Jetrader - May/June 2012 - 3

Jetrader is a bi-monthly publication of the International Society of Transport Aircraft Trading (ISTAT). ISTAT was founded in 1983 to act as a forum and to promote improved communications among those involved in aviation and supporting industries, who operate, manufacture, maintain, sell, purchase, finance, lease, appraise, insure or otherwise engage in activities related to transport category aircraft. Jetrader is published for: International Society of Transport Aircraft Trading 401 N. Michigan Ave., Suite 2400 Chicago, IL 60611 USA Tel: 312.321.5169 Fax: 312.673.6579 E-mail:

from the president

Joe Ozimek, President International Society of Transport Aircraft Trading

Dear fellow ISTAT member,
ISTAT BOARD OF DIRECTORS OFFICERS Joseph W. Ozimek President John W. Vitale Immediate Past President Daniel J. Pietrzak Vice President Marc Allinson Vice President/Treasurer Gregory A. May Vice President/Secretary DIRECTORS Ron Baur Dick Forsberg Mark Pearman-Wright Mike Skinner David Swan Steven Townend Phil Seymour Anthony Diaz Jay Hancock Douglas W. Runte David P. Sutton Jep Thornton Warren Willits Chairman, ISTAT International Appraisers Program Board of Governors

ISTAT INTERNATIONAL APPRAISERS’ PROGRAM BOARD OF GOVERNORS Phil Seymour Olga Razzhivina Oliver Stuart-Menteth John Beekman* Bert van Leeuwen* Betsy R. Snyder* Jack Feir Chairman/Senior Appraiser Senior Appraiser Senior Appraiser Richard Kruse* Bruce Nicoletti*

Appraiser Fellow, Administrative Director, ISTAT International Appraisers’ Program *These individuals are not certified appraisers. ISTAT FOUNDATION BOARD OF TRUSTEES Warren Willits Chairman David P. Sutton Vice Chairman Joseph W. Ozimek ISTAT President John W. Vitale Immediate Past ISTAT President Marc S. Allinson Vice President/Treasurer TRUSTEES Julian Balaam Robert Conveny Dean Gerber Vito La Forgia Ken Perich Marco Sterk Jon Batchelor Todd Freeman Thomas W. Heimsoth Dana J. Lockhart Ron Pye Sonny Stern

INTERNATIONAL SOCIETY OF TRANSPORT AIRCRAFT TRADING Ron Pietrzak Executive Director Ben Barclay Project Coordinator Cynthia Cortis Conference Director Conference Senior Coordinator Katie Walsh Rebecca Holloway Senior Associate Marcia Daudelin Senior Marketing Manager

If you’re like me, you look forward to the sun and warmth that typically accompanies our annual meeting whether on the East or West Coast. Then there was Scottsdale 2012! The uncharacteristic cold and wet weather didn’t compute with this engineer’s view of Arizona at that time of year. We golfed in the rain and did our clay shooting in the snow, with guns pointed north and the real “birds” heading the other way! The good news was that, weather aside, we had another record meeting, with nearly 1,400 participants on hand. A lot of our networking took place indoors as opposed to out. While it didn’t help our suntans, it made for a lot of good conversations and probably drew more of us to attend the main conference sessions. We didn’t make many headlines out of our meeting this time around (which probably isn’t a bad thing for many of us) but there was lively discussion about whether our industry is overproducing airplanes. Views were expressed on both sides of the issue, and I’m of the mind that we won’t know until we know. I was pleased to present the ISTAT Award to the late Henry Hubschman, former CEO of GE Capital Aviation Services, at the closing night of the conference. Norman Liu, current president and CEO of GE Capital Aviation Services, accepted the award on Henry’s behalf. The annual meeting represents a ton of work by the team involved. Special thanks go to conference co-chairs Doug Runte and Dan Pietrzak, sponsorship committee co-chairs Jep Thornton and Will Hudson, events committee co-chairs Marc Allinson and Jay Hancock, and Cynthia Cortis and the ISTAT staff. Since we continue to fill several Scottsdale hotels to capacity, some of you suggested that perhaps we try San Diego in 2014. With its fine weather, great city life and hotels that can accommodate 1,500 people (not to mention Torrey Pines Golf Course), we thought it might be a good idea to try the venue and all be in one hotel for a change. (I was also going to mention the zoo in San Diego, but there were many jokes about being specific on where that zoo would be!) Our Asia event in Singapore should be happening about the time you read this. Then, it’s on to Farnborough, where this year’s international air show will feature the first-ever ISTAT Chalet. From there it’s on to Rome in September for our ISTAT Europe conference, and before you know it, we’ll be celebrating the year end at holiday networking events in New York and Dublin. Time flies when you’re having fun. I hope that’s the situation for you (at least for most of the time). May your spring weather be more characteristic, and here’s hoping we’ll visit soon at an ISTAT event near you!

Jetrader 3

Jetrader - May/June 2012

Table of Contents for the Digital Edition of Jetrader - May/June 2012

A Message from the President
Q&A: Nicholas E. Calio, Airlines for America
Forecast at ISTAT Americas 2012 Beckons Bright Year Ahead
Fans, Financiers Fancy the Dreamliner on its ‘Dream Tour’
What’s Ahead for the Freighter Conversion Market?
Aircraft Appraisals
The International Appraiser’s Program
Remembering Bill Bath Index
Jetrader - May/June 2012 - cover1
Jetrader - May/June 2012 - cover2
Jetrader - May/June 2012 - A Message from the President
Jetrader - May/June 2012 - 4
Jetrader - May/June 2012 - 5
Jetrader - May/June 2012 - Calendar/News
Jetrader - May/June 2012 - Q&A: Nicholas E. Calio, Airlines for America
Jetrader - May/June 2012 - 8
Jetrader - May/June 2012 - Forecast at ISTAT Americas 2012 Beckons Bright Year Ahead
Jetrader - May/June 2012 - 10
Jetrader - May/June 2012 - 11
Jetrader - May/June 2012 - 12
Jetrader - May/June 2012 - 13
Jetrader - May/June 2012 - Fans, Financiers Fancy the Dreamliner on its ‘Dream Tour’
Jetrader - May/June 2012 - 15
Jetrader - May/June 2012 - What’s Ahead for the Freighter Conversion Market?
Jetrader - May/June 2012 - 17
Jetrader - May/June 2012 - 18
Jetrader - May/June 2012 - Aircraft Appraisals
Jetrader - May/June 2012 - 20
Jetrader - May/June 2012 - The International Appraiser’s Program
Jetrader - May/June 2012 - Remembering Bill Bath
Jetrader - May/June 2012 - 23
Jetrader - May/June 2012 - 24
Jetrader - May/June 2012 - 25
Jetrader - May/June 2012 - Index
Jetrader - May/June 2012 - cover3
Jetrader - May/June 2012 - cover4