Court-appointed receiver says Uncle Nearest will likely face foreclosure if given back to Weavers

The award-winning company has been in receivership since September and the receiver for the company prevoiusly reported a positive outlook for the brand.

Uncle Nearest Whiskey, the award-winning brand owned by Fawn Weaver and her husband based on the legacy of Nearest Green, could be foreclosed if placed back in the hands of Weaver, according to the company’s court-appointed receiver.

On Monday (Feb. 2), Phillip Young, who oversees the financials of the beloved yet troubled brand, revealed in unsealed court documents that the company is insolvent. According to Young, since they are unable to pay their debts, if he is removed by U.S. District Judge Charles E. Atchley on Feb. 9, he believes the company’s “monthly losses would be approximately $2 million per month.”

Young also stated that, under his leadership, the company’s debt has been reduced from $1 million a month to $100,000 a month with Kentucky-based lender Farm Credit covering the loss. According to Young, Farm Credit is also on the hook for nearly $1.1 million to retire a warehouse lien on Uncle Nearest’s barrels of whiskey.

Farm Credit initially requested the receivership after Uncle Nearest defaulted on $100 million in loans. If that is ended, in Young’s eyes, the bank would then “immediately cease covering these operational losses and move to foreclose on and repossess its collateral.”

The Weavers have blamed the brand’s sluggish sales on the receivership and have until Thursday (Feb. 5) to refile documents seeking Young’s removal as receiver. Even if sales tick upward, the receiver and financial analysts believe the company would lose $10 million between January 2026 and June 2026.

In Young’s view, his relationship with the Weavers has deteriorated due to their recent filings, and he speaks to them only with lawyers present. Prior to this, Young spoke one-on-one with the Weavers, and as far back as last October, he offered a positive outlook for the company.

“The opportunity for the company’s successful emergence from receivership is very good,” he concluded.

The Weavers previously stated they would place several of their non-Uncle Nearest real estate assets, including their residence, for sale to cover legal costs.

Last year, the Weavers filed a lawsuit against their former CFO, Mike Senzaki, accusing Senzaki of financial misconduct, up to and including inflating the company’s whiskey barrel inventory, which led to a $24 million credit increase from the company’s lender, Farm Credit Mid-America.

Uncle Nearest was placed in receivership in July 2025 and had previously indicated it was open to selling the company, but according to Young, no company made an offer that would cover Uncle Nearest’s outstanding debt.