Posted by lex, on June 16, 2009
Someone misses a few payments. The bank wants to recover its plane. There will be an attempt to set up some kind of debt payment plan. Failing that, collateral has to be ponied up. If there is none, then an account executive reaches out to (Nick) Popovich. But Jumbo Jets are expensive — a 747 will run you anywhere from $125 million to $260 million — and people who try to acquire such toys are loath to give them back. If the deadbeat gets wind that the bank is sniffing around his plane, he’s likely to spirit it away before anyone has a chance to grab it, and then it becomes a cat-and-rat game that can take months to complete.
Sounds like the money’s pretty good. But I could do without spending time in a Haitian prison.