Trucking companies routinely lease trucks and properties. While I'm sure they own some of their rolling stock, this is all callculated in the balance sheet. Two issues related to the balance sheet:
1) The $40 valuation is a balance sheet item based on Stockholder Equity divided by outstanding shares. The $800 million goodwill adjustment wipes out almost half of this book value. 2) There is an infamous off-balance sheet liability this company is on the hook related to the teamster mid-states pension fund. Rumored to be $4 billion dollars plus, it can be argued this company has a negative book value of $60.
These off-balance sheet things can get tricky, in that nothing stops the government from coming in and setting up a special funding for the pension fund, similar to what has happened in the airline industry. I would bet there are some folks at YRC hoping for a sweep by the democrats. I believe that legislation related to this pension fund issue is the best hope for the long term survivability of this company.
One other opinion, I also believe this legislative angle also derails the potential of a DHL buyout. The Democrats would be happy to help an American company and American workers, but a DHL buyout would hoist a German flag in KC and Akron. Likewise, DHL will not be interested in buying the entire enterprise faced with the off-balance sheet liability.