"49. To create additional revenue pending the auction sales, NAFA has relaxed its own price
levels on its owned inventory of remaining wild fur and mink furs. These furs are being offered
for sale at a limited on-site sale of furs (the “Private Treaty Open House”) discussed below,
which will take place between the end of August and the beginning of September."
Latest NAFA court document"18. Given the foregoing, with further time in this process, while our primary focus remains
repaying the debt owing to the Agent, I remain hopeful that there may be some recovery for
creditors beyond the Agent."
"37. When the Agent initially made demand on NAFA in August 2019, it was owed
approximately $65,000,000.
38. As of the date of this affidavit, the operating portion of the debt owing to the Agent has
been reduced to approximately $17,200,000 plus an additional $4,800,000 owing in respect of the
real property in Poland."
"132. Hypothetically, NAFA could collect furs in the Fall and Winter of 2020/2021 and conduct
auctions and sales in 2021. It clearly does not currently have the funding to do and has no plans to
do so. Nonetheless, in my view, effectively, it remains a turn key solution for someone who wanted
to conduct a fur auction in North America."
"136. However, due to Covid-19, the lack of foreign travellers and the continually scaled back
size of the auction or likely attendees, NAFA and FHA decided to cancel the holding of an auction
at the Skyway Property. FHA is proceeding with an auction on August 30 and 31, 2020. A small
amount of NAFA product is to be offered at that auction at this time.
137. Despite engaging in material private treaty sales during the 8 months since my last
affidavit, NAFA still has a material quantity of wild fur and unsold mink from 2019. The quantities
will be set out in the notes to the Cash Flow Forecast in the Monitor’s Fourth Report.
138. NAFA expects to be able to sell the majority of those skins before October 31, 2020 in two
ways. First, NAFA will continue to sell skins to private treaty inquiries. These inquiries have
increased in the months of July and August as the fur industry starts to recover.
139. Second, NAFA intends to host a “Private Treaty Open House” in late August around the
time of the Fur Harvesters auction in North Bay, Ontario. Buyers attending the Fur Harvesters
auction will likely transit through Toronto and NAFA will have its goods on display in the Skyway
Property before and after that sale to allow inspection and purchase of its remaining goods. The
goods would be sold on a cash and carry basis. In accordance with earlier court orders, these
proceeds will be held by the Monitor to allow for payments to consignors."
