Jay-Z-Backed Whiskey Maker Uncle Nearest Battles Lender.

This article focuses on the legal and financial dispute involving Uncle Nearest Inc., a Black-owned whiskey company founded to honor Nathan "Nearest" Green, the formerly enslaved man who taught Jack Daniel to distill whiskey. Uncle Nearest filed for Chapter 11 bankruptcy amid a conflict with its primary lender, Farm Credit Mid-America PCA, which had placed the company into receivership over concerns about solvency and asset valuation. A judge dismissed the bankruptcy filing, ruling that the founders had lost authority due to the receivership, while the company simultaneously sued Farm Credit alleging a smear campaign and false accusations regarding financial misconduct. Uncle Nearest, backed by investors including Jay-Z, continues operations during the dispute, which reflects broader challenges in the spirits industry following a pandemic-related market slowdown. [Extracted from the article]