It looks like they used the cash flow from the ranch and wild fur sales to purchase/bail out fur farms for an over valued price using debt. Based on the increase in goodwill the management of NAFA paid more than the value of the assets. All good for a few years until ranch volume crater and the cash flow no longer supports loan used to bail out the fur farmers. Pretty classic business failure over leveraged business with inexperienced business leaders. If the bailouts were to related parties or family I don’t think I would be surprised at this point.
All the lies about bad routing numbers and we will make good bs.
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