Black-owned whiskey brand Uncle Nearest’s receivership is expanding to include the company that concealed a $20 million loan from media mogul Jay-Z, according to the Lexington Herald Leader. Judge Charles E. Atchley Jr. said that the receivership for the brand should remain and be extended to include Grant Sidney Inc., the holding company that founder Fawn Weaver used to hide a $20 million loan made last year by Jay-Z’s investment company, MarcyPen. Jay-Z loan to Uncle Nearest Filings state that Fawn Weaver told ARM Credit the $20 million was a
Farm Credit is accusing Uncle Nearest of fraud, which includes an attempt to conceal a $20 million loan from Jay-Z, as stated by the Lexington Herald Leader. Nearest Green Distillery and the flagship Uncle Nearest whiskey brand have been under the management of a receiver since September, after lender Farm Credit Mid-America claimed the Weavers defaulted on more than $108 million in loans. Farm Credit Mid-America claims that Fawn and Keith Weaver have “egregiously mischaracterized” a $20 million loan from Jay-Z’s venture capital firm, MarcyPen. Jay-Z loan to Uncle Nearest being questioned
Marcy Venture Partners, co-founded by Jay-Z, has merged with Pendulum Holdings’ investment arm, Pendulum Opportunities, to establish a new firm: MarcyPen Capital Partners. The merger brings together two prominent Black-owned investment firms, combining resources to oversee a total of $900 million in assets, a spokesperson confirmed to TechCrunch. Two Black-owned investment firms Marcy Venture Partners was founded in 2018 by Jay-Z, Jay Brown (Roc Nation co-founder), and venture capitalist Larry Marcus. Known for backing brands like Rihanna’s Savage x Fenty, Partake Foods, and web3 startup Spatial Labs, the firm has
In 2021, Jack Dorsey’s company, Block Inc (formerly known as Square), agreed to acquire Tidal for $306 million. This deal made Jay-Z a board member of Block Inc and left many wondering whether Dorsey had been finessed into buying the relatively small streaming service at a premium price. Block agreed in March 2021 to pay $396 million in stock and cash for an 87.5% stake in Tidal. After adjustments, it paid $237.3 million for an 86.2% stake, according to Reuters. Jay-Z joined Block’s board after the purchase and remains a
While some of us continue to complain about the lack of diversity on platforms such as Netflix, Hulu, and Amazon Prime, others are doing something about it. Thankfully there’s now a long list of Black-owned or minority-centered streaming services dedicated to publishing original content. It’s a breath of fresh air to be able to have options – particularly during Black History Month – a time when most major streaming giants put Black trauma at the center – when in fact BHM is also a time for us to celebrate the
Singer-songwriter Doja Cat is taking the NFT world by storm and outselling major investor Jay Z as her single edition NFT sells for $188k – becoming the most oversized auctioned item in Tezos history. Doja first announced her first non-fungible token (NFT) collection earlier this month with green NFT marketplace OneOf. OneOf is built on the Tezos blockchain, recognized as an “energy efficient proof-of-stake network,” according to the company‘s website. It also claims to offer some of the most affordable transaction fees for users looking to tap into the world
