Nafa now gone

Read the story in WI outdoor news saying NAFA has gone under. So where is everyone going to sell their fur?

FHA

Groenewald (sp?) has lots of WI stops

NO NAFA

FHA is not NAFA

FHA is still in business.

I guarantee we will have good hearted folks come on here 6 months from now and say:



"I just heard that nafa went under, is this true?"

Yep

i call bs-first i heard about it.

any proof??

I just hope these people who switch to FHA are prepared for low prices and poor clearances. (except coyotes and A western bobcats). I guess they should be, they been shipping to NAFA the last 5 years.

I do predict most of the former NAFA shippers will not be happy with the slower response time on the internut during auctions. They have been spoiled with some instant gratification.

X2

It was reported in the Wisconsin Outdoor News. Read it last night myself.

They called the house I declined to make a statement. So I'm not sure who they interviewed.
What does the article actually say?

Pcr2. You are funny.

I need to know,......... is NAFA about bankrupt or over bankrupt

They are not a wild fur shipping option in 2020 whether they are bankrupt or not.

now who told ya that?if ya ship it---they will sell.

You are going to confuse coonman220.

6
Please don't do that. He's suffered enough.

What about advances though?

coonman is just often misunderstood--literally.

NAFA just got a 5 million dollar secured loan to give advances to mink ranchers. Wild fur producers no such luck.

Wow lol. I was just cracking jokes but that isn't very funny dirt.

The heck with the advances! I want the magazine subscription that I paid for.

you are joking right !!! INSTANT gratification. Waiting 3-4 years to sell your fur. Then this year what did sell some checks bounced LOL LOL LOL LOL

Not happy with slower response time on internut during auctions. Never said the payout time was different.

Some folks figure shtuff out, some are challenged.

AND I bet they used all of the wild fur they stole from the hard working trappers, for the SECURITY... !!!!

Garry-

so should i send fur or not and do you think we can get advances from the 5 million??

I see no reason to believe that you can't get a $20 advance per beaver.

Well if I plan on catching 100 Beaver so i will send them a note and ask them to advance me $2000. That should help me out a good bit. As long as the interest rate is better than the Montel Williams as seen on tv no credit check loan right now from a few years back. I finally paid off that loan.

wonder if thats with rights to the castor.should be able to leave my truck run while i'm checkin though now.

Well I have a V-10 so now i can at least shut it off after i stop and not coast it half the way from set to set.

Just saw a coon creek video and he said he was contacted by them saying they aren't accepting fur due to bankruptcy!

well,must be true then.

dang it pcr what are we going to do. You know if FHA does advances?

I think physical assets are the collateral. I doubt NAFA has 5 million worth of wild fur on hand.

markets get any worse you'll have to change your name to mud.

Gonna miss going to walmart to meet nafa truck less than a mile from house!!!!

Lol

I warned youze guyz several times to opt out of the magazine !!!

w

but with the free dvd's it should be a wash.

I'm sorry Alex , the answer is, "what is nafa"

lol

Wait!!!

NAFA's gone???

Why wasn't this hashed out on here multiple times in the last month or so??

People are starting to slack around here.

PCR I'm disappointed in you for not bringing this up before. pishaw

It’s taken!

get a job as a greeter and you can still go and make more than with fur.

Where did you see this at?

Deloitte The 5 million is not going to be all spent on advances. Just some of it. Starving kits was the main justification for the loan.

"URGENT NEED FOR FILING AND OVERALL RESTRUCTURING THESIS

26.The Applicants are seeking relief under the CCAA in order to obtain DIP Financing to fund its now overdue obligations to its farming constituents, who are in the end stages of cultivating kits for this season."

"The DIP Financing is critical to the Applicants. The Applicants have already made significant capital investments by way of Kit Loans in preparation for the harvest. As shown in the Cash Flow Forecast, the Applicants run out of liquidity in the week ended November 8, 2019 to continue to fund those Kit Loans to allow the farmers to feed the mink."

as a good friend of mine would say-BOHICA-

I thought Advance sold parts.
Are they brokering skins now?

FHA gonna get flooded.

I think I'm gonna ranch BEAVER. That's where the money is. Then I'd get bankrupt NAFA to pay me out while shafting the wild fur harvesters.

This is looking like margin calls for mink ranchers. Any predictions on next years crop?

35 million.

I wonder what the North American farmers think about the fact NAFA owes over $20 million to Europeon creditors?

35 million? Looks like at least some U.S. ranchers will be forced out. The entire collapse is an indication of the real weakness of the fur industry in general. Sounds like cancer. Wonder how long it will take for the rest of the dominos to fall?

Here's everything pertaining to NAFA's restructuring effort. supposed to be an update end of Nov. Poke here NAFA

How many US ranchers are there ? I thought there were less than 300 producing 4-5 million. How about Canada farms? Looks to me a lot of NAFA issues may be with the European producers

I mentioned US because I am unsure of foreign governments subsidies. I believe some countries subsidize ranch operations thus diluted the true market capitalism.

LOL,,not as much as coonman confuses me!

must be nice.Anything I ever raised I had to feed with my own money.I must be doin somethin wrong!!

You guys realize that this is borrowed money right? Meaning ranchers have to pay it back. Not stolen from trappers.

Unless the pelts don't bring enough to pay the feed bills, huh?

How can you possibly believe that it's okay for ranchers to get ADVANCES..... LOANS..... from NAFA when NAFA still owes wild fur trappers actual debts?!?!?

I get that you're a rancher, but come on.... even as a rancher you can't possibly justify this.... can you???

Wait a second.... i thought mink farms were good for the wild fur market?

he he he

Too many obligations for a well that’s run dry. Blame Nafa, blame mink ranchers, Antis, China Trump even other trappers. Sad to tell ya, moving forward without them....BOHICA! AA!

It’s too bad this thing should’ve been headed towards recovery.

The loan is not for paying even the secured creditors. The loan and the expenditures are approved by the monitor. The loan is so NAFA can maybe generate some revenue to possibly end up paying their creditors. Short term loan, high interest, and Saga buying their Polish Kit loans ( must be good loans) for 3.6 million they may be able to pay this back. If NAFA folds, probably no chance trappers get paid or their fur back.

So nafa who is basically in bankruptcy has been given money to give ranchers loans? That makes no sense. Who needs a loan this time of year? It is pelting time and it is eight months late for kit loans.

You guys do realize that nafa owes more money to ranchers than trappers, right?

Mink I think most probably realize that. With Ranch Mink being such a large portion of their revenue stream to begin with it is only logical money owed on that side of things is higher than what is on the wild fur side. But on another note as well the concerns expressed on here are likely going to be one sided and very heavy onto the trapping side because frankly most on here either don't care about the ranch mink side or don't know about it at all. I am the latter of that for sure.

If I were to however look at this from a business perspective. If I was running a business with two different revenue type streams and was facing serious financial times I would have to make the decision as to what type of work to continue to remain or attempt to become profitable again. That may mean getting rid of one revenue stream altogether if the margins do not pencil out. Basically putting my eggs in one basket. It would seem by what we have been told and seen that NAFA has done jus that with ranched mink. Completely eliminating for the time being at least the wild fur avenue.

Trappers biggest concerns are going to be about themselves in this time first. Their furs and the bounced checks for the individuals and then the wild fur market for the group. Ranch Mink will likely remain a negative to the group as it is coming in from the outside honestly.

You do understand mink ranchers owe NAFA millions right? Not trappers. Hence, the liquidity problem.

Yes, and it is almost all overseas ranches. This is NAFA’s fault. Nobody else’s. Nafa approved the loans in a bad market.

Mink have to eat, luckily trappers don’t have to feed their catch.

I would think the better managed mink ranches are not happy with NAFA and the bankers unsustainable build up of the ranched fur market. Maybe some of them will be looking at other marketing avenues. NAFA maybe only left with the highly leveraged operations. What do I know I'm only pondering this subject.

And what is NAFA? A mink farmers market coop controlled by North American mink farmers. Why were you letting your company invest in your competetor's operations in Europe?

Lucky we won’t ever have to hear from nafa again. There isn’t one mink rancher and most trappers that wouldn’t give nafa another fur. Nafa lied to as many people as they could about their wealth and cheated everyone out of their money too.

Because it was supposed to help the company per upper managements research, which turned out to be faulty.

wait,wait,wait,whats wrong at NAFA??

NAFA will see a lot of ranch mink per contract for the kit loans, unless SAGA buys all the contracts. I would think SAGA will steer clear of the the bad ones?

Ole herman and the boys must have studied at the Madoff school of economics.

and he aint talkin peewee.

Peop!e just don't seem to think for themselves anymore and rely on what their told.

They fall for more rules being told it will help them.
They will borrow money to produce when if they look at the present, they should know they will lose.
Keep producing when market is flooded....ect.I

Anyhow, no one's fault but our own, IMO.

Edit......and yes, I still feel telling NAFA to pound sand a couple years ago when I did was correct.