Aint that the truth!

I'm not the biggest Nafa fan out there, but for sure banks can do you dirty. They have my sympathy there, had a bad experience myself with my ex-bank.

Banks do strange things at times. I once tried to get a loan in the amount that I had in savings an IRAs, they turned me down. Needless to say I changed banks.

How many pick up points does FHA have In WI how about other states.

None in Oregon.

Does this mean Herman no longer has a 500 grand expense budget?

Figured all those new markets 'they' opened up in China would have them all billionaire's by now.

they should have never needed a loan from bank to cover checks with sound management there should have been money in the account!!! where did all the money go that they made?

Nothing exciting going on over at FHA. Just low prices and poor clearances. If they get more fur they will just be storing more fur. Going on my third year to move pelts at poor prices.

What a friggin mess. I can t ell you all for sure that I am much more invested than 99% of you. Well into 6 figures.I have stayed off this forum for two years because it was obvious that most of you were smarter than me but i must tell you this. YOU WILL NOT BE BETTER OFF WITHOUT NAFA! Nor will I.
I believe that the tale will be told within one week. If a solution is not found it is my opinion that NAFA will go into foreclosure..If they can find a way to continue until the first sale in 2020 we may have a fighting chance. Please do not pm me. I cant help you. I'm fighting for my own survival. Good luck.

The market will rebound within a couple years,with all the ranches out of business and not producing.Hopefully a restructured NAFA can weather the storm until then.Fha will be OK.

Dream on boco.

Come on now, no serious trapper drinks beer, lol

Well there is lots of good Canadian whiskey available too Les.

I asked that very same question today 55 million fur sold in august.

Does this mean Herman no longer has a 500 grand expense budget?

Figured all those new markets 'they' opened up in China would have them all billionaire's by now.




You just wait,..they get that beaver dressing down,.....ole Iron Belly will pucker up quite rapidly!

I’ve posted this several times before and I will post it once more for those that missed my previous posts and for those that don’t understand how the international fur auctions operate.

NOTE - I am using simplified hypothetical numbers to make the math easy.

NAFA sells 30 million dollars worth of fur at an auction. After taking a 10% commission, they owe the shippers that sold goods 27 million dollars.

On prompt date, which for NAFA is 3 weeks after the last day of the sale, they issue checks and direct deposits for the full 27 million dollars.

Not all buyers make payment in full by prompt date. As outlined in the conditions of sale - which is published in each and every catalog - a buyer can make a 35% deposit to hold his purchases until he finishes paying for them. Goods are NOT released until they are paid for in full.

So, if NAFA has only collected 10 million dollars by prompt, they have to come up with an additional 17 million dollars to cover the payments they are making to the shippers.

This is where the bank factors in. NAFA had an arrangement with a bank to cover the extra 17 million dollars in payments. Which they have been doing for previous sales for any number of years. And everything has worked fine in the past. No problems.

For some unknown reason, after the August sale, without any warning, the bank stopped honoring NAFA checks when the NAFA account was at zero. They basically reneged on the agreement they had with NAFA.

This is NOT bad financial management on NAFA’s part. This is a problem the bank caused by not honoring the agreement with NAFA.

IF all the buyers paid their invoices in full by prompt date, NAFA would have had the money in the account and there wouldn’t be this problem.

But the is, not all buyers pay in full by prompt. Some take a year or so to pay. And some never pay at all. In the meantime, NAFA has paid all shippers in full. And where is NAFA supposed to get this money - from a bank of course.

If folks aren’t able to understand how the system works, I’m sorry. It doesn’t seem to be that complicated to me.......

Wouldn’t the agreement with the banks be a contract or is it a handshake deal? It has been more than 3 weeks since the sale, it has been 2 months plus I would think they have received some more payments since the sale. To me they got in the money loaning business and had a bad business plan! Why would you loan money to people who can’t get loans on their own?

Why would nafa loan money to producers in the form of an advance? I know more than one trapper who owed nafa money after taking an advance. Everyone of them was unhappy and I have no doubt some of them never made good on their loan.

IMO nafa would be better off to fix grading problems and loss problems and damaging skins then putting the damage cost on the shipper problems . Stay out of the loan business.

so its coonmans fault.