I bought a share for £8k. The engine fund stood at about £10k. I flew a few hundred hours in it and paid the wet rate. £20ph went into the engine fund to offset my libaility for the hours I had "worn" on the engine. When I sold the share the buyer bought my share and continued to pay into the engine fund offsetting there own liablity.
Exactly!
You didn't pay 8k because that was the Market Value of the share in the airframe. You paid it because 8k was the Market Value of the share in the airframe AND the share in the 10k engine fund.
So what did you sell it for? did the buyer pay Market Value for a share in an airframe or did he pay Market Value for a share of the airframe AND a share of the (now enchanced) engine fund, exacly as you had?
The fund belongs to the aircraft not the shareholders.
Ye gods! The concept of ownership by inanimate objects, whatever next? Does it have its own bank account and credit cards as well?