1 - 3 July 2019, Wotton House Country Estate Hotel, UK

Aircraft Transaction Masterclass UK 2019

You never stop learning. Which is why the 9th annual  Aircraft Transaction Masterclass UK was so valuable to everyone within the business aviation community that attended in July 2019.

This unique two-day intensive residential course  provided attendees with the fundamentals of aviation transactions, designed to cover the process from start to finish, filling in any gaps in their  knowledge.

Through interactive group discussions, hands-on case studies and informative presentations, the course guaranteed attendees they would expand their knowledge –  either as someone new to the industry or for those looking to refresh or develop their insight.

In the past attendees have included: financial institutions, operators, charter brokers, trust companies, law firms, aircraft brokers and others.

Aircraft Transaction Masterclass 2019 UK course outline:

Led by a faculty of expert business aviation specialists – who close transactions every day – the course will use practical examples and case studies to give you knowledge and understanding you can use to get deals closed:

Based in the heart of the countryside in the stunning Surrey Hills, this residential course was held at Wotton House Country Estate, on the 1st – 3rd July 2019.


2nd July 2019

Buying & Selling Aircraft

09.00 Introduction to the course

How good brokers get deals closed
Alasdair Whyte, Corporate Jet Investor

 09.50 Anatomy of a transaction
Negotiating the letter of intent and the purchase agreement
Pushing through pre-purchase inspections
Exporting and Importing aircraft
Delivering and closing
Cleaning up – not finished on closing day
Oliver Stone, Colibri

10.20 New versus old
The differences between selling new and used aircraft
Are there still different buyers for each?
Selling one series versus selling them all
Trevor Lambarth, Guardian Jet

10.55 Key legal aspects of the sales process
Essential elements of the LOI
Long form versus short form
Negotiating the deposit and escrow
The aircraft sale and purchase agreement
Getting deals to completion
Mark Bisset, Clyde & Co.
David Hernandez, Vedder Price

11.20 Case study: Negotiating a letter of intent

12.30 Lunch

13.30 The joy of the pre-purchase inspection
Airworthy vs unairworthy
Who pays for what?
The C-word: What causes corrosion and why is it an issue?
Brendan Lodge, JSSI Advisory Services
Stuart Kirkwood,TAG Farnborough Maintenance Services
Stuart Forster, JSSI Technical Services

14.30 Importing aircraft into the EU, VAT and other issues
Aircraft – the tax universe
Customs duties
Key VAT Concepts
Main structuring options
Temporary admission relief
Leasing options
Case studies
Hugo Jenney, Stephenson Harwood

15.30 Afternoon tea

16.00 Choosing an aircraft registry
The key factors to consider:
The Aircraft
Cost and Service
Use and Operation
Ownership Structure
Political environment
Heather Gordon, Martyn Fiddler Aviation
Graeme McLellan, Stephenson Harwood

Mitigating risks: Maintenance programmes
What do you need to think about?
What should you be tracking?
What do maintenance programmes protect?
How maintenance affects asset values
James Carroll, JSSI

16.40 What is an aircraft worth?
The different approaches for valuing aircraft
What affects valuations
Using valuation guides
Brendan Lodge, JSSI Advisory Services

18.30 Day One Recap followed by drinks and BBQ at Wotton House


Please find the following speaker profiles:

Mark Bisset
Partner, Clyde & Co.

Mark is Head of Aviation Finance, Clyde & Co, London.
Clyde & Co is a global law firm with a focus on five core sectors: transport, insurance, energy, trade & commodities and infrastructure. The firm employs 2,000 legal professionals in 52 offices in every worldwide region.

Mark's experience includes loan and lease financing, operating leases and tax-based leases, export credit finance, and aircraft purchase and trading, in a wide variety of jurisdictions.

Mark has been very active over the last 15+ years in the business jet market, acting for financiers, owners and operators. In 2017, Mark was ranked as a Band 1 individual in Private Aircraft (Global-wide) in Chambers High Net Worth, and Clyde & Co was similarly first-ranked. Spear's Magazine describes Mark as an "eminence grise" of business aviation.
Who's Who Legal Aviation has commented that Mark is an "exceptional finance lawyer with extensive knowledge of both the commercial airline and business jet market."

Mark also has extensive aviation regulatory experience, including recently advice on ownership and control issues, sanctions, and slots trading. Mark has recently been heavily involved in Brexit-related advice and led the Clyde & Co team which in January 2018 published the report "Brexit scenarios for business aviation" for the EBAA.
Mark is contributing editor of the annual publication "Getting the Deal Through - Aviation Finance and Leasing 2018" and co-editor of "Getting the Deal Through - Air Transport 2018". He is the co-author of "Aviation Insurance – Issues in Law and Practice from the Lessor/Lender Perspective".
Mark is a Guest Lecturer at the International Institute of Air and Space Law, Leiden University.

James Carroll
Director, Business Development, JSSI

As Director of Business Development for Jet Support Services, Inc. (JSSI®), James Carroll implements and oversees sales initiatives, develops relationships and promotes JSSI programs and services throughout Western Europe. Previously at JSSI, Mr. Carroll had responsibility for Account Management and advised on financial and contractual problems.

Mr. Carroll started his aviation career at BAA Heathrow where he was promoted to Duty Manager of Terminal 4 and then held the position of Crisis Manager for the online travel company lastminute.com.

James holds a BA Honours Degree in French and Spanish, is an accredited Senior Aircraft Appraiser with the American Society of Appraisers, and enjoys playing tennis in his spare time.

Stuart Forster
Airframe Technical Advisor. JSSI

Stuart is a highly self-motivated, competent Licensed Engineer with over 25 years of experience working within the Business Aviation sector.

Whilst having a flexible approach to working historically for MRO’s, Operators and working closely with HNWI; Stuart shows a high degree of cost effectiveness and oversight during the maintenance/operational running of aircraft.

Stuart’s specialities are the technical management for long range business jet aircraft; including OEM’s such as Bombardier, Gulfstream and Embraer.

Heather Gordon
Chief Legal Officer, Martyn Fiddler Aviation

Heather Gordon is chief legal officer at Martyn Fiddler Aviation. Heather joined the team in 2013 having previously practised within a leading Isle of Man law firm’s aviation practice since 2007. Heather holds graduate and post graduate degrees in law and studied internationally for her MBA.

Coming from an aviation family, Heather is devoted to the industry and has on occasion been described as a ‘spotter’. Her enthusiasm is translated into her work and as a result she is often asked to speak at conferences and seminars internationally on Isle of Man corporate and aviation matters.

Edward Gross
Shareholder, Vedder Price

Edward Gross has 30 years of experience representing bank-affiliated and large, independent equipment financing companies in all aspects of equipment finance transactions, including documenting, structuring, negotiating, syndicating and enforcing these transactions.

Edward is considered an industry leader in business aircraft and helicopter finance. These transactions vary in structure and include tax and non-tax lease, operating lease and secured loan financing of managed and /or chartered aircraft, fleet aircraft and helicopters operated in various service capacities and engine pools, aircraft operated under fractional and “pay card” arrangements and progress payment, completion and other multi-funding structures.

Clients include market-leading aircraft and helicopter financing providers, investors or operating lessors, as well as large publicly or privately held businesses, governmental entities or high-net-worth individual users.
Many of these transactions involve foreign registered aircraft.

David Hernandez
Shareholder, Vedder Price

David M. Hernandez is a Shareholder at Vedder Price and a member of the firm's Global Transportation Finance team, whose performance led Vedder Price to be named Aviation 100 Law Firm of the Year 2015. In 2016, David was ranked Band 1 in Private Aircraft (Global-wide) in Chambers High Net Worth, which recognizes the world’s leading high net worth advisers.

David has considerable experience assisting clients with aircraft transactions, complex government investigations, aircraft, air carrier and part certifications, and enforcement matters (FAA and DOT violations, export controls, hazardous materials and drug/alcohol testing). He frequently advises clients on aircraft purchase/sale agreements, leases, fractional program documents, aircraft management agreements, aircraft use policies, cross-border transactions, personal use of company aircraft and regulatory (FAA, SEC and IRS) compliance.

Mr. Hernandez represents a wide variety of clients, including public and private corporations, aerospace manufacturers and suppliers, airlines, defence contractors, airports, corporate flight departments, charter operators and high-net-worth individuals.

Mr. Hernandez is also an active member of the National Business Aviation Association Tax Committee and Regulatory Issues Advisory Group.

Prior to joining Vedder Price, David was a prosecutor at the FAA as well as an honors attorney for the U.S. Department of Transportation. He also served in the Office of the Counsel to the President during the Clinton administration and was a Captain in the U.S. Air Force.

Hugo Jenney
Partner - Tax & Private Wealth, Stephenson Harwood

Heading the firm's tax team for the last 15 years, Hugo is a corporate tax lawyer with significant experience of tax-based structured finance and handling high value tax settlements and litigation. He is a leading tax advisor to shipping, aircraft and rail companies but also advises real estate and investment funds and high net worth families.

Hugo is one of the leading tax advisors to the transport sector having advised the firm's transport and finance client base for many years. During that time he established himself as one of the few authorities on tonnage tax and has advised on more tax-based leases than virtually any other advisor. He also advises on tax structuring of international shipping groups and is an expert on VAT, including on yachts and jets.

Hugo has advised extensively on structuring inward investment into UK real estate. He is a member of the Law Society Stamp Duty Committee and the VAT Practitioners Group.

Through advising owners of various transport-related, real estate and investment funds businesses, Hugo has developed an expertise in advising on asset-holding structures for tax, succession planning and asset protection purposes. This has also involved advising on foreign domiciliary structures and private equity/hedge fund remuneration structures.

Hugo particularly enjoys handling tax enquiries and disputes with HMRC. The most significant enquiries involve very large amounts of tax and require the approval of the HMRC Board and Tax Assurance Commissioner.

He has been recommended in The Legal 500 and Chambers UK for over 15 years.

Trevor Lambarth
Vice President of Sales - Europe, Guardian Jet

Trevor Lambarth is Vice President of Sales for Guardian Jet in Europe. Guardian Jet provides consultancy and brokerage services to many of the world’s largest and most sophisticated companies, as well as to high net worth individuals. By providing insightful information, Guardian Jet earns the right to buy and sell its clients’ aircraft.

Prior to joining Guardian Jet in 2016, Trevor spent 27 years with Bombardier Aerospace, most recently as Vice President of Sales, leading the business aircraft sales team in Europe, the Middle East and Africa.

During his tenure at Bombardier, Trevor sold more than 150 aircraft, with a combined value of nearly USD$3 billion.

Brendan Lodge
Advisory Services Manager, JSSI

As Advisory Services Manager for Jet Support Services, Inc. (JSSI), Brendan Lodge brings over 25 years of asset finance and business aviation knowledge, skills and experience to the JSSI Advisory Services and JSSI Parts divisions.
Mr. Lodge builds relationships with banks and financial institutions and promotes JSSI's portfolio of services, including the JSSI Asset Monitoring Platform (AMP) and aircraft inspection and value appraisal consultancy services. Mr. Lodge provides additional support to JSSI Parts to assist in the acquisition of aircraft at the end of life for the purpose of tearing down and parting out to support aircraft on JSSI programs.

Previously, Mr. Lodge worked for over 20 years in the UK banking and finance industry with Lombard, part of Royal Bank of Scotland. As part of the Lombard Aviation Unit, he financed aircraft at all levels of the business and general aviation sectors. Mr. Lodge later joined the Icelandic bank, Kaupthing, where he was a key member of the small team that developed and grew their business aviation portfolio. He has a further 8 years of experience with JetBrokers as an aircraft sales broker and played a key role in establishing their European franchise.

Mr. Lodge is Founder and Chairman of The Aviation Supper Club, renowned for its regular business aviation industry networking dinners.

Graeme McLellan
Partner, Stephen Harwood LLP

Graeme is ranked as a "Leading Individual" in the main legal directories, Chambers & Partners and Legal 500.
"An extremely capable operator who is quick to suggest innovative solutions" Legal 500 legal directory
"Very commercial in his approach, he takes a sensible stance and is highly creative" Chambers & Partners legal directory

Graeme is an asset finance expert with particular focus on the aircraft and rail rolling stock sectors, regularly advising major sophisticated international clients on business critical matters.

His extensive experience includes secured loans, bond financings, tax leasing, Islamic financings, and portfolio acquisitions / disposals. He enjoys cutting through complex and difficult issues, applying experience of structured, cross-border transactions to develop innovative solutions.

Recent aircraft experience includes advising:
- equity investors on their entry into the commercial aircraft financing sector, including investment funds acquiring narrow-body and wide-body aircraft subject to leases using secured third party debt financing
- aircraft lessors and financiers on debt financings, operating lessor financings, Islamic financings and leases
- major financial institutions on the financing and operation of large business jets, including Airbus, Boeing, Bombardier, Dassault, Embraer and Gulfstream aircraft

Graeme is qualified as a solicitor in England & Wales and Hong Kong.

Chris Miller
Managing Partner, Shearwater Aero Capital

Chris Miller has over 25 years of experience in aviation and human capital. Prior to Shearwater, he oversaw Guggenheim Partners’ Business Aircraft Investment (BAI) Group. The BAI Group provided capital solutions to the business aviation industry, specifically asset based lending on medium to large sized business aircraft. In recent years, Mr. Miller’s aircraft transactions and financings have been focused in Europe, emerging Europe, Asia, the Middle East, and Africa.

Prior to Guggenheim, Chris ran the US Division of a UK based performance management consultancy that worked with management teams of both small and large organisations on the execution of their strategies. Notable projects include working with a private equity group to form a venture to fly cargo into geopolitically unstable regions of the world as well as working with large defence contractors to help fulfill urgent need requests from US military forces based in Iraq and Afghanistan.

Before entering the business world, Chris served in the United States Marine Corps, as an F/A-18 pilot, Aircraft Maintenance Officer and Aviation Safety Officer. He is a graduate of the U.S. Navy & Marine Corps School of Aviation Safety and currently holds a commercial pilot rating. He is an accredited “Senior Aircraft Appraiser” with the American Society of Appraisers (ASA) and serves on its Investment Committee. He is also the President of the National Aircraft Finance Association (NAFA). Mr. Miller received a BA from Denison University and an MBA from Columbia University.

Aoife O'Sullivan
Partner, The Air Law Firm

Aoife specialises in private, corporate and commercial aviation, military aircraft and civil aerospace. She advises clients on aircraft finance and regulatory issues, including corporate structures, aircraft acquisitions and airline start-ups. She is internationally renowned for her work in aircraft finance. Aviation Week & Space Technology magazine named her as one of the top 10 leaders in business aviation in Europe. She is a member of the Board of Aerion Corporation Inc. which is developing a supersonic business jet and was a founding member of IIBN, a network of Irish entrepreneurs. She has acted as Chair of the European Business Aviation Association finance and leasing group.

Aoife has been independently nominated by her clients, contacts and peers for inclusion in all exclusive industry and legal guides for her work in aviation law and her contribution to the industry, including:
Chambers: notable and trusted practitioner in Aviation Finance
Legal 500: Finance
Euromoney’s “Women in Business”, and Expert Guides – Aviation
International Who’s Who of Aviation Finance Lawyers
Best Lawyers
Who’s Who Legal
Lawyers World – Leading Lawyer Awards
Aoife is regularly invited to speak at international aviation conferences and events. She writes for and has been quoted in all major leading publications including the Financial Times, BART, Fly Corporate, Airfinance Journal and Altitudes.

Aoife was admitted as a Solicitor in Ireland in 1997, England and Wales in 1997 and admitted to the Supreme Court of the Cayman Islands in 2002. Previous experience includes senior associate at Clifford Chance LLP and subsequently Head of Aircraft Finance at Gates and Partners LLP until merger with Kennedys Law LLP where she was head of Aircraft Finance. Aoife is one of the founding partners of The Air Law Firm LLP.

Oliver Stone
Managing Director, Colibri Aircraft

Oliver is the managing director for Colibri Aircraft Ltd., a private aircraft brokerage and advisory firm based in London.

Oliver started with Colibri Aircraft in 2011, after spending the previous 8 years managing the brokerage and advisory unit for a firm in the United States. His focus has been on the international arena, selling and purchasing aircraft for clients as well as advising lenders on asset value protection and repossessions.

Having bought and sold aircraft for customers in Asia, South America, Europe, the Middle East and the US, he has a first-hand perspective on different cultures and their approach to private aviation, as well as the demand for such aircraft around the world.

Ford von Weise
Global Head of Aircraft Finance, Citi Private Bank

Ford von Weise is currently a Director and Global Head of the Aircraft Finance Group at Citi Private Bank. The group provides private aircraft financing solutions to individual ultra high net worth clients and their companies throughout the world. Ford's responsibilities and roles while at Citi have included loan origination, product program management, reporting and workouts. The group focuses on transactions typically in the range of $10 to $50 million.

Ford has over fourteen years of business aviation experience most recently serving as Vice President of Business Aviation Finance for Merrill Lynch Capital. Prior to Merrill Lynch, he worked for GMAC Commercial Finance in the same capacity. His expertise covers a wide range of corporate and personal aircraft both domestically and internationally. Prior to joining GMAC, Mr. von Weise was Vice President of Capital Transactions at Lend Lease Real Estate investments, where he was responsible for the recapitalization and workout of large multi-family properties throughout the U.S.

Mr. von Weise is a member of the Board of Directors of the National Aircraft Finance Association and was appointed by the Boards of Selectmen from the Massachusetts towns of Concord, Lincoln, Bedford and Lexington as a commission member of the Hanscom Field Advisory Commission. He is also a past board member of the Massachusetts Business Aviation Association and a local volunteer representative for the Aircraft Owners and Pilots Association. He is also an instrument rated pilot, aircraft owner, and a pilot for the U.S. Coast Guard Auxiliary. Mr. von Weise has also appeared on the Discovery Channel as an aviation expert in the Celebrity Crash Files, J.F.K., Jr, documentary series. He is also currently a member of the Board of Advisors for Brown Aviation Lease.

Ford holds an undergraduate degree, cum laude, in Environmental Studies and History from the University of Vermont.

Derek Watson
Partner, Vedder Price

Derek Watson is a Partner and a member of the firm’s Global Transportation Finance team, whose performance led Vedder Price to be named Aviation 100 Law Firm of the Year in 2015 and 2017.

Mr. Watson has extensive experience in a broad range of asset finance transactions across the aviation, shipping and rail sectors, with a particular focus on cross-border commercial and business aircraft financing, leasing, sales and purchases, including portfolio transactions, tax-based financings, export credit-supported financings and progress payment financings. His clients include banks, lessors and owners.

In each of the years 2016 through 2018, Mr. Watson was ranked Band 1 in Private Aircraft (Global-wide) in Chambers High Net Worth and from 2017 through 2019 was ranked Band 4 in Chambers UK Asset Finance (UK-wide).

Zohar Zik
Partner, HFW

Zohar is a Partner in the aviation department with particular expertise in finance and leasing transactions, complex commercial contracts and regulatory matters.

He has advised extensively on fleet management issues, such as aircraft procurement, purchase and disposal, operating leasing, sub-leasing, lease novations and amendments and end of lease returns. His aviation finance experience includes sale and leaseback transactions, debt financing, hire purchase and conditional sale agreements, receivables financing and securitisation.

Zohar also has in-depth experience in advising on commercial agreements for the aviation industry of all types, including contracts for the purchase of buyer's furnished equipment, fuel, catering and maintenance services, and for capacity trading, such as code sharing, franchise, charter and wetlease agreements.

Zohar is the former General Counsel - Aviation of a leading global tourism company and operator of one of Europe's largest fleets of aircraft. He is qualified in England and Wales and is also a CEDR Accredited Mediator.