Mortgagee sales: a tale of duties, desires, conspiracies and wilful neglect
This was a typical aircraft financing that involved a complex series of related transactions, but the basic facts can be shortly stated. GECAS and PK were members of the same group of companies. PK had financed various aircraft which where owned by various entities in a Russian group NRC.
There was a default in the sums due to PK. PK enforced its security over the aircraft eventually selling to a GECAS entity. GECAS had a prospective new lessee in Jet Blue a potentially valuable new customer for GECAS. NRC said they lost $11m (£7m) as a result…
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