Sudden Court Takeover
A federal judge has placed Uncle Nearest Premium Whiskey and its parent distillery into receivership, effectively stripping operational control from its founders, Fawn and Keith Weaver. This unprecedented move comes after a lawsuit by lender Farm Credit Mid-America demanding $108 million in loan repayments.
What Led to It?
The lawsuit alleges that Uncle Nearest defaulted on multiple loans and lines of credit. Further claims include inflated whiskey barrel inventory used as collateral, misreported finances, and misuse of loan proceeds — such as purchasing a Martha’s Vineyard residence.
Founder’s Response
Fawn Weaver, the CEO and co-founder, denied all allegations, describing the lawsuit as “salacious and inaccurate.” She emphasized that a former CFO made these errors independently, and rallied her team by promising, “We built this company, I own this company, I run this company… Our team remains unshaken and unmoved.”
What Does Receivership Mean for the Brand?
A court-appointed receiver will manage daily business to protect creditor interests. However, the judge allowed the Weavers to retain a marketing role to safeguard the brand’s image and maintain continuity.
What’s Next?
Both parties must submit recommendations for receiver candidates by August 20. The outcome could determine whether Uncle Nearest can continue independently or undergo structural changes.
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