Nafa fur, etc
 

Sounds like the NAFA closing saga is drawing down to the bitter end. They have moved a MOUNTAIN of fur! The red fox are all gone, the raccoon are all gone, the beaver are gone. The muskrats are almost totally gone. Items remaining... Bobcat is the #1 wild fur item, although lotsa dirty lill possum, ring cats too of all things. A handful of lynx and fisher left, couple cross fox, some mink.

I suspect the majority of the goods brought 75% of the valuation of what NAFA was trying to get, perhaps toward the bitter end stuff started getting s=cheaper. I was kinda hoping to buy a bunch of goodies toward the end and I blew it... waited WAAAAAAYYYYYY too long. I was kinda wanting a bunch of cheap ranch silvers.. oh well, will have to build my business with mostly wild. We are entering a new world. I suspect that items like ranch fox, blue in particular, will be a female DAWG to try to get your hands on. New fur world coming... what will wild's place be? Will we trappers finally get our day??? Or will the WHO screw up this world? Looks that way, permanently, fur could be non-essential and just wear your fricking mask and be happy and no more trapping??? Hope not.

Anyways... the good news is... as Cowboy Art would say... each day that goes by is one day closer to the day the trappers get paid! I suspect/hope people will get paid back for the $$$ the bank tried to steal.... you should/we should press criminal charges against CIBC for trying to steal our fur money. 10 years in prison each please... Chinese prison please???? and could you please stick trudeau and morneau and ms snotley there too?

The courts ruled that the trappers/buyer's fur ownership remained with the trapper/buyer. To me that means the bank will have to pay back the August proceeds, and the trapper/buyer should also receive payment for the goods sold private treaty after August 2019.

I hope so, no promises, no guarantees.

This is a weak attempt at trying to explain what is/has happened to the trapper's fur... your fur.



Dear NAFA Customer,

NAFA has been slowly selling Its remaining goods through Private Treaty over the last number of months since the onset of COVID in North America forced the cancelation of the previously scheduled FHA/NAFA auction. Although the COVID situation in this country continues to be more positive than in some other countries, controls remain tight and travel restrictions are in place.

Given this scenario, NAFA has completed cataloguing the balance of the inventoried lotted goods and is reoffering these goods for Private Treaty inspection and final sale.

If you are traveling through Toronto, you are invited to contact NAFA, make an appointment, and come and view the samples for the catalogued goods.

You may also make a P.T. Offer remotely. Lot keys are being added to the web site and assistance in identifying lots previously offered is available.

All wild fur Private Treaty bids submitted before 4:00 p.m. EST on Friday August 28th and they will be informed of their bids status no later than Saturday August 29th.

The conclusion of the Private Treaty sale for both wild fur and ranched fur will be Monday, September 7, 2020. All goods must be shipped by Friday October 15, 2020.

Further details are available on our web site at www.nafa.ca or by email at sales@nafa.ca


Sincerely,


North American Fur Auctions

Thanks.

The last two pelts that I had in there. Two red fox......$7......$3.50 average. Woohoo! :sHa_shakeshout:

I was wrong...it sounds like trapper's fur became protected only after NAFA entered creditor protection, so all sales in 2020 trappers/dealers will see max returns, however prior to creditor protection all proceeds will go towards paying secured debt first. So bank likely ends up with all money from sales in August.

I cant remember what sold in August... anybody know?

Nafa
 

NAFA looks like everyone is picking/fighting over the bones. Bankers have better lawyers than us trappers.

Did NAFA ever cover those bounced cheques that they issued to Trappers?

I thought that I had read that Trappers would get paid for their fur before other creditors but I’m not sure now.

I think anything prior to NAFA entering creditor protection is likely doomed. Remember that long list of claims on Delloits website? Those who had "secured debt" against NAFA have a free for all on NAFA's asset sales as well as on funds from trapper/dealer sales prior to NAFA aquiring Creditor Protection

After creditor protection was enacted, protection for the trappers fur came into existence.

Interpretation:
Fur sold - money collected by private treaty sales is protected. You should receive payment for the fur that was sold in 2020.
Fur sold in 2019 at the August sale will likley be gobbled up by ignorant bank. However, NAFA owned many valuable assets, it is possible that those assets cover NAFA's liabilities, or it's more likely that the all knowing Howard is correct in saying they could never pay off the $40 million????????

Deloitte maintained valuations on the fur in NAFA's possession. They did not dump it for any price. Rob Cahill, Ian Dunbar and the lovely Emily Baumken spent much time and effort selling off most all the fur, with only a handful remaining.

As time went by, the fur was discounted and it continued to move.

Deloitte wants this whole fur thing to be done with by end of October. I personally bought some fur and it is sitting there in cold storage and they want it gone by Oct 15. There are some good deals to be had, but ideally you have a Howard to call up so you aren't buying the skins sight unseen and unknown cuz the man is all knowing!

Nafa
 

Logic would probably result in most fur buyers picking up NAFA fur to fill their 2020 needs, especially with Corona will be limited requirements. Thus probably will impact FHA volume and prices. Everybody loves a bargin especially the Asians.