Uncle Nearest has responded to a lawsuit that alleges it owes millions.
Uncle Nearest was named the fastest-growing American whiskey brand in history by Forbes in 2024, as AFROTECH™ previously told you. It surpassed a $1 billion valuation, scaled to a 458-acre distillery, and can be found in over 30,000 stores, bars, hotels, and restaurants in 12 countries. The company was launched in 2017 by Fawn Weaver and her husband, Keith, and upholds the legacy of Nathan “Nearest” Green, a formerly enslaved man credited with teaching Jack Daniel how to make whiskey. The company’s momentum is still faring well. Fawn Weaver revealed in an Instagram post that it has logged “double digital growth in revenue, volume, and velocity.”
However, despite its continued momentum, the company faces a business hurdle brought on by a lawsuit. The Boston Business Journal reports that its lender, Farm Credit Mid-America of Louisville, KY, is seeking to have Uncle Nearest’s business placed into receivership, which appoints a receiver “to take possession of and sell or liquidate the assets secured by the security agreement” if needed. This is to ensure creditors can retrieve funds from a loan if the company defaults on the loan, notes PwC.
In the lawsuit filed on July 28, Farm Credit alleges Uncle Nearest defaulted on more than $100 million in loans, according to The Boston Business Journal. It claims whiskey barrel counts were inflated between 2022 and 2023, and funds were misappropriated by the couple to purchase their Martha’s Vineyard property for $2.25 million. Farm Credit seeks to acquire the 458-acre distillery in Shelbyville, TN, and an adjacent real estate company.
Uncle Nearest is placing blame on its former chief financial officer, Mike Senzaki, who they claim inflated the company’s whiskey barrel inventory at the time, leading to a $24 million credit increase from Farm Credit, per The Lynchburg Times. According to the lawsuit, neither Fawn Weaver nor other executives were aware of Senzaki’s actions, which they allege he carried out independently. They state they only became aware of the discrepancy from the inventory reports that were submitted in 2024.
Uncle Nearest is now launching its own internal investigation and considering legal action against Senzaki, who has been fired. The company is also course-correcting by sharing accurate numbers with the lender, per The Boston Business Journal.
Uncle Nearest has additionally refuted Farm Credit’s claims that it was not aware of the Martha’s Vineyard property, providing an internal email paper trail between Senzaki and Farm Credit’s Jonathan Boyce and Brian Klatt, in addition to travel records showing the lender knew of the property and had attended events there.
“These were not covert maneuvers,” the company said in the legal filing, per The Lynchburg Times. “Plaintiff’s employees and agents were actively involved in – and frankly acquiesced to – the exact circumstances that it is now claiming somehow support a receivership.”
The company also addressed the debt payments and stated Farm Credit had greenlit and were aware that Uncle Nearest would be entering into business with a third-party financial advisory firm, which advised it to pause payments during an active negotiation, “explaining that such a pause was standard protocol in bank negotiations of this nature,” per The Boston Business Journal.
Uncle Nearest added that it had paid $9 million in 2024 to Farm Credit and $7.5 million in 2025, until payments were paused, The Lynchburg Times notes.
There will be a hearing on Wednesday, Aug. 7, in a Knoxville District Court to address the matter.
Fawn Weaver has also taken to Instagram to release a statement.
“A backdrop of industry decline and disarray, Uncle Nearest is the shining star growing against impossible odds. Because of y’all, Nearest Green Distillery continues to see year-over-year growth in tourism revenue growth, possibly making us one of one in the entire industry on that front,” Fawn said. “So is it the reason so many were willing to take the bait and jump to negative conclusions before waiting or even asking for the truth because of our success? Who knows. What I do know is this, Uncle Nearest is having its strongest year in the market ever and I’m not letting anything slow us down.”
She later added, “You’ve watched us build this company from the ground up with integrity and against all odds, seeing every high and every low. You’ve been with us every step of the way. Keith and I couldn’t be more grateful, encouraged and excited for where we’re headed… Regulators, mount up.”
