NAFA email

NAFA Finalizes Sale Of Assets

Tuesday April 26th, NAFA, and its Monitor, obtained Court and Secured Creditor approval of a recently signed Asset Purchase Agreement (“APA”) between the Company and a third party purchaser. Under the terms of this deal, NAFA agrees to sell the following assets in phased closing for a value that shall remain confidential:

• All NAFA intellectual property including the Blackglama trademark;

• NAFA’s building in Poland, as well as

• NAFA’s building located at 205 Industrial Circle in Stoughton, Wisconsin.

NAFA believes that this sale of some of its most significant assets reflects the best available outcome for NAFA’s various creditors and stakeholders for the following reasons:

The APA represents the best and most comprehensive offer for the sale of the purchased assets following a lengthy and rigorous sales process;
Once closed, the net sale proceeds will satisfy a material portion of the Secured Creditors’ debt;
The closing will reduce (and ultimately, eliminate) NAFA’s carrying costs for the properties being sold; and
After more than 2 years, there have been no other formal or credible offers received for these assets.

Beyond this transaction, NAFA continues to endeavor to realize on its remaining major assets, including sales of mink pelts, insurance claims, long term debt recoveries, etc., in order to satisfy the Secured Creditors debt in full, and looks forward to the time when it can generate additional funds that can be directed towards its remaining creditors. However, the process of realizing on these remaining assets is still, undoubtedly, going to take time. For this, we apologise as we know that the patience of so many has already been stretched over the last 2+ years. Nevertheless, NAFA believes that, in the current circumstances, both with respect to its own fortunes and those of today’s fur market, this path forward is the best one available for the Company, its stakeholders, and its creditors.

Oligarchs is what they are.

Like a Phoenix rising from the ashes.

walleyed is still waiting for his refund from the
WILD FUR SHIPPERS COUNCIL where
he was a part owner of NAFA,

Also looking forward to the rest of my NAFA
FREE fur handling DVD's.

Better go check my mailbox, they're probably sitting there right now !!!

walleyed

walleyed is still waiting for his refund from the
WILD FUR SHIPPERS COUNCIL where
he was a part owner of NAFA,

Also looking forward to the rest of my NAFA
FREE fur handling DVD's.

Better go check my mailbox, they're probably sitting there right now !!!

walleyed

Sinobec Group Inc.

Any idea who that is? Possibly some Chinese connection? Sino = Chinese. Sino-American = Chinese-American.

Sino - Chinese. bec - last part of Quebec.

They are a big aluminum company in Quebec. Maybe branching out.

Wonder how much fur those Chinese got that the trappers never got paid for. Lol got to watch those Chinese they're pretty sharp

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.

Very interesting. Apparently not everyone believes the fur industry is finished.

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.

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.