Mawson Infrastructure Group Inc. (MIGI) presents a deeply negative liquidation posture as of December 31, 2025. Total assets of $57.4 million are substantially offset by total liabilities of $60.6 million, producing reported book equity of negative $3.1 million before any liquidation haircuts. Applying standard haircuts accelerates the deficiency materially: cash of $13.3 million recovers at par; accounts receivable of $9.6 million at 90-95% yields approximately $8.7-9.1 million; PP&E net book value of $22.6 million (gross $121.3 million, accumulated depreciation $98.8 million) recovers at 50-70% on net book value, yielding approximately $11.3-15.8 million, though the miner-heavy composition (processing machines gross $77.4 million, fully or near-fully depreciated given 2-year useful life policy) severely constrains realizable value; the Level 3 derivative asset of $3.5 million tied to a power supply agreement expiring December 2026 is contractually dependent on an operating facility and carries negligible liquidation value. Intangibles and deferred tax assets are zero-valued. Total estimated liquidation recovery on assets approximates $37-41 million against liabilities at face value of $60.6 million, confirming negative equity recovery in the range of negative $20-24 million, consistent with MFFAIS's reported CLV of negative $47.3 million and LLV of negative $37.6 million. The liability stack is dominated by $25.2 million of loans (all classified current, all in default or matured: Marshall $12.6 million, Celsius $10.8 million, W Capital $1.7 million, convertible notes $0.2 million) and $32.1 million in trade and other payables (including $3.4 million deferred income down from $11.0 million at year-end 2024, and $3.9 million tax payables). The deferred income burn of $7.6 million year-over-year reflects settlement or recognition of colocation pre-payments and does not represent cash inflow. Guarantor exposure on the Marshall and W Capital loans creates contingent liability that is already on-balance-sheet but subject to ongoing litigation. The involuntary Chapter 11 petition filed by Australian creditors was dismissed November 4, 2025, but the Celsius arbitration resulted in a consent judgment and the company faces active enforcement. A $14.6 million ATM equity raise in 2025 provided liquidity relief but did not structurally alter the insolvency position. Compared to the prior 10-Q period (September 30, 2025), trade payables declined from approximately $39.4 million (December 31, 2024 comparator disclosed) as deferred income was consumed and employee payables declined. The retained deficit deepened to negative $252.5 million. No goodwill or separately disclosed intangible assets exist on the balance sheet. The filing does not separately XBRL-tag the Celsius consent judgment liability or the adversary proceeding damages claim, though both are material contingencies discussed in Note 10 and Note 14.
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