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The future of Uncle Nearest, a prominent Black-owned whiskey brand reportedly valued at $1 billion, is now uncertain after a federal judge in Tennessee placed the company under receivership.

The decision stems from a lawsuit filed in July by lender Farm Credit Mid-America, alleging the company defaulted on $108 million across three loans.

According to The New York Times , Farm Credit also claimed the company misused funds, including a $2 million estate purchase in Martha’s Vineyard. The suit says barrels of whiskey used as collateral were sold off to repay other debts, which was a violation of their agreement.

The judge’s order states that the receivership is intended to “safeguard the disputed assets” and protect Farm Credit’s investment. Howev

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