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.
GE Capital Aviation Service signed a memorandum of understanding (MoU) yesterday at the Farnborough Airshow with CFM International to participate in the engine manufacturer’s new product offering for leasing companies, called Portable Maintenance for Lessors (PML). The final agreement should be complete by year-end, the companies said.
Engine Lease Finance (ELFC) has become the first CFM International (CFMI) spare-engine lessor to use the manufacturer’s portable maintenance for lessors (PML) program under a memorandum of understanding that could be formally ratified by year’s end.
Rod Rakic and Adam Fast are tackling one of the unique challenges facing the general aviation industry: how to get pilots to fly more. Rising fuel prices and the many obstacles that discourage pilots from flying have caused large reductions in flying time, which are reflected in low new aircraft delivery numbers, declining fuel sales and low used aircraft prices. “Our challenge is how do we keep people flying longer and more,” Rakic explained.
A legal case that could hold serious ramifications for the aircraft financing and leasing industry met its end with a blow against the lenders when the U.S. Supreme Court refused to hear an appeal.
Encouraged by last year’s successful effort to secure three European lessors for 10 Air Nostrum CRJ1000s, Bombardier expects the trend toward more lease acquisitions of regional airliners to continue. For the Canadian airframer, attracting lessors will prove vital to the success of the new C Series as well, and perhaps most notably in China, where aircraft leasing remains a relatively new option.
The world’s aircraft leasing industry appears to have weathered the proverbial storm of the global recession and now looks well positioned to exploit aircraft placement opportunities in markets such as China, in particular. However, such opportunities won’t come without their challenges, according to some of the leasing company bosses who appeared at this spring’s International Society of Transport Aircraft Traders (ISTAT) conference.
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.
The market for business aircraft in India is wide open and set to grow at a rate of about 13 percent each year over the next decade, according to Alok Wadhawan, a manager with the structured finance division of South African bank Investec.
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