Few stories have taken as many turns as the saga of Nathan “Nearest” Green.
Green, the first known African-American master distiller, was part of the process of creating the recipe for Jack Daniel’s. That was something that could not be recognized back in the 1800s, so Green remained “the best whiskey-maker the world never knew,” according to the Uncle Nearest website.
That legacy was brought to light by the Uncle Nearest company, an African-American-owned liquor brand bearing his name.
“In the late 1850’s, Green — a farm owner’s slave — started working with a young orphan named Jack Daniel,” CBS News reported. “…That partnership was an open secret in Lynchburg, Tennessee.”
Using Nearest’s recipes, Uncle Nearest, owned by Fawn Weaver and co-founded by her husband Keith Weaver, gave Green his triumphant redemption and the posthumous recognition he did not receive while alive.
“Uncle Nearest is the most awarded new American premium whiskey brand in United States history, garnering 75 awards since its July 2017 debut, including being one of two brands named ‘World’s Best’ at Whisky Magazine’s 2019 World Whiskies Awards, and earning 15 Best in Class. Cigar & Spirits Magazine also named Uncle Nearest one of the ‘Top 5 Whiskies in the World,'” the company shared.
That saga, however, has since taken multiple negative turns, with the Uncle Nearest brand being operated under a court-appointed receivership, while a bar owned by Keith Weaver that operates at the distillery has been forced into Chapter 7 bankruptcy.
Humble Baron, owned by Keith Weaver, operates at the Uncle Nearest distillery.
“The longest bar in the world wraps around an indoor stage, turning a record-setting structure into a gathering place where dinner, cocktails, and live sound share the same room,” the brand shared on its website.
Humble Baron filed for Chapter 11 bankruptcy on June 5, according to documents filed on Pacer Monitor.
Now, a federal bankruptcy judge has ordered Humble Baron Inc. out of Chapter 11 and into Chapter 7, taking control of the company’s bankruptcy estate away from management and putting it in the hands of an independent trustee, the MC Observer reported.
“U.S. Bankruptcy Judge Nicholas W. Whittenburg ruled after a hearing of more than two hours in Winchester that ’cause’ existed under federal bankruptcy law to either dismiss the case or convert it. He chose Chapter 7, finding that course better protected Humble Baron’s creditors and the estate,” the paper reported.
The ruling followed testimony and records concerning money transferred after the bankruptcy filing, transactions involving insiders and affiliated companies, continuing financial losses, and audio and visual equipment removed from Humble Baron’s premises.
More Bankruptcy:
“Whittenburg said the case ‘certainly needs trustee oversight,'” the paper added.
Under Chapter 11, a company generally stays in control of its business while trying to reorganize, pay creditors, and work toward a court-approved plan. In Chapter 7, an independent trustee steps in and takes control of the bankruptcy, the company, and its assets.
Uncle Nearest has been operating under a receivership. Philip Young, the receiver, has sold some of the company’s assets, including a Martha’s Vineyard home.
“Ivery Hill, LLC purchased the two-acre property along Edgartown-West Tisbury Road in Edgartown on July 24 for $2.59 million. The four-bedroom home was associated with Uncle Nearest, a Tennessee distiller that is being sued by its lenders for alleging defaulting on more than $100 million in loans,” the Vineyard Gazette reported.
Young has also reached a deal to sell other assets owned by the beleaguered brand.
“The receiver for Uncle Nearest has entered into a non-binding letter of intent to sell the American whiskey business’ assets. The assets include the Uncle Nearest brand and the Nearest Green Distillery, but exclude the assets of Grant Sidney — an associated entity also run by Weaver — as well as a property in Massachusetts and one in Cognac, according to The Spirit Business.
That deal has not closed.
The new buyer has asked to remain confidential under a nondisclosure agreement until the purchase is finalized.
“However, the buyer has revealed that it is an investment firm with African-American ownership and leadership structure. It intends to maintain the current Uncle Nearest workforce and ‘honor the cultural significance’ of the brand,'” the industry publication shared.
Fawn Weaver has not commented on the deal because she remains under a court gag order.
