Jetrader - September/October 2008 - 8

Q&A Chief Investment Officer Lease Corporation International, Ltd. J etrader: How did you get involved in aviation? Tasos Michael: It was 1993, and the aviation market was in the midst of a deep depression. At the time, a wise man told me, “If you do this deal, you’ll be able to give up being a lawyer and travel the world lecturing on how to do aircraft deals.” The man was Steve Hazy, to whom I eventually sold 16 new A320s, and my career path did change—although the lecture tour never materialized. I had come into the aviation world from the legal world of asset finance one Christmas Eve in 1988. In 1989, I worked as part of a team to establish “Ambassador Airways,” a UK charter airline, before leaving the law firm to represent Kawasaki Leasing. Kawasaki had five A320 white-tails on the tarmac in Toulouse, and we were being offered leases at $185,000 a month. After Steve obliged with most of the Kawasaki portfolio—he jokes that that I paid for the furniture in ILFC’s offices—I earned my living “advising” startup airlines. The term “advising” is one I use loosely, as I did everything from sourcing aircraft to drafting ticket conditions. I helped establish Aerosvit, now the largest airline in Ukraine. I joined my friend Stelios at the embryonic stages of Easyjet, but gave up a generous offer of equity, as none of the experts believed the project would work. I have been cautious about listening to the so-called experts ever since and fortunately Stelios had his own vision. I then helped establish Cronus Airlines (now part of Aegean Airlines, the largest airline in Greece), where I became a shadow in every department. Being a man of the sea, I kept my toes in the shipping world and worked on projects involving Carnival Corp and Royal Caribbean. Both companies operate from the U.S. and can teach the aviation world a great deal about consolidation and corporate efficiency. I always seem to be most in demand when there is a recession in the industry. Just over four years ago, I received a call from a friend suggesting a meeting with a successful and entrepreneurial Greek shipping family—Logothetis—who operate as the Libra Group. They wished to make a small investment in aviation. The eldest brother had not quite reached his 30th birthday, and I had to ask the question if they were serious. Not only were they serious, but I soon discovered they are of that dying breed of “my word is my bond,” and I became part of the family. Every transaction between us was on a handshake. Initially I was to invest $30 million for one or two assets but what transpired was a $1.2 billion-dollar portfolio and arguably the finest privately owned portfolio in recent years. We had four of the newest aircraft in British Airways fleet, two aircraft with Air France, two with Finnair, one with Iberia, two with Virgin, Austrian, Oman and 8 The official publication of the International S ciety of Transport Aircraft Trading official publication the International So ie y of Transport A rc ft Trading f publication b nterna io ao Socie Society iety ans rt Aircr sp t Aircraft rad n rcraft ad c

Table of Contents for the Digital Edition of Jetrader - September/October 2008

Jetrader - September/October 2008
A Message from the President
Contents
Calendar/News
Q&A: Tasos Michael
Growing Green
Farnborough Wrap Up
Sweet Dreams, Nightmarish Travel
Boiling Points
Aircraft Appraisals
From the ISTAT Foundation
Aviation History
Jetrader - September/October 2008 - Jetrader - September/October 2008
Jetrader - September/October 2008 - Cover2
Jetrader - September/October 2008 - A Message from the President
Jetrader - September/October 2008 - 4
Jetrader - September/October 2008 - Contents
Jetrader - September/October 2008 - 6
Jetrader - September/October 2008 - Calendar/News
Jetrader - September/October 2008 - Q&A: Tasos Michael
Jetrader - September/October 2008 - 9
Jetrader - September/October 2008 - 10
Jetrader - September/October 2008 - 11
Jetrader - September/October 2008 - 12
Jetrader - September/October 2008 - 13
Jetrader - September/October 2008 - 14
Jetrader - September/October 2008 - Growing Green
Jetrader - September/October 2008 - 16
Jetrader - September/October 2008 - 17
Jetrader - September/October 2008 - Farnborough Wrap Up
Jetrader - September/October 2008 - 19
Jetrader - September/October 2008 - Sweet Dreams, Nightmarish Travel
Jetrader - September/October 2008 - 21
Jetrader - September/October 2008 - Boiling Points
Jetrader - September/October 2008 - 23
Jetrader - September/October 2008 - 24
Jetrader - September/October 2008 - 25
Jetrader - September/October 2008 - 26
Jetrader - September/October 2008 - Aircraft Appraisals
Jetrader - September/October 2008 - 28
Jetrader - September/October 2008 - From the ISTAT Foundation
Jetrader - September/October 2008 - Aviation History
Jetrader - September/October 2008 - 31
Jetrader - September/October 2008 - 32
Jetrader - September/October 2008 - 33
Jetrader - September/October 2008 - 34
Jetrader - September/October 2008 - Cover3
Jetrader - September/October 2008 - Cover4
Jetrader - September/October 2008 - 37
Jetrader - September/October 2008 - 38
Jetrader - September/October 2008 - 39
Jetrader - September/October 2008 - 40
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