TBA Law Blog


Posted by: Julia Wilburn on Feb 6, 2026

A court-appointed receivership over Uncle Nearest was imposed in August 2025 after lender Farm Credit Mid-America sued the company for defaulting on roughly $110 million in loans. The suit prompted a federal judge to install Phillip Young, a partner in the Nashville-based Thompson Burton law firm, as receiver to protect secured assets. According to the Tennessean, Young’s latest filing alleges severe financial misconduct and mismanagement — including erased records, overstated revenues, unfiled federal tax returns and extensive commingling of assets — conditions that could expose the company to numerous creditor and shareholder lawsuits if the receivership ends. Fawn and Keith Weaver, who own Uncle Nearest, dispute the findings, argue the company is still solvent, and are asking the court to end the receivership while opposing any expansion into related businesses. At a Feb. 9 federal hearing, the court will weigh both the legitimacy of the existing receivership and whether the receiver should gain access to financial records from seven additional Weaver-owned entities.