Nearest Green receiver signs nonbinding letter of intent to sell
1:32 p.m. June 1, 2026
DUANE CROSS
MCO Publisher•Editor
The court-appointed receiver overseeing Uncle Nearest has signed a nonbinding letter of intent to sell substantially all assets held by three receivership entities to an unnamed investment firm, according to a federal court filing submitted June 1.
Receiver Phillip G. Young Jr. entered into the letter of intent on Friday, May 29, on behalf of Uncle Nearest Inc., Uncle Nearest Real Estate Holdings Inc., and Nearest Green Distillery Inc.
The filing marks the first publicly disclosed move toward a sale under the receivership, but no transaction is final.
According to the filing, any proposed transaction remains subject to approval by the U.S. District Court for the Eastern District of Tennessee or another court with jurisdiction. A formal asset purchase agreement is expected within approximately 45 days.
The prospective buyer has asked to remain confidential until that agreement is executed, subject to a signed nondisclosure agreement. The filing describes the buyer only as an investment firm with Black ownership and leadership.
The proposed sale would exclude real estate in Edgartown, Mass.; assets belonging to Grant Sidney Inc.; and receivership property in Cognac, France.
Young told the court the prospective buyer intends to maintain Uncle Nearest’s existing workforce and strengthen sales and distribution through strategic partnerships. The receiver also said the buyer intends to honor Uncle Nearest’s cultural significance and the history of Nathan “Nearest” Green, described in the filing as the first Black master distiller on record in the United States.
According to the notice, the buyer also intends to continue providing the Green-inspired product to consumers nationally and globally.
Additional details, including the buyer’s identity, proposed ownership structure, and the brand's future direction, will be disclosed when the receiver is prepared to seek formal approval of the sale, according to the notice.
The notice was filed in the federal case brought by Farm Credit Mid-America, PCA, against Uncle Nearest and related defendants. Young was appointed receiver to oversee the companies and their assets while the case proceeds in federal court.
The next major step would be the execution of a formal asset purchase agreement, followed by a request for court approval of the proposed sale.
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