Aircraft leases, Southwest FAs must vote again, video stunt pilot stunt flying again, 737NG nacelle retrofits, PW1100G engine inspections, Southwest fined, museum for WWII crashes.
Aircraft leases, engine leasing pools, and related aerospace investments. In the news, Southwest flight attendants will have to vote again on the proposed labor contract, the YouTuber who crashed his plane in a video stunt is flying again, the FAA issues an NPRM for the 737NG nacelle retrofit program, another NPRM is out for PW1100G engine inspections, DOT fines Southwest Airlines $150 million, and a new museum is created for WWII crashes flying over “the hump.”
Guest
Nathan Dickstein is Managing Director and Head of Aerospace Leasing at investment firm AE Industrial Partners, LP. The company was founded in 1998 as AeroEquity and later rebranded as AE Industrial Partners (AEI).
Nathan focuses on the origination and management of aircraft leases, engine leasing pools, and related aerospace investments. He has over 12 years of industry experience investing in aircraft and engine leasing at investment funds, banks, and leasing companies.
We explore various aspects of aircraft leasing and its impact on the aviation industry. Nathan discusses the challenges faced by airlines due to airworthiness directives and the need for early engine visits. Our conversation also delves into different types of leasing companies and the expertise of AEI in aircraft leasing. Nathan highlights the benefits of aircraft leases and the flexibility they offer. We also consider the growth and resilience of the aircraft leasing industry.
Before joining AE Industrial in 2020, Nathan worked in Marathon Asset Management’s Structured Credit team where he was responsible for the origination and management of aircraft and aviation-related investments. Before Marathon, Nathan was employed by Alterna Capital Partners, responsible for sourcing, executing, and realizing aircraft investments.
Nathan’s previous industry work experience includes Deucalion Aviation Funds, the equity investment arm of DVB Bank where he was responsible for transaction analysis and deal structuring, and AWAS Aviation Capital, a top 10 aircraft lessor, where he was part of the Risk Management team.
Aviation News
Southwest Airlines Flight Attendants Forced to Rerun Contract Vote After Crew Discovered Ballot System Was Vulnerable to Fraud
Transport Workers Union Local 556 (TWU Local 556) represents Southwest Airlines flight attendants and contract negotiations have been going on for years. Recently, with 95% of eligible union members voting, the proposed contract was soundly rejected. However, some members questioned the integrity of the voting process. After an investigation, the union says the membership will have to vote again.
Trevor Jacob Goes Flying On Temporary Certificate
Two years ago, Trevor Jacob intentionally crashed his Taylorcraft for a YouTube stunt. His pilot certificate was revoked in April 2022, and he was recently sentenced to six months in prison for hiding evidence. However, Jacob was eligible to apply for a certificate after one year and he says he’s passed the written exam and completed his checkride. With that, the FAA says he has now been issued a temporary pilot certificate.
(a) A temporary pilot, flight instructor, or ground instructor certificate or rating is issued for up to 120 days, at which time a permanent certificate will be issued to a person whom the Administrator finds qualified under this part.
(b) A temporary pilot, flight instructor, or ground instructor certificate or rating expires: (1) On the expiration date shown on the certificate; (2) Upon receipt of the permanent certificate; or (3) Upon receipt of a notice that the certificate or rating sought is denied or revoked.
Code of Federal Regulations § 61.17 Temporary Certificate.
FAA Starts 737NG Nacelle Retrofit Mandate Process
Following two incidents, the NTSB recommended a redesign of the 737NG nacelle. The FAA issued three notices of proposed rulemaking (NPRMs) that would mandate that operators would have until July 31, 2028, to upgrade their aircraft with new inlet spacers and fasteners, a fan cowl support beam, a stiffer exhaust nozzle, and upgraded inlet aft bulkhead fasteners. Boeing would issue maintenance instructions by Dec. 31, 2029. The changes are intended to keep fan cowls closed, intact, and attached to the airplane in the event of a fan-blade-out event.
FAA Outlines Next Phase Of PW1100G Inspections
In another NPRM, the draft rule based on two service bulletins developed by Pratt would mandate inspections of the PW1100G. The next batch of engines needing off-wing inspection of high-pressure turbine (HPT) stage 1 and stage 2 disks were identified and high-pressure compressor (HPC) stage 7 and 8 integrated blade rotors (IBRs) are to be added to Pratt’s “fleet management plan.”
DOT Penalizes Southwest Airlines $140 Million for 2022 Holiday Meltdown
The U.S. Department of Transportation (DOT) announced a $140 million civil penalty against Southwest Airlines for violating consumer protection laws over the 2022 Christmas holiday and into the New Year after the operational failures canceled 16,900 flights and stranded over two million passengers. Most of the penalty will go towards compensating future Southwest passengers. In its investigation, DOT found the company violated consumer protection laws by failing to provide adequate customer service assistance, failing to provide prompt flight status notifications, and failing to provide refunds promptly and properly.
600 U.S. planes crashed in the Himalayas during WWII. A new museum shows the artifacts
An estimated 1,500 pilots and passengers were killed flying “the hump” due to incorrect maps, weather conditions, flying at high altitudes with unpressurized aircraft, and other causes.
Mentioned
Video: Collings Foundation Hangar (Stow, MA)
Air Force Safety Center: Aviation Statistics
Hosts this Episode
Max Flight, Rob Mark, and David Vanderhoof.