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  "documentTitle": "AerCap Holdings (AER)",
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  "authorName": "David Einhorn",
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  "presentationDate": "2015-04-07 00:00:00",
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  "notes": "The slide uses a 'gain' framing to argue that the buyer (AerCap) secured a bargain relative to the seller's (AIG/ILFC) assets.",
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      "text": "It was a bargain. AerCap paid only 84% of ILFC’s appraised fleet value and less than half its adjusted book value.",
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      "text": "AerCap bought it at a sizeable discount to its already written down book value. AerCap paid $3 billion in cash and issued 97.6 million shares to AIG. It was a bargain. AerCap paid only 84% of ILFC's appraised fleet value and less than half its adjusted book value.",
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      "text": "Source: Bloomberg L.P., issuer filings, management public statements, and Greenlight calculations derived from issuer filings and public statements. Greenlight’s adjustments to figures in filings and public statements were in the sole discretion of Greenlight.",
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