Is Uncle Nearest Done For? on Bourbon Community Roundtable скачать в хорошем качестве

Is Uncle Nearest Done For? on Bourbon Community Roundtable

This is the news that has rocked the whiskey world for the past 2 weeks. We've got our bases covered from the financial and legal analysts, but this is no way financial or legal advice. What is going to happen to Uncle Nearest in the very near future? --- Lawsuit and Receivership for Uncle Nearest Tennessee whiskey producer Uncle Nearest is facing a lawsuit from its primary lender, Farm Credit Mid-America for allegedly defaulting on over $100 million in loans. The lawsuit, filed in federal court, names Uncle Nearest, its Nearest Green Distillery, and co-founders Fawn and Keith Weaver as defendants, and it requested that a receiver be appointed to take control of the company to protect the lender's collateral. Allegations from the Lender Farm Credit Mid-America claims Uncle Nearest owes more than $108 million across several loans.3 Key allegations include: The company provided "inaccurate" barrel inventory reports, allegedly overstating the value by $21 million It breached financial covenants by failing to maintain a minimum net worth of $100 million in 2024. The company misused loan funds to purchase a $2.3 million property in Martha’s Vineyard and later mortgaged it to another lender.6 Uncle Nearest sold off whiskey barrels—which served as loan collateral—to pay other creditors. Uncle Nearest's Response In its defense, Uncle Nearest has called the allegations "demonstrably false" and "salacious." The company's attorney admitted that it is in default but characterized it as a cash flow issue, not a solvency problem. Uncle Nearest's key defenses include: The owners blame the inflated barrel inventory on their former chief financial officer (CFO), who they claim engaged in fraudulent activity and has since been terminated. They assert that Farm Credit Mid-America was fully aware of the Martha’s Vineyard property purchase and was actively working with the company to find a resolution. The company states it has made nearly $9 million in repayments in 2024 and another $7.5 million in 2025. Court Ruling and Next Steps A federal judge has granted a motion for a receivership for Nearest Green Distillery, The court's decision was based on several factors, including: The distillery's failure to make multiple loan payments. A dispute over barrel inventory, which both parties agree was overstated by $24 million by the former CFO, Mike Senzaki. A lack of certainty regarding the company's solvency. While the court acknowledged the distillery's argument that a receivership could damage the brand, it found the appointment necessary to protect the lender's collateral. The judge stated that the company's own officer's misrepresentations, regardless of the owners' knowledge, are the company's responsibility. The court's order allows for the possibility that the Weavers could continue to be involved in marketing and building the brand to mitigate potential damage. However, the court has also issued a gag order prohibiting public statements about the case and has frozen any barrel sales or other asset transfers. Both parties have until August 20, 2025, to submit proposals for a receiver candidate. Fawn Weaver has publicly responded to the ruling, calling it a "blip on the radar" and stating that distributors and partners are "doubling down" their support.