Judge grants receivership of Uncle Nearest
5:32 p.m. Aug. 14, 2025
DUANE CROSS
MCO Publisher•Editor
A federal judge has granted Farm Credit Mid-America’s request to appoint a receiver over key assets of whiskey maker Uncle Nearest, citing concerns about the company’s solvency, loan security, and financial mismanagement.
In a Thursday, Aug. 14, order, U.S. District Judge Charles E. Atchley Jr. ruled that “a receivership is necessary” to protect Farm Credit’s interests as it seeks to recover more than $108 million in outstanding loans. The decision follows months of loan defaults, inventory discrepancies, and failed forbearance agreements between the lender and the Shelbyville-based distillery.
• Download the Memorandum Opinion and Order
Farm Credit alleged that Uncle Nearest – founded in 2016 by Fawn and Keith Weaver to honor master distiller Nathan “Nearest” Green – defaulted on multiple provisions of a $67 million revolving loan and other credit lines. A third-party inspection revealed a shortfall in the whiskey barrel inventory pledged as collateral, discrepancies the company attributes to its former CFO, Mike Senzaki.
Judge Atchley noted that while the company disputes direct wrongdoing by current leadership, Senzaki’s misrepresentations occurred within the scope of his duties, making Uncle Nearest legally responsible. “It is unclear whether Uncle Nearest is or will remain solvent,” the judge wrote, adding that “almost all of Uncle Nearest’s other assets are already encumbered.”
Uncle Nearest argued that a receivership could harm its brand and that an injunction would be sufficient to safeguard assets. The court disagreed, saying a receiver could act more swiftly in fast-changing business situations and that brand damage was already a risk due to the litigation.
The receivership will cover, at a minimum, the “Nearest Green Distillery Property” and the “Eady Road Property,” over which Keith Weaver and Uncle Nearest Real Estate Holdings had already consented to such control in prior loan documents.
The court has not yet named the receiver. Both parties must submit candidate briefs by noon on Aug. 20, with preference given to any jointly proposed candidate. Until then, a previously entered injunction will remain in place, barring asset sales and other transfers outside the ordinary course of business.
Judge Atchley emphasized that the receivership will remain only as long as necessary and could be dissolved if circumstances change.
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