Summary UPDATE: Uncle Nearest, a Tennessee whiskey company founded in 2017, is now under court-ordered receivership after defaulting on over $108 million in loans from Farm Credit Mid-America. A judge ruled on August 14, 2025, that a neutral receiver was needed to protect the company’s assets and stabilize operations after accusations of false reporting about whiskey barrel inventory. Uncle Nearest’s founders, Fawn and Keith Weaver, argued against the move, saying it would harm the brand and blamed former CFO Mike Senzaki, who was fired in 2024, for inflating inventory by about $21 million—which led to a $24 million loan increase. While day-to-day business continues, the company’s future now depends on who the court chooses as receiver, a decision expected before Fawn Weaver’s 49th birthday on September 5, 2025. Read the full article from WGNS Radio Below...
FULL DETAILS: BEDFORD COUNTY, TN - Legal filings between Tennessee whiskey maker Uncle Nearest, Inc. and its lender, Farm Credit Mid-America, continue to draw attention after a federal court granted the bank’s request to place the company under receivership. A receiver is a neutral third party appointed by the court to manage a business’s assets when financial or managerial problems threaten its survival.
Farm Credit, which has the most at stake, argued that Uncle Nearest was in dire financial distress, defaulting on loans and providing inaccurate information about its whiskey barrel inventory. The bank warned that without intervention, the company’s value could collapse, hurting creditors, investors, and employees. On August 14, 2025, Judge Charles Atchley agreed, ruling that a receivership was necessary to stabilize operations, safeguard assets, and restore creditor confidence.
Uncle Nearest opposed the move, arguing that receivership would damage its brand and undermine the work of its founders, Fawn and Keith Weaver. The company acknowledged financial struggles but attributed much of the problem to alleged mismanagement by former CFO Mike Senzaki, who was fired in October 2024. Court filings state that between 2022 and 2023, Senzaki overstated inventory by about $21 million, which in turn supported a $24 million line-of-credit increase. Uncle Nearest has insisted these errors were his responsibility, while suggesting the bank also failed to independently verify the inventory.
The Weavers asked the court to order mediation instead of receivership, but Judge Atchley denied the request, citing urgency and concerns over confidentiality after Weaver publicly commented about the case online. While the company pushed for time to work with investors, the judge concluded that mediation would only delay relief already warranted for Farm Credit.
The case highlights a dramatic shift for Uncle Nearest, which was launched in 2017 to honor Nathan “Nearest” Green, the formerly enslaved man who taught Jack Daniel to make whiskey. In less than a decade, the brand became a national success, with Weaver celebrating “ten consecutive quarters of triple-digit growth” and distribution in 25,000 locations as of 2023. Weaver’s long-term vision was to place Nearest Green alongside Johnnie Walker, Jim Beam, and Jack Daniel in whiskey’s “Mount Rushmore.”
Now, that vision faces uncertainty. Uncle Nearest owes more than $108 million and has already paid $16.5 million toward its debt in the past 18 months, according to court filings. Weaver told investors in an email obtained by Forbes that more than 160 backers had offered to buy the loan outright, but Farm Credit “never came to the table.” She also claimed the bank and its advisors spent months urging the company to file Chapter 11 bankruptcy, which she resisted to protect investor equity.
Another article posted by Yahoo Fiance further highlighted Senzaki and the court process (Click Here).
For now, Uncle Nearest continues day-to-day operations, but its future depends on who the court selects as receiver and how broad their authority will be. Both Farm Credit and Uncle Nearest have submitted candidate names or contracted companies for the role, and a decision is expected in the coming weeks—potentially before Weaver’s 49th birthday on September 5, 2025.
SIDE NOTES: About 1.5-years prior to receiving the additional $24 million in a line of credit, Fawn Weaver posted on Facebook, “Y’all, our team has done the IMPOSSIBLE again! For the 10TH QUARTER IN A ROW, Uncle Nearest Premium Whiskey grew triple digits (100%+) and is now sold in 25,000 locations. (I know that’s no consolation for those who keep going into stores and learning we’re sold out — your support is beyond our ability to keep up!)”
She also stated, “I get this question a lot: “What is your ultimate goal for Uncle Nearest?” That for me is the easiest question in the world to answer because the vision is so clear: The Mount Rushmore of the whiskey industry has always been Johnnie [Walker], Jim [Beam] and my favorite, Jack [Daniel]. What we’re doing here is simple: We’re permanently carving Nearest Green into that mountainside next to these illustrious men. Make room boys, a fourth legacy is being added to that mountaintop!”
View PDF Copies of Some of the court documents below:
- WGNS will continue to follow this news story.
