Rush Enterprises (RUSHA) operates a network of commercial vehicle dealerships with total reported assets of $4.52B as of March 31, 2026. Under liquidation lens, the asset base compresses materially. Cash of $239.7M recovers at par. Accounts receivable of $271.4M net (allowance $2.2M) recovers at 90-95%, yielding approximately $244-$258M. Inventory of $1.64B is the single largest current asset; at a 60% haircut, recovery is approximately $984M — a $656M shortfall versus book. PP&E net of $1.67B (inclusive of a large lease and rental vehicle fleet) recovers at 50-70%, implying $836M-$1.17B — a $500M-$835M shortfall. Goodwill gross of $440.8M recovers at zero. Operating ROU assets of $119.8M recover at zero. Other noncurrent assets of $77.6M are largely intangible or deferred in character and treated as zero recovery. Rough liquidation asset stack: cash $240M + AR $251M + inventory $984M + PP&E midpoint $1.00B = approximately $2.48B in recovery proceeds, before transaction friction. Liability stack at face: current liabilities $1.51B (including floor plan notes payable embedded in trade payables/current notes, customer deposits of $86.5M, accrued liabilities $134.8M, finance lease current $32.0M, operating lease current $19.9M) + long-term debt noncurrent $277.7M + deferred tax liability $212.0M + finance lease noncurrent $84.1M + operating lease noncurrent $102.8M + other noncurrent liabilities $35.4M + noncontrolling interest $22.8M = approximately $2.25B in total obligations at face. On this rough framework the net recovery to common equity is modestly positive, consistent with the MFFAIS operating liquidation value of $174M, but negative on a cash liquidation basis (MFFAIS CLV -$1.74B), reflecting how sensitive recovery is to inventory and PP&E haircut assumptions. The floor plan credit structure is the key structural feature: $343.8M outstanding under PFC, $322.3M under BMO Floor Plan, and $220.0M under PLC as of period end, totaling approximately $886M in floor plan borrowings that fund inventory and the lease fleet. These are all classified in liabilities at face; the collateral (inventory and lease vehicles) receives the 60% and 50-70% haircuts respectively, creating the primary equity destruction. Compared to the prior filing (10-K at December 31, 2025), no structural change in balance sheet architecture is evident. Inventory increased by $85.5M quarter-over-quarter per the operating cash flow disclosure, adding to the haircut gap. Interest expense dropped sharply QoQ ($7.4M vs. $13.5M in Q1 2025) reflecting reduced floor plan balances and rate environment — not balance sheet relevant for liquidation but confirms floor plan utilization is lower than year-prior. The RTC Canada Revolving Credit Agreement ($47.9M CAD, ~$35M USD equivalent) matures September 2026 and has been reclassified to long-term based on refinancing assumption via the WF Credit Agreement; this is a technical classification that does not alter liquidation liability face value. No goodwill impairment, no restructuring, no pension obligations. Deferred tax liability of $212.0M sits at face value in liquidation and is a meaningful drag. The filing discusses a pending acquisition of Peterbilt of Louisiana (~$35M plus inventory) and a construction commitment in Conroe, TX (~$20M) neither of which is separately XBRL-tagged but both represent incremental capital commitments that would reduce liquidity at close.
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