The San Diego Superior Court in California recently ruled that three airplane hangars purchased and occupied on leased space at San Diego Brown Field are “removable trade fixtures.” As such, the court found that the hangars are the sole property of the tenant, Finch Aerospace, which operates the California Flight Museum. Finch subleased the space for the hangars from FBO Lancair, which argued that its master lease with the city gave it control over its tenants’ hangars. Therefore, it prevented Finch from selling or moving the hangars, a situation that led to the lawsuit.
Judge Patrick Brady of the Massachusetts Superior Court in Norfolk County last month denied the arguments in a lawsuit by Boston Air Charter (BAC) challenging the rulings made by the town of Norwood and its airport commission.
Avantair now offers leasing of fractional shares of Piaggio Avanti turboprops. The new Axis lease program allows buyers to lease a share of a fractional Avanti; this is a true lease, not a block-charter program.
When officials at Los Angeles World Airports awarded a contract for a leasehold at Van Nuys Airport (VNY), some of the seven losing bidders cried foul. The winner, Castle & Cooke, is backed by billionaire David Murdock, and the protesters claim it was his support of Los Angeles mayor James Hahn that secured the deal.
Last month, fractional provider Bombardier Flexjet announced a program for substituting a finance lease for the acquisition payment of a fractional share. Under the “Jet Rich Quick” program, customers pay no money down and a fixed monthly payment for the lease, which could involve a term of two or four years. They also pay the regular monthly management fee and the hourly occupied fee for time flown.