Uncle Nearest Whiskey Brand Placed Under Receivership
Black-Owned Uncle Nearest Whiskey Brand Placed Under Receivership
The future of Uncle Nearest, the celebrated Black-owned whiskey brand, is now uncertain as it has been placed under a receivership following a federal court ruling. The decision, which stems from a lawsuit filed by one of its lenders, Farm Credit Mid America, raises questions about the brand’s leadership and financial stability.
The Financial Dispute
As reported by the New York Times, the lawsuit, filed in July, alleges that Uncle Nearest defaulted on $108 million in loans. Farm Credit Mid America claims the company misused funds, including purchasing a $2 million estate in Martha’s Vineyard, and used whiskey barrels as collateral, which were later sold to pay off other debts. The court ruled in favor of the lender, stating that a receivership was necessary to protect the disputed assets and safeguard the investment.
Fawn Weaver’s Role in Question
Fawn Weaver, who co-founded Uncle Nearest with her husband Keith Weaver in 2017, faces an uncertain future as CEO. The brand, named after Nathan “Nearest” Green, the first known African American whiskey distiller, has grown into a billion-dollar enterprise. However, the court order allows Weaver to continue marketing the brand, a move aimed at mitigating potential damage to its reputation.
Farm Credit has agreed to keep Weaver involved in marketing efforts, recognizing her pivotal role in building the brand. The Weavers, however, have attributed the financial issues to their former CFO, Mike Senzaki, accusing him of overstating the company’s whiskey barrel inventory, which led to increased credit from Farm Credit. Senzaki was subsequently fired.
Public Defense and Community Support
In response to the allegations, Fawn Weaver has taken to social media to defend the brand. She posted a video urging supporters to “clear the shelves” of Uncle Nearest products to demonstrate demand. Weaver has also shared messages of resilience, including a scene from Black Panther, emphasizing perseverance in the face of challenges.
Next Steps
Both the Weavers and Farm Credit have until August 20 to propose candidates for the new receiver. The outcome will determine the next chapter for Uncle Nearest, a brand that has become a symbol of Black entrepreneurship and legacy in the spirits industry.
As the situation unfolds, the spotlight remains on Fawn Weaver and her efforts to navigate the brand through this turbulent period while preserving its legacy and reputation.
RELATED: Sip On This: Black Women Changing The Spirit Game
Black-Owned Uncle Nearest Whiskey Brand Placed Under Receivership was originally published on majicatl.com
