Just because the receiver in the Uncle Nearest receivership case asked a federal bankrupcy case to dismiss Fawn Weaver's attempt to put the company into Bankruptcy Act protection doesn't mean the company is in the clear.

Indeed, Phillip G. Young, the court-appointed receiver, told the federal district court overseeing the receivership that he "has considered filing bankruptcy petitions on behalf of these entities," and "indeed, bankruptcy petitions are likely in the future."

But this isn't the right time to file such a petition, he said. He is seeking bids for the company's assets, making Weaver's "unauthorized bankruptcy filings. . . premature and ill-conceived."

The receivership court may added or dismiss any of the various Uncle Nearest entities from the receivership at any point, Young noted, and added that if a bankruptcy filing is made, it is "critical that the Receiver be empowered to guide the companies through the bankruptcy process."