat Trapper Sr.] #6672301
11/22/19 01:23 AM
11/22/19 01:23 AM
Joined: Dec 2015
Posts: 169
Wenatchee, Washington
T
TrappedOut Offline
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Wenatchee, Washington
Wait a second.... i thought mink farms were good for the wild fur market? grin

Re: Nafa now gone [Re: TrappedOut] #6672321
11/22/19 05:43 AM
11/22/19 05:43 AM
Joined: May 2010
Posts: 28,978
potter co. p.a.
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pcr2 Offline
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Originally Posted by Vlischka
Wait a second.... i thought mink farms were good for the wild fur market? grin

he he he









Re: Nafa now gone [Re: Rat Trapper Sr.] #6672351
11/22/19 06:47 AM
11/22/19 06:47 AM
Joined: Apr 2013
Posts: 3,971
WI
N
nimzy Offline
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nimzy  Offline
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Posts: 3,971
WI
Too many obligations for a well that’s run dry. Blame Nafa, blame mink ranchers, Antis, China Trump even other trappers. Sad to tell ya, moving forward without them....BOHICA! AA!

It’s too bad this thing should’ve been headed towards recovery.

Last edited by nimzy; 11/22/19 08:29 AM.
Re: Nafa now gone [Re: yotetrapper30] #6672504
11/22/19 10:48 AM
11/22/19 10:48 AM
Joined: Dec 2010
Posts: 11,135
Armpit, ak
D
Dirt Offline
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Dirt  Offline
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Armpit, ak
Originally Posted by yotetrapper30
Originally Posted by mink99
You guys realize that this is borrowed money right? Meaning ranchers have to pay it back. Not stolen from trappers.


Unless the pelts don't bring enough to pay the feed bills, huh?

How can you possibly believe that it's okay for ranchers to get ADVANCES..... LOANS..... from NAFA when NAFA still owes wild fur trappers actual debts?!?!?

I get that you're a rancher, but come on.... even as a rancher you can't possibly justify this.... can you???


The loan is not for paying even the secured creditors. The loan and the expenditures are approved by the monitor. The loan is so NAFA can maybe generate some revenue to possibly end up paying their creditors. Short term loan, high interest, and Saga buying their Polish Kit loans ( must be good loans) for 3.6 million they may be able to pay this back. If NAFA folds, probably no chance trappers get paid or their fur back.


Who is John Galt?
Re: Nafa now gone [Re: Rat Trapper Sr.] #6672546
11/22/19 11:36 AM
11/22/19 11:36 AM
Joined: Jan 2007
Posts: 1,047
Iowa
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mink99 Offline
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Iowa
So nafa who is basically in bankruptcy has been given money to give ranchers loans? That makes no sense. Who needs a loan this time of year? It is pelting time and it is eight months late for kit loans.

You guys do realize that nafa owes more money to ranchers than trappers, right?


ITA, NTA, FTA
Re: Nafa now gone [Re: mink99] #6672556
11/22/19 11:51 AM
11/22/19 11:51 AM
Joined: Jan 2014
Posts: 610
Wyoming
T
thedude055 Offline
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Joined: Jan 2014
Posts: 610
Wyoming
Originally Posted by mink99
So nafa who is basically in bankruptcy has been given money to give ranchers loans? That makes no sense. Who needs a loan this time of year? It is pelting time and it is eight months late for kit loans.

You guys do realize that nafa owes more money to ranchers than trappers, right?



Mink I think most probably realize that. With Ranch Mink being such a large portion of their revenue stream to begin with it is only logical money owed on that side of things is higher than what is on the wild fur side. But on another note as well the concerns expressed on here are likely going to be one sided and very heavy onto the trapping side because frankly most on here either don't care about the ranch mink side or don't know about it at all. I am the latter of that for sure.

If I were to however look at this from a business perspective. If I was running a business with two different revenue type streams and was facing serious financial times I would have to make the decision as to what type of work to continue to remain or attempt to become profitable again. That may mean getting rid of one revenue stream altogether if the margins do not pencil out. Basically putting my eggs in one basket. It would seem by what we have been told and seen that NAFA has done jus that with ranched mink. Completely eliminating for the time being at least the wild fur avenue.

Trappers biggest concerns are going to be about themselves in this time first. Their furs and the bounced checks for the individuals and then the wild fur market for the group. Ranch Mink will likely remain a negative to the group as it is coming in from the outside honestly.


Owner Wind River Trapping Supplies
Re: Nafa now gone [Re: mink99] #6672567
11/22/19 12:11 PM
11/22/19 12:11 PM
Joined: Dec 2010
Posts: 11,135
Armpit, ak
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Dirt Offline
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Posts: 11,135
Armpit, ak
Originally Posted by mink99
So nafa who is basically in bankruptcy has been given money to give ranchers loans? That makes no sense. Who needs a loan this time of year? It is pelting time and it is eight months late for kit loans.

You guys do realize that nafa owes more money to ranchers than trappers, right?


You do understand mink ranchers owe NAFA millions right? Not trappers. Hence, the liquidity problem.


Who is John Galt?
Re: Nafa now gone [Re: Dirt] #6672572
11/22/19 12:18 PM
11/22/19 12:18 PM
Joined: Jan 2007
Posts: 1,047
Iowa
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mink99 Offline
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Iowa
Originally Posted by Dirt
Originally Posted by mink99
So nafa who is basically in bankruptcy has been given money to give ranchers loans? That makes no sense. Who needs a loan this time of year? It is pelting time and it is eight months late for kit loans.

You guys do realize that nafa owes more money to ranchers than trappers, right?


You do understand mink ranchers owe NAFA millions right? Not trappers. Hence, the liquidity problem.


Yes, and it is almost all overseas ranches. This is NAFA’s fault. Nobody else’s. Nafa approved the loans in a bad market.

Mink have to eat, luckily trappers don’t have to feed their catch.


ITA, NTA, FTA
Re: Nafa now gone [Re: Rat Trapper Sr.] #6672580
11/22/19 12:26 PM
11/22/19 12:26 PM
Joined: Jan 2014
Posts: 297
Oregon
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Catpincher Offline
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Oregon
I would think the better managed mink ranches are not happy with NAFA and the bankers unsustainable build up of the ranched fur market. Maybe some of them will be looking at other marketing avenues. NAFA maybe only left with the highly leveraged operations. What do I know I'm only pondering this subject.

Re: Nafa now gone [Re: Rat Trapper Sr.] #6672582
11/22/19 12:29 PM
11/22/19 12:29 PM
Joined: Dec 2010
Posts: 11,135
Armpit, ak
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Dirt Offline
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Armpit, ak
And what is NAFA? A mink farmers market coop controlled by North American mink farmers. Why were you letting your company invest in your competetor's operations in Europe? crazy


Who is John Galt?
Re: Nafa now gone [Re: Rat Trapper Sr.] #6672585
11/22/19 12:32 PM
11/22/19 12:32 PM
Joined: Jan 2007
Posts: 1,047
Iowa
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mink99 Offline
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Iowa
Lucky we won’t ever have to hear from nafa again. There isn’t one mink rancher and most trappers that wouldn’t give nafa another fur. Nafa lied to as many people as they could about their wealth and cheated everyone out of their money too.


ITA, NTA, FTA
Re: Nafa now gone [Re: Dirt] #6672590
11/22/19 12:36 PM
11/22/19 12:36 PM
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Posts: 1,047
Iowa
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mink99 Offline
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Iowa
Originally Posted by Dirt
And what is NAFA? A mink farmers market coop controlled by North American mink farmers. Why were you letting your company invest in your competetor's operations in Europe? crazy


Because it was supposed to help the company per upper managements research, which turned out to be faulty.


ITA, NTA, FTA
Re: Nafa now gone [Re: Rat Trapper Sr.] #6672594
11/22/19 12:43 PM
11/22/19 12:43 PM
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Posts: 28,978
potter co. p.a.
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pcr2 Offline
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wait,wait,wait,whats wrong at NAFA??









Re: Nafa now gone [Re: Rat Trapper Sr.] #6672595
11/22/19 12:43 PM
11/22/19 12:43 PM
Joined: Dec 2010
Posts: 11,135
Armpit, ak
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Dirt Offline
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Armpit, ak
NAFA will see a lot of ranch mink per contract for the kit loans, unless SAGA buys all the contracts. I would think SAGA will steer clear of the the bad ones?


Who is John Galt?
Re: Nafa now gone [Re: Rat Trapper Sr.] #6672615
11/22/19 01:18 PM
11/22/19 01:18 PM
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Posts: 45,271
james bay frontierOnt.
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james bay frontierOnt.
Ole herman and the boys must have studied at the Madoff school of economics.


Forget that fear of gravity-get a little savagery in your life.
Re: Nafa now gone [Re: Rat Trapper Sr.] #6672617
11/22/19 01:19 PM
11/22/19 01:19 PM
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potter co. p.a.
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pcr2 Offline
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and he aint talkin peewee. laugh









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