The GNA Synergy Argument

Aireles only has 300 planes. Avalon is another Irish company that basically came out of the Beginnes Peak collapse. If this thing goes through, they'll have 2,500 planes. Aireles made money last year. They didn't take any massive losses on any discrete exposures. Meanwhile, AirCap took a bath, an absolute bath. All their brand new 787s, Dreamliners, most of them were out to Norwegian. And guess what? Norwegian went under and then they turned around and released most of them to the successor entity as well. There obviously there's a GNA synergy argument, but it's pretty small. It's just a lot messier now.