Alliant Energy (LNT) presents a deeply negative liquidation posture as of March 31, 2026, consistent with MFFAIS-reported CLV of approximately negative $12.7B. The balance sheet is dominated by regulated utility PP&E at $20.6B net book value, which under a 50-60% liquidation haircut recovers roughly $10.3-$12.4B — the single largest driver of asset-side value. Against this, total debt stands at $11.8B (long-term noncurrent $11.0B plus short-term $833M), deferred income tax liabilities are $2.4B, regulatory liabilities total $1.2B, and other deferred credits and liabilities are $4.6B. The liability stack at face value substantially exceeds any realistic haircutted asset recovery. Current assets of $1.2B include $115M cash (100% recovery), $497M net AR (90-95% recovery, ~$447-$472M), $274M in fuel/materials inventory (60% recovery, ~$164M), and $173M other current assets — providing modest gross recovery but trivially small relative to liability obligations. Regulatory assets of $2.3B would have near-zero recovery value in liquidation as they represent future rate recovery entitlements that extinguish upon cessation of operations. Equity method investments of $704M (primarily ATC Holdings) and long-term investments of $724M would face uncertain recovery; ATC equity interest is illiquid and likely worth significantly less than book in a forced sale. Book equity is $7.4B but this is a going-concern figure. Notable quarter-over-quarter developments: The parent-level repaid $1.075B of long-term debt (net of new $400M term loan and $395M net commercial paper increase), leaving total debt slightly changed but with materially higher short-term obligations. A $400M term loan entered in March 2026 adds to current liability pressure. The Q1 2026 10-Q versus the 2025 10-K shows total assets expanded from approximately $22.9B (segment data) to $24.8B on the face balance sheet, largely reflecting continued capital expenditure program. Construction expenditures in Q1 were $414M, accelerating the rate base and simultaneously growing the long-duration fixed asset base subject to liquidation haircuts. The CCR Rule regulatory uncertainty and pending gas generation certificate applications (720 MW in Iowa, Riverside upgrade in Wisconsin) represent contingent future capital commitments that would further worsen the liquidation posture if executed.
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