Uncle Nearest lawsuit?
 

Anyone been reading about this? The company CEO continues to talk about this online, even though she's under a federal gag order not to. That rarely bodes well for a company's future.

As with any such story, I always advise anyone curious about it to "follow the money" in regards to their research.

Re: Uncle Nearest lawsuit?
 

Thanks. I hadn't heard about this situation, but it is an interesting read.

Re: Uncle Nearest lawsuit?
 

I haven’t read anything online about it, but saw some stuff on YouTube talking about it. Definitely some shady bookkeeping. The jist the Bourbon Junkies mentioned was how the bank is basically trying to assume ownership of the brand to get their money back.

Re: Uncle Nearest lawsuit?
 

I'm going to have to look at this story later today, sounds crazy.

Re: Uncle Nearest lawsuit?
 

Here you go. -(P

https://www.forbes.com/sites/dougmel...ve-up-control/

Re: Uncle Nearest lawsuit?
 

Yeah, taking some of the business loan money and buying a $2.2M mansion on Martha's Vineyard? You can't very well say "Oops, our bad!" and think the bank will be okay with it.

Re: Uncle Nearest lawsuit?
 

Listening to Bourbon Pursuit this weekend, they speculated about some of the big companies and would they have enough liquidity right now to buy up the stock and the brand, which is what the bank would have to hope for to recoup some of their money.

Seems like we are starting to see a lot of stress on cash flow and overstock in the bourbon market right now.

Re: Uncle Nearest lawsuit?
 

Never been to Martha's Vineyard. Would $2.2M buy an actual mansion there? :D Sorry, I digress, but as the thread starter I claim that right. :r

Been reading some unrelated stuff of late which claims overall consumption of alcohol has decreased in the U.S. recently. No idea

Re: Uncle Nearest lawsuit?
 

I appreciate all the info and link, Jay, James, Tony. :salute:

Re: Uncle Nearest lawsuit?
 

I’d imagine if the judgment ultimately transferred the ownership of the distillery and product to the equity group who produced the loan; they would keep day to day operations the same (minus those involved in the “theft”) until they were able to get a handle on the actual structure and value of a sale listed which could take 6-36 months+.

The loan provider just cares about securing the liability of a loan with the value of an asset. I’m sure they don’t want to be running a distillery, but it’s common in situations like this, they’ll do whatever they need to do temporarily, or find people to do it, to secure the asset(s).