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Jan 27, 2020 - NAFA Letter #6747355
01/27/20 10:09 PM
01/27/20 10:09 PM
Joined: Sep 2008
Posts: 6,683
Newark, Ohio 83 years
Actor Offline OP
trapper
Actor  Offline OP
trapper

Joined: Sep 2008
Posts: 6,683
Newark, Ohio 83 years
I didn't see this posted so here goes …………

======================

January 27, 2020

Dear NAFA Customers, Producers and Supporters:

It has been some time since we last communicated about NAFA’s current circumstances and we wanted to provide an update on all that has been going on with the Company over the last few weeks/months.

It has been an oddly busy time at NAFA with different kinds of priorities than normal, and a whole new regime of rules to adapt to. For those who are interested, there is information about recent activities at NAFA in the public domain that can be accessed through our Monitor’s (Deloitte) web portal at: https://www.insolvencies.deloitte.ca/en-ca/pages/NorthAmericanFurAuctionInc.aspx.

Since entering into the CCAA process on October 31, 2019, our priority, along with the Monitor, is to maximize Company assets in order to service our creditors and to protect consignor and buyer goods in our possession.

During November and December of 2019, NAFA took complete stock of all its assets, developed a plan and protocol to deal with these assets as well as consignor goods on hand. We also began the process of selling a number of our European kit loans to Saga Furs as well as licensing the Blackglama trademark to them for one year. We communicated with our creditors and reported to the court on all of these matters.

Through a number of court hearings, we have managed to achieve some positive results for our consignors and buyers. For one, the Court has declared that consigned pelts are not a NAFA asset, they belong to the consignor. Therefore, they are safe at NAFA from claim by creditors. As a result, the Court has also declared that fully lotted consignor goods can be withdrawn/returned to the consignor, providing the account does not have outstanding balances. In addition, this has allowed us to receive an order from the Court that we can sell consigned merchandise and ensure that the consignor will receive the appropriate proceeds through the Monitor. Please contact NAFA at dealerservices@nafa.ca if you have questions about the return of any pelts that you have at NAFA.

While all of these declarations require strict administrative protocols and processes, they are positive developments and the release of fully lotted consignor goods is now well underway. At the same time, we are exploring the best way to maximize the value for previously offered and unsold merchandise, dealer, or re-consigned goods through Private Treaty and/or selling at auction in some way. More on this will be announced in the near future. However, there will be no attempt to sell goods at vastly discounted prices relative to the actual market.

On January 6, 2020, NAFA closed the sale of its Toronto Distribution Centre. The net proceeds from this building sale, combined with buyer accounts receivable receipts and pelt advances collected under our deal with Saga Furs have been, in large measure, used to pay down the bank debt. The full amount of the bank debt will not likely be paid until after the June auctions (ie., a lot of goods have been slated for this sale period) but from that time on, NAFA should be starting to collect money that can go to helping to satisfy other creditor claims.

So, apart from collecting money, what else is the Company doing? In short, we continue to focus on realizing as much value from the Company assets as possible all while trying to support the trade as best we can in our current condition. NAFA management is also looking at ways that we may continue to provide services to the fur trade. Any further structure is conditional on generating additional value for our creditors and stakeholders. We clearly recognize that it is our primary responsibility to pay off our debts to the fullest extent possible. While this may be a good year to be less active in the fur business according to current market reports, the Company would like to find ways to support our industry going forward if at all possible, but that remains to be seen.

We know that all of NAFA’s latest developments have deeply hurt and disappointed many people as well as many interests throughout the fur trade. I can only say that the Company did all that it could to chart a vastly different path for our business over the last year. While we work our way through this challenging process, the current market conditions will continue to impact our ability to find solid footing. However, if history proves one thing, the fur business is resilient and most players in our industry remain committed to its ongoing success. Therefore, I would say that the story of NAFA is not yet fully written and everyone remaining at the Company will continue to do all that we can to fully satisfy our obligations while, if possible, trying to conceive of a new future for our business.

Best wishes for a successful 2020 season!

Sincerely,


Douglas Lawson
President & CEO

Last edited by Actor; 01/27/20 10:09 PM.

“Don't pick a fight with an old man. If he is too old to fight, he'll just kill you.”

Have been trapping 77 years…
Re: Jan 27, 2020 - NAFA Letter [Re: Actor] #6747419
01/27/20 11:08 PM
01/27/20 11:08 PM
Joined: Nov 2010
Posts: 1,654
Idaho
V
vegasjim Offline
trapper
vegasjim  Offline
trapper
V

Joined: Nov 2010
Posts: 1,654
Idaho
Tty

Re: Jan 27, 2020 - NAFA Letter [Re: Actor] #6747436
01/27/20 11:27 PM
01/27/20 11:27 PM
Joined: Dec 2006
Posts: 21,342
Alabama (Bama for short) 108 y...
Jtrapper Offline
trapper
Jtrapper  Offline
trapper

Joined: Dec 2006
Posts: 21,342
Alabama (Bama for short) 108 y...
Blah blah blah, nothing change's around there. Never had any credibility and never will.


Not my circus, not my clowns.
Re: Jan 27, 2020 - NAFA Letter [Re: Actor] #6747484
01/28/20 12:26 AM
01/28/20 12:26 AM

M
Mark June
Unregistered
Mark June
Unregistered
M



I sure miss the kitties I sent up there.

Re: Jan 27, 2020 - NAFA Letter [Re: Actor] #6747643
01/28/20 08:42 AM
01/28/20 08:42 AM
Joined: Nov 2018
Posts: 695
Ontario
S
Saskfly Offline
trapper
Saskfly  Offline
trapper
S

Joined: Nov 2018
Posts: 695
Ontario
" The full amount of the bank debt will not likely be paid until after the June auctions (ie., a lot of goods have been slated for this sale period) but from that time on, NAFA should be starting to collect money that can go to helping to satisfy other creditor claims. "

What June Auction?

Re: Jan 27, 2020 - NAFA Letter [Re: Saskfly] #6747682
01/28/20 09:25 AM
01/28/20 09:25 AM
Joined: Feb 2010
Posts: 8,459
Henderson, N.Y. Jefferson Co.
W
walleyed Offline
trapper
walleyed  Offline
trapper
W

Joined: Feb 2010
Posts: 8,459
Henderson, N.Y. Jefferson Co.
Originally Posted by Saskfly
" The full amount of the bank debt will not likely be paid until after the June auctions (ie., a lot of goods have been slated for this sale period) but from that time on, NAFA should be starting to collect money that can go to helping to satisfy other creditor claims. "

What June Auction?


Coonman220 better get his coon sets deployed !!!

"Let the good times roll" !!!! laugh


"Provisional/Interim" member of NYS Trappers Association
Jefferson Co. Fur Harvesters

I Support Non-Resident Trapping



Re: Jan 27, 2020 - NAFA Letter [Re: ] #6747711
01/28/20 09:49 AM
01/28/20 09:49 AM
Joined: Dec 2006
Posts: 62,661
Minnesota
330-Trapper Offline

trapper
330-Trapper  Offline

trapper

Joined: Dec 2006
Posts: 62,661
Minnesota
Originally Posted by Mark June
I sure miss the kitties I sent up there.

Wow that would smart...


NRA and NTA Life Member
www.BackroadsRevised@etsy.com




Re: Jan 27, 2020 - NAFA Letter [Re: Actor] #6747722
01/28/20 09:53 AM
01/28/20 09:53 AM
Joined: May 2010
Posts: 28,978
potter co. p.a.
P
pcr2 Offline
"Twerker"
pcr2  Offline
"Twerker"
P

Joined: May 2010
Posts: 28,978
potter co. p.a.
crazy









Re: Jan 27, 2020 - NAFA Letter [Re: Actor] #6747838
01/28/20 11:31 AM
01/28/20 11:31 AM
Joined: Jun 2012
Posts: 3,829
KY.usa
rex123 Offline
trapper
rex123  Offline
trapper

Joined: Jun 2012
Posts: 3,829
KY.usa
Why with all the debt they have and still owing money to trappers why are they still paying each other bonuses?

Last edited by rex123; 01/28/20 11:49 AM.
Re: Jan 27, 2020 - NAFA Letter [Re: Actor] #6747849
01/28/20 11:44 AM
01/28/20 11:44 AM
Joined: Nov 2011
Posts: 947
Pennsylvania, 1B
PaRay Offline
trapper
PaRay  Offline
trapper

Joined: Nov 2011
Posts: 947
Pennsylvania, 1B
NAFA going to shine again!

Re: Jan 27, 2020 - NAFA Letter [Re: ] #6747872
01/28/20 12:08 PM
01/28/20 12:08 PM
Joined: Dec 2006
Posts: 1,088
Cheyenne Wyoming
C
Castormound Offline
trapper
Castormound  Offline
trapper
C

Joined: Dec 2006
Posts: 1,088
Cheyenne Wyoming
Originally Posted by Mark June
I sure miss the kitties I sent up there.



Yup, and they weren't my bad ones either.


Antelope, the original fast food!!
Re: Jan 27, 2020 - NAFA Letter [Re: Castormound] #6747878
01/28/20 12:15 PM
01/28/20 12:15 PM
Joined: Mar 2007
Posts: 35,129
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
white17  Offline

"General (Mr.Sunshine) Washington"
W

Joined: Mar 2007
Posts: 35,129
McGrath, AK
Originally Posted by Castormound
Originally Posted by Mark June
I sure miss the kitties I sent up there.



Yup, and they weren't my bad ones either.


It SOUNDS as though you can request that they return them.


Mean As Nails
Re: Jan 27, 2020 - NAFA Letter [Re: Actor] #6747887
01/28/20 12:19 PM
01/28/20 12:19 PM
Joined: Dec 2006
Posts: 1,602
smithfield, virginia
F
flash Offline
trapper
flash  Offline
trapper
F

Joined: Dec 2006
Posts: 1,602
smithfield, virginia
thanks actor for the heads up. dang it anyways.....

Re: Jan 27, 2020 - NAFA Letter [Re: rex123] #6747890
01/28/20 12:23 PM
01/28/20 12:23 PM
Joined: Dec 2006
Posts: 62,661
Minnesota
330-Trapper Offline

trapper
330-Trapper  Offline

trapper

Joined: Dec 2006
Posts: 62,661
Minnesota
Originally Posted by rex123
Why with all the debt they have and still owing money to trappers why are they still paying each other bonuses?

Thats what Corporates do before lights Out!


NRA and NTA Life Member
www.BackroadsRevised@etsy.com




Re: Jan 27, 2020 - NAFA Letter [Re: Actor] #6747895
01/28/20 12:29 PM
01/28/20 12:29 PM
Joined: Dec 2010
Posts: 11,135
Armpit, ak
D
Dirt Offline
trapper
Dirt  Offline
trapper
D

Joined: Dec 2010
Posts: 11,135
Armpit, ak
Auction
(dd)
FHA has agreed in principle to conduct its March auction at NAFA’s Skyway Property from March 24 to 31, 2020, if certain terms are met (the “Auction”);
(ee)
The Applicants and FHA are still negotiating the terms of such Auction but expect to have an agreement in place by the time of the extension hearing;
(ff)
the Auction provides the Applicants an opportunity to sell its wild fur, and its owned or consigned inventory, in order to provide the Applicants with additional liquidity during, or just following the Stay Period;

The latest motion jan 27


Who is John Galt?
Re: Jan 27, 2020 - NAFA Letter [Re: Actor] #6747909
01/28/20 12:41 PM
01/28/20 12:41 PM
Joined: May 2010
Posts: 28,978
potter co. p.a.
P
pcr2 Offline
"Twerker"
pcr2  Offline
"Twerker"
P

Joined: May 2010
Posts: 28,978
potter co. p.a.
is something wrong at ..................ah never mind









Re: Jan 27, 2020 - NAFA Letter [Re: Actor] #6747922
01/28/20 01:01 PM
01/28/20 01:01 PM
Joined: Aug 2007
Posts: 1,447
Monroeville NJ
J
Jonesie Offline
trapper
Jonesie  Offline
trapper
J

Joined: Aug 2007
Posts: 1,447
Monroeville NJ
Gland I never sold up there


Ron Jones
http://www.acpwildlifepro.net/
Rednecks Pride Game Calls / Outdoor Scents
Rednecks Pride Outdoors podcast
Friend me on FaceBook
Re: Jan 27, 2020 - NAFA Letter [Re: Jonesie] #6747937
01/28/20 01:13 PM
01/28/20 01:13 PM
Joined: Dec 2006
Posts: 62,661
Minnesota
330-Trapper Offline

trapper
330-Trapper  Offline

trapper

Joined: Dec 2006
Posts: 62,661
Minnesota
Originally Posted by Jonesie
Gland I never sold up there

Me too!

Well I did years Ago........


NRA and NTA Life Member
www.BackroadsRevised@etsy.com




Re: Jan 27, 2020 - NAFA Letter [Re: Actor] #6748022
01/28/20 02:37 PM
01/28/20 02:37 PM
Joined: Dec 2006
Posts: 23,797
Wisconsin
T
The Beav Offline
trapper
The Beav  Offline
trapper
T

Joined: Dec 2006
Posts: 23,797
Wisconsin
I always did good selling my fur through NAFA. I never had a bounced check and If they rise from the ashes I will sell through them again.


The forum Know It All according to Muskrat
Re: Jan 27, 2020 - NAFA Letter [Re: Jonesie] #6748028
01/28/20 02:42 PM
01/28/20 02:42 PM
Joined: Feb 2010
Posts: 8,459
Henderson, N.Y. Jefferson Co.
W
walleyed Offline
trapper
walleyed  Offline
trapper
W

Joined: Feb 2010
Posts: 8,459
Henderson, N.Y. Jefferson Co.
Originally Posted by Jonesie
Gland I never sold up there


What about Castor ? laugh


"Provisional/Interim" member of NYS Trappers Association
Jefferson Co. Fur Harvesters

I Support Non-Resident Trapping



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