The couple argues the measure isn’t still needed with claims it is hurting the brand’s market, sales, and value.
The fight over the receivership of the Black-owned whiskey brand Uncle Nearest is heating up, as founders Fawn and Keith Weaver filed an emergency motion to expedite the evidentiary hearing, scheduled to determine whether the receivership is still needed.
The troubled whiskey brand’s owners claim the receivership was imposed too quickly, with little to no notice or time. There was also allegedly a lack of a full presentation on the full matters of the issue. Asking for a two-day hearing in the next two weeks, the Weavers argue that federal courts can change or terminate receiverships due to circumstantial changes and feel the time is now.
Fawn and Keith attribute the decline to operational disruptions, inventory shortages, and a lack of category-specific expertise in managing a premium whiskey brand under receivership. “The continued delay risks irreversible harm to the company’s brand and enterprise value,” the filing reads.
The Weavers also push that things are solid at Uncle Nearest and that a forced sale or liquidation-style process could undervalue the business. During the hearing, the founders want to show documentation and provide testimony in hopes that the court will make the right decision. They have waved flags of concern regarding the receivership and lawsuits. One concern is how quickly a Farm Credit officer approved roughly $67 million in loans more than 13 months before the company sought a receiver.
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Source: Black Enterprise
