Uncle Nearest Receivership & Lawsuit : LIVE UPDATES
This will be my LIVE UPDATE page for the ongoing saga of the Uncle Nearest Receivership which was ordered on 8/14. If you haven’t been following along, please check out this piece first. It’s a decent breakdown of how we got here. This piece here will be heavily seasoned with snark and my commentary will be italicized.
For Speedy.
For my next trick watch me pull a new investor out of my hat.
UPDATE 8/16-
On 8/14 the Judge overseeing the lawsuit set the date of 8/20 for both parties to submit their receivership recommendations.
An email was obtained (I have not seen the email, but if you have a copy, send it along) with the Weaver’s addressing their investors. You can read the original reporting here.
The email states that “Both the bank, and the financial advisors working with them, as well as the restructuring company engaged on our side, spent the past three months urging us to file for Chapter 11 bankruptcy.” Sounds like everyone thinks Chapter 11 is a good idea.
The Weavers continued, “While that approach might have been more straightforward for us personally, and would allowed us to control the narrative in the press, we chose instead to risk receivership. A Chapter 11 might have benefitted us, but it would not have benefitted you.” Oh, apparently there’s a better idea against all advice.
The Weavers instead rejected the recommendations, and are now focused on putting together investors to purchase the loan from the bank, which she said has not been willing to “come to the table.” Other than finally resorting to a lawsuit, yeah the bank isn’t keen on another new razzle dazzle. Wait what? NEW INVESTORS? The current ones are nervously chewing their own fingers off, and I know, let’s get more investors!
They continue with “The judge was not aware of this when the ruling came down, but we will update him in the coming days, before he makes a final ruling on the 20th.” Fawn Weaver said she would be meeting with investors on purchasing the loan. “We will continue working to move this loan from the current bank to a new note holder” she said. How was the judge not made aware of this new dazzling information, when the opportunity was there to make it known? Oh right, selling whiskey, couldn’t attend, had to wash hair my mom took my keys…. also, really? Who would throw cash money at this giant hole in the ground?
Tarks bar, It’s where you go to wash the taste of bullshit out of your mouth.