Fawn Weaver, who founded Uncle Nearest Premium Whiskey in 2016, has been fired from her own company by the court-appointed Receiver Phillip G. Young Jr. Weaver served as CEO and chief historian, while her husband also held a leadership role. The termination was valid as of June 1, 2026. More Business News
According to a report on ShelbyvilleNOW, “The…Receiver has since restricted (Weaver and her husband’s) access to company facilities and systems while returning any personal property. According to the filing, that decision has reduced confusion among employees and vendors, and made day-to-day operations significantly smoother.”
Since going into receivership, the Weavers have been fighting the receiver’s decisions related to salvaging as much of the company as possible; selling assets to pay off more than $200 million in debt including more than $100 million to Farm Credit Mid-America, the original creditor who sued them for non-payment; and the courts.
Overview of Legal Actions
In the receiver’s Fourth Quarterly Report filed recently in U.S. District Court, he said that he believes there will be a successful transition to a new owner in spite of many challenges, including on-going litigation both here and abroad, new government investigations, increasing tariffs, a major distribution transition, and a global weakening of the spirits market.
A significant portion of the report focuses on the time consumption necessary to deal with the ongoing litigation brought about by founders Fawn and Keith Weaver to fight the receivership. Prior to her termination, Weaver attempted to file for Chapter 11 bankruptcy on behalf of the company, which she had no legal power to do. It was thrown out of court, as was her attempt to block the sale of a house the Weavers bought in Martha’s Vineyard with company funds used to promote the brand. She has also used the company’s social media to promote her agenda, which has been confusing for staff, vendors, media and the public.
The report reviews other litigation involving the Weavers, including state court litigation involving former Chief Financial Officer Michael Senzaki who allegedly used funds from the company for his own benefit, a now-dismissed federal defamation lawsuit filed against Farm Credit Mid-America, and subpoenas from both the U.S. Attorney’s Office for the Southern District of New York and the Securities and Exchange Commission related to the company’s finances. These same finances the receiver has found hard to reconstruct due to poor management and controls.
“That investigation has uncovered what the Receiver believes are potential legal claims against several parties, including Fawn Weaver, Keith Weaver, former CFO Mike Senzaki, and entities controlled by those individuals,” states Shelbyville NOW. “However, the Receiver says no lawsuits are expected until the investigation is complete.”
Attempts to evict both Humble Baron and Shelbyville Barrel House, both owned by Keith Weaver though holding companies, on the Uncle Nearest property are also proceeding. Both businesses are more than a year behind on rent. Although both leases are now in default, rent has not been paid, nor have the businesses vacated the premises. They have now both filed for Chapter 11 protection, from which the Receiver is attempting to seek relief and get them evicted.
Finding Buyers for Company Assets
While the original potential buyer of the Martha’s Vineyard property withdrew their offer due to all of the litigation and the many delays it has caused, a new buyer has been found who is willing to pay close to $2.6 million for the property.
After significant work to assess the value of the vineyards the company purchased in Cognac, France, the Receiver hopes to be able to request court approval to sell it soon.
Negotiations are continuing on an asset purchase agreement of all of Uncle Nearest’s operating assets to an undisclosed third party. This will require either approval of the court or a pre-packaged Chapter 11 bankruptcy. This will take place in the next 30 t0 60 days.
Finances Are Messy
“Financially, the report paints a mixed picture,” says ShelbyvilleNOW. “During the most recent quarter, operating collections totaled approximately $3.49 million, falling nearly $300,000 below budget. Farm Credit Mid-America provided an additional $700,000 in funding, bringing total cash collections to just over $4.19 million. Total disbursements for the quarter were approximately $4.52 million, resulting in a net cash loss of about $324,000. Since the receivership began in August 2025, Farm Credit has advanced $4.5 million to help sustain operations while the Receiver works toward a sale. The Receiver notes that although operations remain difficult, spending has come in substantially below budget due to aggressive cost-cutting and professional fees below projected levels.”
While tax issues in Tennessee and Delaware have been solved, Federal taxes are still under review.
Reconstructing the company’s financials for the U.S. Attorney’s Office for the Southern District of New York and the Securities and Exchange Commission has been tough — records are missing or inaccurate, balances were never reconciled, and there was co-mingling of accounts between several businesses owned by the Weavers. Efforts are ongoing to rebuild and recover financial information.
Brand Still Has Value
In spite of all of the legal and financial issues related to the past management of Uncle Nearest, the Receiver believes the brand still has value. He believes that with stronger financial and management controls that it can be saved and have a successful future.
According to USA Today, in 2024 “Uncle Nearest was valued at $1.1 billion, making it the fastest growing whiskey brand in U.S. history.”
Please join our FREE Newsletter
