NAFA check returned.

I received an email from my bank that my NAFA check from the August sale was returned. Now I have a $12 fee from my bank and no fur money. Has this happened to anyone else?

There’s a thread about this on the main forum. Not sure what to think-haven’t cashed mine yet.

Looks like they changed banks all of a sudden. Kind of like how they changed their website while the sale was happening. Good timing once again NAFA.

WOW ! I hope you get your money.

I wonder if the mink ranchers checks bounced too.

They probably get paid in gold bars.

This is troubling. I bailed on NAFA several years ago, but this type of thing doesn't bode well, at all.
Are ranchers defaulting on the money either loaned by NAFA, or storage fees eating them alive?
Be nice if Ron or Gibb would chime in.

I still haven't received a reply to an email I sent them. I will try calling them tomorrow.

Please contact NAFA directly relative to this matter with your information:

1. Trapper Name
2. Account Number
3. Cheque Number
4. NSF fees, if applicable.

The situation will be rectified soon.

They still haven't replied to my email.

I emailed them 8 months ago on another matter and they still haven't replied. Not sure anyone at NAFA reads those emails. I had to call multiple times to get someone to help me.

Maybe next time, start your message with, "Hello, I am xxxxx, and have one million ranch mink I would like to dispose of."
Bet you get a response, post haste.

That is funny!

"Hello, I am Pierre Faggote and have one million ranch mink I would like to dispose of." EH



That should get a response !

yep!!!!

I called the other day and no answer in Toronto. The other office (Alberta or Manitoba?) answered right away...

Just called their office and the receptionist took care of it. Says new checks will be issued in next few weeks. And they added the bounce check fee on to it.

I called today also. Looks like they are making it right. I hope their new bank sticks by them.

So I guess I shouldn't try to deposit the check I got from them? Wait ti get issued a new check?

There will be more shortly relative to the re-issuance of cheques, payment of NSF charges, and the timeline.

This is still a work in progress with the financial institutions involved and a complicated process. Everything is in progress and there is a timeline for completion. if you have uncashed cheques just hold onto them to avoid NSF charges and you will be instructed soon. I will keep you informed as we get more information.

When I called them on Monday they said to mail my check back to them, so I did.

I wouldn't mail the check back to them. You went first last time. JMO

Well dang ... I had already sent my check to the bank by the time I read this.
Of course it bounced and my credit union charged a $30 NSF fee !

No phones here .... does anyone have an email address for NAFA that will get responded to !?

They never responded to my email. I hope a NAFA rep reads this and can relay a message for you.

To: NAFA Customer

As you know from previous communications, NAFA has been, for many weeks, working towards a refinancing of the Company with a new lending syndicate that we hoped and expected would be in place by Thursday, October 17th. Unfortunately and most regrettably, despite our best efforts, this new financing has now fallen through. There are a variety of reasons for this, none of which are important at this point in time.

Consequently, NAFA’s Senior Management is currently pursing other strategic options in order to preserve NAFA’s business in some form so that it can continue to satisfy the needs of our customers, both buyers and consignors, employees and other stakeholders.

We greatly appreciate the support and patience of our customers during these difficult times. Obviously, after expending so much effort in recent times to preserve NAFA as we have come to know it, we are deeply sorry to have to be in this position. Nevertheless, we continue to work hard to secure the best possible future for the Company, our customers and the trade.

We will announce further details as they develop over the coming days.


Sincerely,

Douglas Lawson
President & CEO
Category : Auction

Draino. Caput. See Ya Later. Bankrupt. What a sham.
Cut to the chase, and grow a set, Doug. Tell it like it is: nafa is insolvent.

Alaska Viking summed it up, but what is not being said is the reports that 10 million dollar loan was in the works to bail out NAFA. That loan has fallen through, and appeared to be based in Canadian banking, which meant it was agreed to in Ottawa. That was before Justin Trudeau went chronic black face and has sunk in the polls. NAFA is or was an important institution in Canada's microeconomic economy. Canada produces a great deal of fur, on a different trapping set up than the States. This underwrites or fuels the base economy in Canada in the remote areas, and into Alaska.
That was deemed too important to fail, after NAFA speculated on the ranch mink market, which crashed as unlike Ronald Reagan, they did not line up Asians to buy North American fur in quantity. NAFA or more to the point, Ottawa in Trudeau, should have reached an agreement to dump Canadian fur into the huge Chinese market. Instead Trudeau picked a fight over Chinese electronics. All of this is interconnected, and what this appears to be now is the financiers, meaning London and New York, are bailing for whatever reason on Canada, and Ottawa is incapable under Trudeau to do anything, as Trudeau is incapable.

This was all red flags when NAFA was sending out bad checks and blaming the bank. Banks have routing numbers and account numbers on the checks. It is not possible to issue checks on banks unknowingly. Whenever you read a statement of "pursuing other strategic options to preserve NAFA in some form" that translates there are no options and NAFA does not exist, except to issue bankrolls to the people still collecting the good checks, and the only way there are any good checks, is that money came from fur auctions where trappers or farmers received the checks that bounced.

Bingo.

And now the creditors come sniffing around. Who knows what becomes of the hundreds of thousands, (or millions?), of pelts they are sitting on. May be the largest fur give-away of all time.
Buildings will be next, then nafa will probably be another footnote in the annals of screwed up, greedy fur brokers that "worked for you, owned by you"!

I’m glad that it was the August auction that this problem showed itself. I only had a few furs that were in that one. They still have a few nice pelts of mine that were bought back. I hope they ship them back to me.

Trappers need to have a legal representative in any bankrupt or criminal action.This is probably state or nation trapper associations. What happened to James?

Dang that's gotta hurt a bunch of people.