An investor group has come forward with an offer to buy out Uncle Nearest’s $108 million in loans.
Uncle Nearest is a whiskey brand founded by married couple Fawn and Keith Weaver. It launched with the support of Victoria Eady Butler — the great-great-granddaughter of Nearest Green — the company’s namesake, a press release
notes. The brand surpassed a self-reported $1 billion valuation in 2024, as
AFROTECH™ previously reported.
Receivership Explained
Uncle Nearest was placed under a receivership in August 2025 following a lawsuit claiming it defaulted on $108 million in loans,
according to The New York Times. Days later, the Weavers filed a separate lawsuit against former Chief Financial Officer Mike Senzaki, alleging various acts of financial misconduct, including inflating the whiskey barrel inventory, which led to a $24 million credit increase from lender Farm Credit Mid-America,
per the Lynchburg Times.
Uncle Nearest receiver Phillip G. Young Jr. now oversees assets including the distillery in Shelbyville, TN, as well as real estate holdings, intellectual property, affiliated ventures, and related entities. Young Jr. requested a hearing in late January to gain control of at least seven more businesses owned by the Weavers, which encompass “at least $20 million in financial transfers to and from Uncle Nearest,” according to the Lexington Herald-Leader.
Sale Being Explored
Uncle Nearest is also attracting investor interest for a potential sale of the company. Young Jr. is working with inv
estment bank Arlington Capital Advisors and is considering refinancing Farm Credit’s loans and/or marketing “substantially all assets of the debtors,” which could include the Tennessee distillery, as AFROTECH™ reported.
The Weavers are fighting to regain control of the business, claiming the receivership has negatively impacted sales, distributor confidence, and retailer commitments.
NexGen2780
In a January letter filed in federal court, an investor group called NexGen2780 expressed interest in buying out Uncle Nearest’s $108 million debt to Farm Credit Mid-America, reports the Lexington Herald-Leader. NexGen2780 is represented by Morehouse College graduate Walter Miles. In the letter, Miles reported that he is forming the investor group alongside individual and institutional investors.
Farm Credit, Uncle Nearest, and Young Jr. were notified of the investment group’s interest in October, Miles claimed in the letter. The intention is to repay the
debt, cover court and receiver fees, and ensure the company can move towards working capital.
“We respectfully note our concern that the extended duration of the receivership proceedings may be contributing to a gradual diminution of enterprise value,” Miles said in the letter, according to the Lexington Herald-Leader. “Prolonged uncertainty can adversely affect brand equity, distributor and vendor relationships, employee retention, and overall market positioning. NexGen2780 believes that a timely and orderly sale process, conducted under Court supervision, could help mitigate further value erosion while maximizing recovery for creditors and other stakeholders.”
Sharing in this concern for the ongoing lawsuit’s impact on Uncle Nearest’s revenue and reputation, Young Jr. requested that Uncle Nearest’s second quarterly report be sealed earlier this week, claiming it could “chill the receiver’s efforts to seek a refinancing of the debt and/or his efforts to sell the assets of the company,” as
AFROTECH™ previously reported.
The Weavers responded, supporting the motion, and shared that they intend to submit a rebuttal, which they requested to also be sealed, notes the Lexington Herald-Leader.
