No ‘acceptable offer’ yet for troubled whiskey brand, distillery, shareholders told
AI-generated summary reviewed by our newsroom.
- Receiver reports no firm, acceptable offers for Uncle Nearest or distillery assets.
- Receiver develops FAQ website to inform shareholders, creditors, and public.
- Unknown NexGen2780 group touts bid; one alleged backer faces past SEC fraud ruling.
After months in receivership, there have been no “acceptable offers” for distressed whiskey brand Uncle Nearest, according to the receiver who has been pursuing a sale.
Receiver Phillip G. Young Jr. shared this information with shareholders in the company via a Jan. 27 email, obtained by the Herald-Leader, that updates them on their investment.
The Tennessee whiskey brand Uncle Nearest and its Nearest Green Distillery have been in receivership since last fall after Kentucky-based lender Farm Credit said they defaulted on a $108 million loan. Founder Fawn Weaver and her husband, Keith, who also were sued by the bank, have been fighting to regain control of the troubled brand. A hearing is scheduled in federal court in Tennessee on Feb. 9.
In the meantime, Young said many people had reached out for information about the company’s status, but he has been unable to respond to all the inquiries. To counter misinformation, he said, they are developing a website to answer frequently asked questions “that will provide accurate, timely information to shareholders, creditors, and other interested parties, to the extent permitted by confidentiality obligations inherent in my role as receiver and legal counsel.”
He said he continues to “see viable refinancing opportunities and potential purchasers for substantially all company assets. To date, we have not received a firm offer that we are prepared to recommend. Once we receive a firm, acceptable offer from a party with demonstrated financial capacity to close, shareholders will have an opportunity to participate in the approval process.”
He said he would “not accept any offer without appropriate court authorization or shareholder approval. Nor will I disregard any legitimate proposal made in good faith.”
Meanwhile, the parties apparently behind the potential bid to buy out the $108 million loan have produced a website of their own: fortheculture2026.com.
Little is known about the investors behind the group, called NexGen2780. Instagram posts made last week claimed that the parties involved included Walter Miles, who sent the letter to the court about the bid; Mark Jones, who Miles confirmed is the manager of the group; and a man identified as Solomon R.C. Ali.
Ali has faced serious scrutiny from the Securities and Exchange Commission, which sued him for fraud. The SEC won summary judgment and Ali was barred from holding a director’s or corporate position for
In an interview, Jones denied Ali is involved, but the same image from the Instagram post appears on the new website.
