Uncle Nearest and Nearest Green Distillery in Shelbyville have been hit with a multi-million dollar lawsuit by their creditor, Farm Credit Mid-America, PCA, claiming the company has defaulted on over $100 million in loans.
The suit, filed this past week in U.S. District Court, Eastern Division, asks that a receiver be placed over Uncle Nearest and included defendants in order to protect the collateral. It was filed by the farm creditor based out of Louisville, Ky., against Uncle Nearest Inc., based out of Shelbyville which was founded in 2016. Fawn and Keith Weaver of Uncle Nearest are also named in the lawsuit.
“The collateral subject to the lender’s liens is in danger of being lost and/or materially injured or impaired to the extent a receiver is not appointed,” the plaintiff warned in asking the court to grant relief in the case. “The enhanced value and stabilization from a professional, court-appointed receiver outweighs any potential harm. Uncle Nearest will retain ownership and will be kept informed of the receiver’s work through regular reports. The marginal costs of a receiver pales in comparison to the tremendous loss of value of the collateral if Uncle Nearest continues along the current path, which proves that Uncle Nearest cannot pay the Loans, its property-related expenses and its vendors.”…