Not if they won't sell to you for that price - and if you were to buy the whole aircraft how much would you be prepared to pay (without the fund of course)?
Thats the point. You are trying to combine two different arguments into one to prove your point. What the share is worth, what you pay will pay for it and what they will sell it to you for ad different things.
DB. Deferred liability comes from the fact that the engine fund is built from the hours actually flown. A person flying the aircraft pays for the wear and tear on the engine as they go rather than paying getting a large bill in the post long after they have left the group to cover the wear that THEY put on the engine.
Go back to my previous comment. The engine fund belongs to the engine overhauler.
Another analogy: If you are on PAYE you pay your tax as you go. If you are self employed you pay it at the end of the year and the wise person makes provision as they go for this expected bill by keeping a fund, the fund covers the liability for money already earned. When it becomes due you hand it over. If you don't work for the next 2 years they don't knock allow you to keep that money as credit for having 2 years off because you already incurred the liability. If you have your assets assessed the money in the bank is not YOUR asset, you are just holding it for the taxman, although the interest is!
An engine fund works the same way. You are saving for the wear already incurred. The monthly fees are the speculative funds to cover what could happen.