Proficient Auto Logistics, Inc. (PAL) is an auto transport carrier that went public via IPO in May 2024 and has executed a roll-up acquisition strategy, acquiring five businesses in the current fiscal year alone. The liquidation analysis as of December 31, 2025 shows a deeply negative equity recovery posture, consistent with the MFFAIS-reported cash liquidation value of approximately negative $114M and liquid liquidation value of approximately negative $72M. Total reported assets are $478M against total liabilities of $167M, yielding $311M in GAAP book equity. However, applying liquidation haircuts collapses this substantially. The largest single asset is goodwill at $148.5M and intangible assets net at $122.8M (customer relationships and trade names), together representing approximately $271M or 57% of total assets — all assigned zero recovery under the liquidation lens. PP&E net of accumulated depreciation is $115.9M; applying a 50-70% recovery rate yields approximately $58-81M of recoverable value. Accounts receivable of $42.2M (net of $827K allowance) recovers at 90-95%, or approximately $38-40M. Cash recovers at face value: $14.3M. Against these haircut assets, all liabilities remain at face value: $54M long-term debt (noncurrent), $20.3M current portion of long-term debt, $33M accrued liabilities, $8.3M accounts payable, $12.9M in combined operating lease liabilities, and $34.9M in net deferred tax liabilities. The deferred tax liability ($34.9M net) represents a timing liability that would extinguish against the step-up intangibles on liquidation, but the offsetting deferred tax assets are largely intangible-linked and would also extinguish — creating limited net benefit. The company carries $9.8M in deferred tax assets net of the $34.9M deferred tax liability, suggesting a residual net DTA of approximately $22.1M that may or may not be realizable in wind-down. A $3M litigation reserve booked in Q4 2025 for a vehicular accident settlement is included in accrued liabilities. Additional contingent liabilities exist in the Tribeca misclassification class action (NJ, indemnified by sellers) and DOL penalties (resolved at $6,650). The company recorded a net loss of $36M for FY2025 versus $8.5M for the Successor period ended December 31, 2024, driven in part by $9.8M in stock-based compensation, $9.8M in intangible amortization, $1.2M in restructuring costs, and $2.1M in intangible impairment. The goodwill balance increased to $148.5M from the prior year, reflecting additional acquisitions (Brothers Auto Transport in April 2025, PVT Truck and Trailer in May 2025, and Auto Transport Group). Operating lease liability increased to $12.9M from $10.8M at December 31, 2024, driven by related-party real property leases. The filing discusses a $2.2M collateral insurance deposit obligation associated with the Deluxe acquisition, classified as a long-term liability, which does not appear to have a separately tagged XBRL concept in this filing beyond the related-party footnote reference.
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