True enough, Chili, unfortunately.
I assumed that the appraisal of the aircraft would be for true current market value, taking into consideration things like the hours on the airframe and the engine, and such. Unfortunately we have the situation where appraisals can easily be inflated (for sales, insurance-payout or mortgage purposes) or deflated (for tax, insurance-premium or buying purposes), depending on who pays for the appraisal.
Appraisals would be much fairer if there would be a rule that said that if somebody appraises the value, he could be forced by the person who ordered the appraisal to buy the item in question for, let's say, 90% of the appraisal value, or sell a similar item for, let's say, 110% of the appraisal value.
Nevertheless, Chili and Bose-x, I'm glad you all agree that the contents of the engine fund does have an effect on the purchase price of the share, all other factors being equal. The difference is probably in how we define "market value". I defined it as "the current state of the aircraft, considering the current hours on the engine", while bose apparently defines it as "the current state of the aircraft, but assuming it has a zero-timed engine". In the one case the engine fund is a premium on top of the market price, in the other case it's the balance between the actual current value and the market value. At the end of the day, it all comes to the same thing.