Aircraft technicians seeking to build upon their expertise and broaden their options might want to consider training in aircraft valuation, the practice of performing market or liquidation value appraisals for sales, acquisition, ad valorem taxes, collateralization, insurance or residual forecasting.
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.
New online charter broker ClearJet recently launched a flat-fee charter buyer-seller matchmaking service that it claims is more transparent to both buyer and seller. ClearJet allows buyers to view all of the quotes and other details–including aircraft type, amenities and interior/exterior photos, but not operator name–for their requested trip, unlike typical charter brokers that present clients with only a “best price.”
The National Air Transportation Association (NATA) and the General Aviation Infrastructure and Investment Coalition (GAIIC) in cooperation with the Airports Council International-North America have released a new set of best-practice standards for leases governing airport service providers. The new standards are aimed at facilitating long-term private investment in on-airport properties. The document lists a set of points that the parties say will serve the needs of both the airport and the service providers.
Securus Escrow has been established as a new specialist escrow service aimed at bringing greater piece of mind and transparency to aircraft transactions. The London-based company is supported by aviation law firm Gates & Partners and can provide separate escrow accounts for clients with a leading UK bank.
Business aircraft owners who want to move up have the option to engage in a “like-kind exchange” that could save thousands of dollars in capital gains taxes, according to Tonya Fritts, vice president and relationship manager for North Carolina-based Wachovia Exchange Services (Booth No. 3769).
They say that turnabout is fair play, and that’s evidently what a proactive North Carolina tobacco grower thought he was doing when he sued a local high school over its use of a helicopter to place an air conditioner on its rooftop. This, after he had been refused permission to operate a helicopter from his own land without a permit.
Last year the Aeronautical Repair Station Association (ARSA) filed a lawsuit challenging a new FAA rule that substantially expanded the FAA’s drug and alcohol testing requirements.
The rule extended the testing requirements to employees at subcontractor companies (and to subcontractors of subcontractors at any tier) that repair stations rely on for specialized services.