Received this FAQ letter from NAFA today; December 5.
https://gallery.mailchimp.com/206c5...14355/2019_12_5_WF_NAFA_in_CCAA_FAQs.pdf

I wonder if Hillary Clinton wrote that letter? sounds a lot like her "we came under fire" story back in the 90's

Well it is good to know that NAFA is NOT bankrupt. Haha. We have been wrong this whole time!

Maybe not how it is in Canada but I believe they would be under Chapter 11 bankruptcy here.

Anyone up to shipping more fur to NAFA if they get the go ahead to receive more?

I would.

I would also especially if it coincides with the liquidation sale.

It would appear they want to turn a buck off the fur they still hold. Fair market value, not highest prices.

Its that line of thinking that should get a tremendous amount of fur buyers there for that auction. It may not go as cheaply as one would think.

"10. The Applicants have custody of goods that have been purchased and fully paid for by
customers but have not been shipped since the date of the auction at which they were
purchased. "

"In addition to purchased goods, the Applicants have custody of pelts delivered by third
parties for sale by NAFA (approximately 1,000,000 pelts valued at approximately $25
million as detailed in the Lawson Affidavit). Both farmed pelts and wild pelts are delivered
to NAFA for sale at its auctions. The pelts currently held by the Applicants include pelts
delivered for sale at previous auctions that remain unsold and pelts that have been delivered
for sale at future auctions"

25 dollar a pelt average........2,750.000 in commission at their value but......that has to be a lot of farmed mink.

"Wisconsin Properties
50. The Wisconsin Properties consist of two separate lots. One is an office property and the
other is a grading and warehousing facility. They are in close proximity to one another in
Stoughton, Wisconsin. The Applicants intend to lease the Wisconsin Properties to Saga on
a short-term basis through the spring of 2020 (likely through to May 31 or June 30, 2020
but discussions relating to the lease terms are still ongoing).
51. This will allow Saga to receive the relevant pelts as contemplated by the Saga Arrangement.
Once this is complete and the pelts are auctioned, the building will be sold. The Monitor
understands that lease negotiations have begun with Saga. "

"Van Ansem Group (being a collection of farms under one corporate umbrella) "

I wondered who this was. It appears to be Dutch farmers running out of the Netherlands that NAFA owes around $10 million to.

NAFA is doing a good job of stringing everyone along with these small notes and tidbits every little while. Seems as though they are like the hot stripper at the club. Folks get tired of the tease and then they let you touch just a little bit. I know there are implications to the market and what not but I don't know if i could ever trust this company again. It would need to be restructured and even then i would likely go elsewhere. But i suppose coonman will be pumped to here the potential. Lol.

When you are being ordered to sell your assets that you use to operate your business, you are not reorganizing, you are going out of business.

NAFA, whats up with NAFA?..............Just kidding, relax!

Really, even now they wont tell the truth.

Well you can always re build or buy new once the smoke clears.

I think it is pretty clear that they are going out of the ranch mink business with the transfer of that to SAGA. And since ranch mink was probably 70% of their volume, they sure do not need the same assets to try to stay in the wild fur business.

When all of this first came crashing down, it did not seem to me that any portion of NAFA was going to survive at all. A lot of water has run under the bridge since the initial announcements and now it does appear that they are trying to salvage a portion of the business through the reorganization process. At least, this last Q&A sure makes it sound that way.

And they are starting to address at least some of the many questions about fur that they have on hand and other issues like the outstanding bad checks. Whether it works out like they think it might or not remains to be seen.

And has anyone read through the documents and seen any mention of the WFSC Membership funds and how that may be addressed?