Uncle Nearest Whiskey Sale Pending as Founders Face $20 Million Allegation
uncle nearest whiskey is facing simultaneous legal and asset moves: the company’s Martha’s Vineyard property is under contract while new court filings allege the founders attempted to hide $20 million from lenders. The developments arrive as a judge prepares to rule this month on whether the receivership should be maintained or expanded.
Martha’s Vineyard property under contract
The court-appointed receiver listed the Martha’s Vineyard property for $2. 59 million and received a full-price offer on Feb. 18, with two backup offers priced at the same level. The receiver said the property was purchased with a $2. 3 million loan and is expected to close on March 19; the receiver has asked the court to quickly approve the deal. Court filings note the property was used for private gatherings tied to distributor and industry relationships.
Uncle Nearest Whiskey founders accused
A motion filed on Feb. 25 and a follow-up filing on Feb. 26 allege that the founders used a Weaver-owned company, Grant Sidney, in an effort to obscure roughly $20 million from Farm Credit Mid-America. The receiver highlighted nearly 500 money transfers between Uncle Nearest and various related accounts, characterizing the activity as substantial commingling of funds. The receiver also identified two newly surfaced bank accounts after an order to turn over records.
Receivership stakes and what comes next
The lender that brought the case claims it is owed $108 million and has argued the company defaulted on loans. The receiver has sought to expand the receivership to include multiple affiliated entities; the expansion request names several LLCs and corporations tied to the business. In filings, the receiver has also suggested the company’s value is closer to $100 million, that records before 2024 were deleted, that federal tax returns were not filed since 2018, and that the business was losing roughly $1 million per month.
The founders have pushed back in briefs, asserting the company is solvent and noting that the receiver "has yet to find evidence constituting fraud by current management. " One founder added a public section titled "Follow the Case" on her website with links to court updates and documents. A separate suit filed by the company accuses a former chief financial officer of fraud, alleging diversion and concealment of funds.
With the property sale under contract and the receivership expansion pending, the judge’s forthcoming decision this month will shape whether the receiver retains control, whether more affiliated entities are brought under receivership, and whether additional asset sales proceed. If the court approves the receiver’s expansion request, proceeds from asset sales already under contract could become part of broader liquidation or restructuring actions; if the receivership is narrowed or terminated, control of assets and operations would shift back toward the defendants as permitted by the court.
Key court dates and the pending property closing give the judge concrete transactions and filings to weigh when ruling on the receivership’s scope and future of the business.
