In other words,

for trappers who are shippers..............................BOHICA !!!!!

Yup that sucks!

Wonder if they will give me back the pelts that they shorted me on the last few years as well. Lol

I feel sorry for the Cat shippers.

i call bs on Dirt

So the "Skyway Property" is/was NAFA's main auction facility in Toronto? That sounds like good news to me. Answers the concerns about handling fur volume and encouraging attendance of international buyers.

The cat guys wont lose that much-the bottom fell out of the cat market.

I'm sure those guys whose cats sold in August between $200 and $975 won't lose much.

Interesting developments here between NAFA and FHA. First we hear FHA has hired a number of the old NAFA employees. Then FHA and NAFA are negotiating a deal to use NAFA's auction facility for the MArch sale. Mysteriously a few weeks ago NAFA's recently improved website reverts back to an older version. Perhaps FHA has purchased the NAFA website/accounting system that interacts with the live auction and provides real time updates to individual accounts?

"An Order (the “Ground Leases Order”) approving certain conditions for the marketing and sale of the
ground leases and building municipally known as 65 Skyway Avenue in Toronto, Ontario (the “Skyway Property”)."

NAFA is selling the ground lease that I believe caused Imperial Bank of Canada to cut them off.

Monitors report 29 Jan

Lays out the details of Auction and safeguards for your money.

Sounds encouraging.

Phoenix furs-risen from the ashes-has a nice ring to it Yes?

Phoenix furs, an excuse for the next fire sale.

If we can recoup some money it's better than none.

Phoenix Furs: Get Burned again.

Dirt,
Thanks for your factual updates on this process. Could you expain why you believe Imperial Bank of Canada cut them off over a ground (land) lease?

If I remember right from Documents, NAFA was not making their lease payments. Kind of a foreclosure deal. Don't quote me, I could be wrong.

Thanks again for taking the time to reseach the documents. You seem to be the most knowledgable on these issues and proceedings. It sounds like NAFA owned the infrastructure but were leasing the land it was on. Very unfortunate if that is what led to them loosing their financial backing, but obviously plenty of other debt contributing as well.

It will be interesting to see how much of the old NAFA infrastructure and operation are picked up by FHA. As it stands now the fur I shipped to FHA may well be heading for the same place, handled by the same graders, and sold in the same facility as last year with NAFA.

I was wrong( BDC) Business Development Bank of Canada owns the mortgage on the Skyview property.