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.
Norwegian Air's (NWARF) series of problems with the Boeing (BA) Dreamliner has not put the budget carrier off from ordering four 787-9 jets - the stretched version of the plane - from International Lease Finance Corp (ILFC).
The deal brings Norwegian Air's total 787 orders to 14, of which three are in operation.
It seems that Norwegian Air is looking past the teething troubles so that it can implement its plan of taking on the major carriers on the lucrative London-New York route with budget flights.
Boeing (BA -0.5%) delivers its first Dreamliner to International Lease Finance Corporation (ILFC) and its lessee, Norwegian, which will operate the airplane. The 787 also marks the 700th airplane Boeing delivered to ILFC. Norwegian currently has eight 787s on order through lease agreements and direct deliveries, and plans to use them to service its new long-haul routes from Oslo and Stockholm to New York and Bangkok.