Jim,
I nearly got around to the same issue of valuations. I don't believe asset valuations as reported in financial documents or balance sheets ever. I don't believe in the integrity of any of the auditing firms.
I think you have to doubt these things as an investor in any business until you get evidence to the contrary.
I also thought I'd read that the finance for the first tripler had been arranged, and that being the one being leased from ILFC. However that was before the owner of ILFC had to be bailed out by the USG. The long haul plan is looking so shaky to me I think it could still get dropped, or made impossible by external issues.
But the second hand goss I'm getting is that the 737-900ER replacements for some leases that reach maturity next year is on. That makes sense.