Re: NAFA email
[Re: wissmiss]
#7571251
04/27/22 07:28 PM
04/27/22 07:28 PM
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Joined: Dec 2010
Posts: 11,135 Armpit, ak
Dirt
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Any idea who that is? Possibly some Chinese connection? Sino = Chinese. Sino-American = Chinese-American. If the court documents on Deloitte are accurate, the guy running it has a Chinese sounding name. But it's based in Montreal, I believe.
Who is John Galt?
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Re: NAFA email
[Re: wissmiss]
#7571267
04/27/22 07:53 PM
04/27/22 07:53 PM
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Joined: Dec 2010
Posts: 11,135 Armpit, ak
Dirt
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Sino - Chinese. bec - last part of Quebec.
They are a big aluminum company in Quebec. Maybe branching out. I believe they are different. The Al co. is Sinobec Trading. Never mind, same address. "The Purchaser has expressed an intention to revive a Canadian fur auction house after acquiring the Assets, including hiring some of NAFA’s current and former employees, which while not a requirement of the Transaction, is consistent with it choosing to acquire the soft assets necessary to do so."
Last edited by Dirt; 04/27/22 08:10 PM.
Who is John Galt?
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Re: NAFA email
[Re: Northof50]
#7571277
04/27/22 08:08 PM
04/27/22 08:08 PM
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Joined: Dec 2010
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Dirt
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31. After NAFA sent the Teaser, NAFA entered into serious negotiations with the Purchaser, which is a Canadian entity, with respect to the sale of the Purchased Assets. NAFA had previous business dealings with Sinobec as they are related to the entity that purchased its Skyway Premises. 32. It is my understanding that Sinobec is interested in rebooting a North American fur industry, and the Purchased Assets would be the last pieces to put together for the foundation of a future auction house. 33. In particular, the principal of Sinobec, Mr. John Lee, whom I have come to know over the nine months of negotiations, has personally expressed to me his intention to use the soft assets to start a new NAFA including the operation of a North American fur auction house. Assuming the APA is approved by this Court and the IP Transaction (as defined in the APA) closes, the Purchaser will have, along with its acquisition of Skyway Premises in 2021, acquired all of the assets necessary to do so. 34. Based on my conversations with Mr. Lee, I also understand that Sinobec intends to provide the necessary funding to permit a restart of the business and may rehire some present and former employees whose expertise the Purchaser will require (although no formal employment offers has been made to anyone as yet and it is not a requirement of the APA that this occur). 35. I caution that there is no commitment or requirement in the APA for Sinobec to do this, but I believe that there would be little purpose in acquiring the soft assets if the Purchaser did not intend to do so. 36. The negotiations with Sinobec have been prolonged over the course of nearly nine months as the Purchaser considered and reconsidered the future of the fur industry and the pieces he required to engage in this business.
Who is John Galt?
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Re: NAFA email
[Re: Dirt]
#7571721
04/28/22 08:07 AM
04/28/22 08:07 AM
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Joined: Nov 2018
Posts: 695 Ontario
Saskfly
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31. After NAFA sent the Teaser, NAFA entered into serious negotiations with the Purchaser, which is a Canadian entity, with respect to the sale of the Purchased Assets. NAFA had previous business dealings with Sinobec as they are related to the entity that purchased its Skyway Premises. 32. It is my understanding that Sinobec is interested in rebooting a North American fur industry, and the Purchased Assets would be the last pieces to put together for the foundation of a future auction house. 33. In particular, the principal of Sinobec, Mr. John Lee, whom I have come to know over the nine months of negotiations, has personally expressed to me his intention to use the soft assets to start a new NAFA including the operation of a North American fur auction house. Assuming the APA is approved by this Court and the IP Transaction (as defined in the APA) closes, the Purchaser will have, along with its acquisition of Skyway Premises in 2021, acquired all of the assets necessary to do so. 34. Based on my conversations with Mr. Lee, I also understand that Sinobec intends to provide the necessary funding to permit a restart of the business and may rehire some present and former employees whose expertise the Purchaser will require (although no formal employment offers has been made to anyone as yet and it is not a requirement of the APA that this occur). 35. I caution that there is no commitment or requirement in the APA for Sinobec to do this, but I believe that there would be little purpose in acquiring the soft assets if the Purchaser did not intend to do so. 36. The negotiations with Sinobec have been prolonged over the course of nearly nine months as the Purchaser considered and reconsidered the future of the fur industry and the pieces he required to engage in this business. Thanks Dirt......be curious to see how this plays out. Direct line to China as they have three offices there as well as numerous warehouses. Headquartered in Montreal, with warehouses/offices in Toronto, Miami, Chicago and now NAFA's real estate. Sinobec Trading Inc. is a Montreal based wholesaler of metal products, mainly aluminum. Together with Sinometal Resources Inc. and Sinobec Resources LLC, we have successfully triangulated the metal industry. We are experts in metal using operational efficiency and robust flexible technology to supply aluminum products such as ingot, billets, plates, sheets, coils, standard and custom extrusions along with special alloys. We simultaneously offer fabrication, manufacturing, warehousing and logistics to accommodate our customers along their path. https://www.sinobectrading.com/en/index.phpPrivately held company so no financials available. Founded in 2002 so been around for awhile in a competitive market.
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Re: NAFA email
[Re: Northof50]
#7571727
04/28/22 08:21 AM
04/28/22 08:21 AM
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Joined: Dec 2006
Posts: 21,341 Alabama (Bama for short) 108 y...
Jtrapper
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Alabama (Bama for short) 108 y...
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If they're going to hire the old worker's at least get them a vision plan on their insurance or at least buy them all some reader's to wear while attempting to grade fur.
I just found out a few weeks back a guy i skinned a bobcat for in 2013 got 225.00 for it up there, lol. Nothing like a flat backed red unspotted Alabama bobcat getting a western grade.
Not my circus, not my clowns.
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Re: NAFA email
[Re: walleye101]
#7571770
04/28/22 09:45 AM
04/28/22 09:45 AM
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Joined: Dec 2010
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Dirt
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Very interesting. Apparently not everyone believes the fur industry is finished. Just most everyone. They had a hard time finding a buyers. Saga didn't even want Black Glama label. The price for the whole works is probably less than the value of the capital assets. P.S. and they still haven't raised enough money to pay off the Secured Creditors.
Last edited by Dirt; 04/28/22 09:57 AM.
Who is John Galt?
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Re: NAFA email
[Re: Jtrapper]
#7571774
04/28/22 09:47 AM
04/28/22 09:47 AM
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Joined: Dec 2008
Posts: 3,452 MN
walleye101
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If they're going to hire the old worker's at least get them a vision plan on their insurance or at least buy them all some reader's to wear while attempting to grade fur.
I just found out a few weeks back a guy i skinned a bobcat for in 2013 got 225.00 for it up there, lol. Nothing like a flat backed red unspotted Alabama bobcat getting a western grade. In that 2013 market you didn't need a western grade to bring $225.
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Re: NAFA email
[Re: Dirt]
#7571776
04/28/22 09:49 AM
04/28/22 09:49 AM
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walleye101
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Very interesting. Apparently not everyone believes the fur industry is finished. Just most everyone. They had a hard time finding a buyers. Saga didn't even want Black Glama label. The price for the whole works is probably less than the value of the capital assets. Buy low, sell high.
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