Uncle Nearest Crises is a Pandora's Box of Dept

Wednesday, 18 February 2026 at 12:43Business Times

The fall of Uncle Nearest threatens to explode into a scandal with a criminal case of serious proportions. The situation around the distillery grows darker by the day and can now be described as a kind of Pandora’s box, with more debts and secrets emerging all the time.

Last year it became known that Nearest Green Distillery, the maker of Uncle Nearest whiskey, was in trouble. A court-appointed trustee stepped in to restore order and secure the best possible outcome for investors and owners. Instead, the trustee has uncovered more hidden debts and other secrets.

It was already clear that the company’s CFO committed fraud running into the millions, but the damage turns out to be even greater than feared. The distillery had already racked up $108 million in losses due to poor record-keeping, unauthorized stock transactions, and other illicit practices. And now there’s more on top of that.

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Destroyed records hinder the investigation

Despite the fact that the financial records from 2024 onward were destroyed, the trustee has still managed to form a more complete picture of the debts. So far, another 50 million dollar has been added to the 108 million dollar already owed. That number could rise if more liabilities surface.

Moreover, staff reportedly haven’t been paid for quite some time, and no tax returns have been filed since 2018. There is likely a substantial tax liability here as well, with additional claims and lawsuits not out of the question.

Distillery’s value in free fall

In light of all these revelations, the distillery’s valuation is under heavy scrutiny. In 2023, Fawn Weaver, CEO of Nearest Green Distillery, suggested a valuation of 1.1 billion dollar, but the trustee sees no basis for that figure.

In fact, the value is now estimated at 100 million dollar. According to the trustee’s report, the distillery is losing as much as $1 million per month. Weaver now claims a valuation of 500 million dollar, still far below the previous figure.

Massive lawsuit on the horizon

The troubles for Nearest Green Distillery are far from over. A large group of investors is currently preparing a lawsuit against the company and investment bank First Dominion Capital.

The complaint has not yet been officially filed, as the bankruptcy process is still underway. Once that concludes, the complaint will likely be submitted and the case will proceed to court.

The coming period will reveal how the bankruptcy unfolds and whether more secrets come to light. In the meantime, it increasingly appears that the whiskey maker’s doors may never reopen.