Mike - I don't think we differ that much, just in how we present it.
The aircraft share is worth the market value - agreed? (judging by your posting I'm guessing yes).
Now - if there's money in the engine fund then the share is still only worth the market value - there is no premium to add on to the price for that money. (which your post suggests there is).
However - if there is no money in an engine fund that aircraft (and proportionally the share) is worth LESS than market value by that amount, and if I were buying I would offer accordingly.
Your post suggests that money in the bank is worth a premium on the share price at market value. (Forgive me if I read it wrong). My attitude is I don't care what's in the bank - aircraft depreciate, they have a market value, that's all I'm paying - I'm not buying a chunk of engine fund, that comes with the aircraft.
Hope that's slightly more clear.
Last edited by Chilli Monster; 14th May 2007 at 15:17.