Receiver: Uncle Nearest asset sales likely
Young emphasizes core whiskey business remains viable and should continue operating
6:37 a.m. Oct. 2, 2025
DUANE CROSS
MCO Publisher•Editor
Uncle Nearest Inc. is preparing to sell off non-core assets, including French vineyards, a Cognac château, and other real estate, as part of efforts to stabilize the Shelbyville whiskey company under court-appointed receivership.
In a report filed Oct. 1 in U.S. District Court, Receiver Phillip G. Young Jr. said the assets tied to a planned cognac business would require an additional $15-25 million to bring to market – an investment the company cannot afford. He has already received at least one offer for the properties and expects to request court approval to sell them in the coming quarter.
Other holdings in Martha’s Vineyard and Bedford County may also be liquidated, though Young emphasized that Uncle Nearest’s core whiskey business remains viable and should continue operating. “The Company has significant value and can be reorganized, as a going concern,” he wrote, stressing that a fire-sale liquidation is unnecessary.
• Receiver's First Quarterly Report
Debt Strains and Cash Flow Relief
The receivership stems from a lawsuit brought by Farm Credit Mid-America, Uncle Nearest’s senior lender. Young said the lender has agreed to inject $2.5 million in short-term funding to cover overdue bills and professional fees. A 13-week budget indicates that the company’s revenues are sufficient to cover its operating expenses.
Since taking over on Aug. 22, Young has cut expenses, laid off 12 employees, secured bank accounts, and begun mending relationships with distributors and investors. While cash flow was “a major challenge” in the first weeks, shipments are resuming, and interest from potential investors and buyers is growing.
Challenges Persist
The report highlights unreliable financial records – some of which were allegedly erased by a former employee – and an inaccurate shareholder ledger as obstacles that are still being addressed.
Young is investigating allegations of financial improprieties by former employees, but said he has found no evidence of wrongdoing by current management.
Looking Ahead
Young told the court that he expects to sell off non-income-producing properties within the next quarter and wrap up the receivership by mid-2026, either through refinancing or the sale of Uncle Nearest as a whole.
“While challenges lie ahead, the outlook is positive,” Young wrote. “The opportunity for the Company’s successful emergence from receivership is very good.”
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