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  "documentTitle": "FTAI Aviation, Ltd. (FTAI)",
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  "notes": "Uses expert testimony to undermine the company's core business narrative.",
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      "text": "According to one of FTAI’s key counterparties, FTAI is still essentially a leasing company with an MRO overlay.",
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      "text": "According to one of FTAI’s key counterparties, FTAI is still essentially a leasing company with an MRO overlay:",
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      "text": "Our consultant, a former FTAI Executive, expressed skepticism about FTAI’s ability to profitably operate the former Lockheed Martin facility, called the Module Factory:",
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      "text": "Source H: \"It’s fundamentally, in my opinion, an engine leasing company.\"1",
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      "text": "Consultant A: \"Air Canada owned that shop. Aveos owned that shop. Lockheed Martin owned that shop. And it was always a big struggle. And if you look at Lockheed, that engine shop before Covid was dying, it was dead.\"2",
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      "text": "Consultant A: \"I'm out last night with the guys from [Bulge Bracket] Bank, everyone is asking questions, like then, and the statements are ‘none of this makes sense.’ And when you really do a deep dive... you can see that, it doesn't make sense.\"2",
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      "text": "\"It’s fundamentally, in my opinion, an engine leasing company.\" — Source H. \"Air Canada owned that shop. Aveos owned that shop. Lockheed Martin owned that shop. And it was always a big struggle. And if you look at Lockheed, that engine shop before Covid was dying, it was dead.\" — Consultant A. \"I'm out last night with the guys from [Bulge Bracket] Bank, everyone is asking questions, like then, and the statements are ‘none of this makes sense.’ And when you really do a deep dive... you can see that, it doesn't make sense.\" — Consultant A.",
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