Black excellence. Uncle Nearest brand hits 100million in sales and the owners purchase a bank in Tennessee!

[DrBanneker]

Receiver's report is out. Intersting.

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www.kentucky.com

@AceDeuceTrey I stand corrected. That former CFO was fukk boy as you suspected

Good news is it look like they will survive

A few quotes

In an initial 19-page report, filed Oct. 1, the receiver said the process of rescuing the troubled whiskey brand “is progressing smoothly and that the opportunity for the company’s successful emergence from receivership is very good. While challenges lie ahead, the outlook is positive,” Nashville-based receiver Phillip G. Young Jr. told a federal judge in Tennessee.

Young said he has found “no evidence of misappropriation, theft, financial impropriety by the company’s founder, its management team or any current employee. While there have been multiple transfers among related entities, the receiver has found no evidence of (misuse of funds) to date.”


Based on his initial review, “fire sale liquidation,” either as part of the receivership or of a bankruptcy, isn’t necessary but he does expect to sell some unproductive assets quickly, including a French Cognac business.

A Weaver-owned vodka brand and some real estate “that is not essential to the core business of the company” — possibly a house the Weavers purchased on Martha’s Vineyard — are being appraised for possible sale in the next three months.

Crucially, lender Farm Credit has been persuaded to provide $1 million in additional credit to ease the immediate cash flow crisis, plus another $1.5 million to pay the professionals necessary to get things back in order.

The receiver also has begun investigating allegations made by Fawn Weaver about “financial improprieties committed by a former employee.” The Weavers have accused a former chief financial officer of fraud.

Young said based on what he’s learned so far, he “believes that there is validity to some of the allegations,” although he did not name the former employee. He will continue the investigation with an eye toward “causes of action to pursue.”

The report also indicates sales might not have been as robust as reported: “Improper revenue recognition practices may inflate the company’s perceived financial performance.”

In fact, Young said he believes some shares in the company that previously belonged to Fawn Weaver “were transferred by a former employee of the company, perhaps without authority to do so.”

Still, the receiver believes all the shares are accounted for, just not listed by the proper shareholder.

More potential irregularities may be coming​

The receiver is expanding his review of historical financial records “to uncover any irregularities or potential recover opportunities. Special focus will be placed on officer and insider compensation and/or expenditures, unusual financial transactions conducted by a former employee and the identification of potential avoidable transfers.”

After he compiles an accurate set of books and list of investors/shareholders, Young “intends to reach out to potential investors and/or asset buyers who have shown interest in the company.”

“Until the receiver has financials upon which he can reasonably rely, he has not way to determine the accurate market value of the company or any of its assets,” the report reads.

 

[AceDeuceTrey]

Receiver's report is out. Intersting.

Loading…

www.kentucky.com

@AceDeuceTrey I stand corrected. That former CFO was fukk boy as you suspected

Good news is it look like they will survive

A few quotes

Cant say I’m surprised but definitely positive news. And based on the findings, his fraud ran DEEP.

We are often too trusting but we can’t forget the hate in them also runs DEEP.

My hunch is he was envious of their success and thought he had an easy lick on some unsuspecting black folks. Gotta move in caution around these devils.

 

[DrBanneker]

Uncle Nearest asset sale trending on Google