Fawn And Keith Weaver Terminated From Their Roles At Uncle Nearest As Receiver Prepares To Sell Major Assets – AfroTech
Uncle Nearest’s co-founders, Fawn and Keith Weaver, have been removed from the company.
Uncle Nearest has remained at the center of headlines after entering a receivership due to defaulting on more than $108 million in loans to lender Farm Credit Mid-America, as AFROTECH™ previously reported. Phillip G. Young Jr. was appointed receiver of the whiskey brand on Aug. 22, 2025. He is managing assets including the Shelbyville, TN, distillery as well as real estate holdings, intellectual property, affiliated ventures, and related entities.
The receivership later expanded to include Fawn’s investment firm, Grant Sidney Inc., as a result of a $20 million loan from MP-Tenn LLC (Jay-Z’s MarcyPen) that the firm received. The loan was allegedly “concealed” with the source “misrepresented,” according to a separate article from AFROTECH™. Grant Sidney is the largest shareholder of Uncle Nearest.
Additionally, the Weavers’ Martha’s Vineyard property, which supported product marketing, was approved by a judge for sale for $2.6 million. However, the proceeds can’t be given to Farm Credit Mid-America while the lawsuit is ongoing, per another article from AFROTECH™.
The Weavers have been fighting to end the receivership from the outset, arguing it has harmed the company’s market position and value. Young has now terminated the Weavers from their roles at the company, according to the Moore County Observer.
The termination took effect on June 1, per the outlet. Fawn had served as CEO. Keith was reportedly never an employee but served as a co-founder and board member. The couple is also restricted from accessing Uncle Nearest’s facilities and computer systems.
“While this decision was not made lightly, it has resulted in significantly less confusion among employees and vendors, and has made business operations significantly smoother,” Young wrote in a July 10 quarterly report filing in U.S. District Court for the Eastern District of Tennessee, per the outlet.
The Weavers are still defendants in a federal lawsuit.
Regarding the financial health of Uncle Nearest, Young said it remains insolvent. The company remains afloat, however, through funding from Farm Credit and strategic decisions, including reducing expenses and keeping professional fees within budget, per the Moore County Observer.
Young is working to sell Uncle Nearest’s main assets, which could be done through the receivership court or a prepackaged Chapter 11 bankruptcy, the outlet noted.
The Weavers provided a joint statement to confirm the termination, per court documents, but did not agree with Young’s claims for issuing the termination.
