Quote:
Originally Posted by Marty S
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.
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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!