- International Lease Finance Corp (ILFC) has added Leonard Green & Partners to a case in which the air-leasing company is suing rival Air Lease (AL) for allegedly stealing trade secrets and other confidential information.
- Air Lease was set up by ILFC founder Steven Udvar-Hazy and other former executves.
- ILFC has accused Leonard Green, which was an early Air Lease investor, of helping Air Lease's managers breach "their fiduciary duties and duty of loyalty to ILFC and for unfair competition."
- The legal dispute comes ahead of the sale of ILFC by AIG to AerCap Holdings (AER) in a $5.4B cash-and-stock deal that is expected to close this month. AIG will hold a 46% stake in the enlarged AerCap, which intends to shift its fleet of almost 1,000 aircraft to an entity with a tax residence in Ireland, no doubt to benefit from the country's low rates.
- Meanwhile, ILFC said Q1 profit soared to $124.1M from $49.6.