DUANE CROSS
MCO Publisher•Editor
The court-appointed receiver overseeing Uncle Nearest told a federal court Friday that the company is insolvent, could be forced to shut down within 30 days without continued lender support, and must quickly sell assets while pursuing a sale of the business by the second quarter of 2026.
In his third quarterly report, receiver Phillip G. Young Jr. said Uncle Nearest still has value, but only if the receivership can hold long enough to stabilize operations, liquidate non-essential assets, and complete a going-concern sale.
• Receiver’s Third Quarterly Report
Asset Sales Moving Forward
Young said he has identified a buyer for the company’s Martha’s Vineyard real estate and is in talks with…