Andersen Group Inc. Liquidation Value

Andersen Group Inc. (ANDG) is a professional services firm (tax, valuation, financial advisory) that completed its IPO in December 2025. Under a liquidation lens at March 31, 2026, the recovery posture is deeply negative. MFFAIS CLV of -$539M and LLV of -$326M reflect the structural asymmetry at this entity: the asset base is predominantly intangible (human capital, trademark, client relationships) and carries zero liquidation value, while the liability stack includes $336.5M of long-term promissory notes (Capital Account Notes and Holdover Note) plus $112M in operating lease liabilities, all carried at face value in a wind-down.

On the asset side, cash of $206.8M (recoverable at 100%) and net AR of $213.6M (at 90-95% recovery, roughly $192-203M) represent the only meaningful liquidation-quality assets. Gross PP&E of $78.5M net of $39.5M accumulated depreciation yields $39M carrying value; at a 50-60% haircut, realizable value is approximately $20-24M. The ROU asset of $80.5M has no standalone liquidation value. Goodwill of $30.1M and net intangibles of $2.6M are zeroed under the lens. Total liquidation-adjusted asset recovery is approximately $420-435M before liabilities.

On the liability side, total liabilities stand at $579.9M at face value. This includes $336.5M of long-term debt (CA Notes at initial aggregate principal $187.8M, HO Note at initial $162.3M; current outstanding per XBRL is $336.5M LTD plus $57.5M current notes payable, totaling approximately $394M in note obligations), $112.1M combined operating lease liability (current $7.2M plus non-current $104.9M), $49.5M employee compensation accruals, and $22.1M deferred revenue. The lease liabilities and note obligations do not extinguish on wind-down and would be presented at face. The Tax Receivable Agreement (TRA), which obligates 85% of tax savings to Aggregator, carries no current XBRL-tagged liability balance but the filing explicitly states no liability has been incurred to date; this off-balance-sheet contingency could become material depending on exchange activity.

Net equity attributable to ANDG shareholders per XBRL is -$780.1M (accumulated deficit $780.5M, additional paid-in capital minimal). The NCI balance of $808.8M reflects the post-IPO reclassification of redeemable NCI to permanent equity following the March 2026 LLC agreement amendment. Consolidated stockholders' equity including NCI is $28.7M, but this includes the NCI held by Aggregator in AT Umbrella LLC. Recovery to ANDG Class A shareholders in a liquidation scenario is effectively nil. Two material weaknesses in internal controls (ITGC and period-end financial reporting) continue to exist as of the filing date, adding incremental uncertainty to the precision of reported balances.