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Post by peter on May 13, 2014 14:43:13 GMT 1
That's strange. It was reported that Doric was renamed Amedeo a while ago. Now I find the same aircraft on both Doric and Amedeo websites stating they are the lessor.
Amedeo fleet
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XWB
in service - 11 years
Posts: 16,115
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Post by XWB on May 13, 2014 14:44:29 GMT 1
No, Doric and Amedeo are two separate entities. The CEO of Doric left the company and created Amedeo.
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philidor
in service - 6 years
Posts: 8,950
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Post by philidor on May 13, 2014 14:52:14 GMT 1
... And Amedeo currently has 20 A380 orders, but has not taken delivery of any of them yet, and has not released the name of any future lessee.
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Post by peter on May 13, 2014 15:03:43 GMT 1
Does this mean that Doric owns those 12 A380's but they are "under management" or "under oversight" by Amedeo??
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philidor
in service - 6 years
Posts: 8,950
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Post by philidor on May 13, 2014 16:29:56 GMT 1
Peter, the website you linked to lists some A380s as being under Amedeo management. I don't know the details, but this probably refers to the way DORIC operated (before AMEDEO was created).
To keep it simple, DORIC would : - create and manage a special purpose vehicle (SPV = a company created for the sole purpose of buying and leasing out an aircraft); - enter, in the name of the SPV, a purchase and lease back agreement with an airline (for instance EK) having already ordered an aircraft (say, an A380); the lease agreement would be a long term one (twelve years) ; - arrange funding, under condition that the SPV brings a substantial amount of equity ; - sell most of the SPV shares to investors accepting to bring the required equity ; - continue to act as the manager of the SPV.
The last line is what relates to your question. Each aircraft is leased out to airlines by a company managed by .... This is where it becomes less clear.
DORIC was the manager appointed by the shareholders of many SPVs, when the President, Mr LAPIDUS, decided to develop a new and more risky business, which he could not do inside the same company for legal reasons (that would have breached existing commitments to investors). He therefore left DORIC and created a new independant company, and tried to use the DORIC name, which was challenged. He had to revert to a new name (AMEDEO).
Now, what happened to the DORIC management contracts ? Were some of them cancelled in favour of AMEDEO by investors trusting only Mr LAPIDUS ? I don't know, but that's what your link makes me believe. In that case, unless there was an agreement between both companies, I am sure there are serious ongoing legal battles between them.
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Post by peter on May 13, 2014 18:14:52 GMT 1
philidor, thank you for your reply. In the meantime I found that Doric GmbH (also known as Doric Group) has nothing to do with Doric Lease Corp (now renamed Amedeo, already hinted by XWB). Seeing both entities quoting A380's as their property makes this very interesting. Another strange thing is that the MOU for 20 A380's was actually signed by Doric, John Leahy is very clear and very pleased on that : What I find strange is that this new order for 20 A380's would be "transferred" to Amedeo but not the current leases.....
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philidor
in service - 6 years
Posts: 8,950
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Post by philidor on May 13, 2014 19:07:33 GMT 1
1)The companies have nothing in common from a legal point of view, but everything in common from a commercial point of view.
1)The order was signed by Doric Lease, which later changed its name into Amedeo.
2)The issue is not aircraft property (they belong to SPVs), it's aircraft management ("asset management").
3)When you leave a company to create your own, you try to "steal its business" if you can. I believe that's the reason Mr LAPIDUS wanted to use the DORIC name. I would expect SPV shareholders to be incited to defect to Amedeo (these management fees must be nice + these investors know Mr LAPIDUS, and they can invest again ...).
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Post by addasih on May 13, 2014 19:26:49 GMT 1
Moved all the post here since it is more suitable thread
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XWB
in service - 11 years
Posts: 16,115
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Post by XWB on May 13, 2014 19:33:30 GMT 1
I believe the story is as follows: > Doric Group buys aircraft from airlines and lease them back > Check www.doric.com/Investments.4.0.html for the Doric Group portfolio > Doric Group wanted to place a speculative order, like other lessors like ALC and ILFC do > Irish law forbid the lessor from placing speculative orders > Doric Group CEO Mr Lapidus created Doric Lease Corp in Germany to avoid the Irish law > Doric Group shareholders did not wanted this new entity to use the name Doric > Doric Lease Corp was renamed to Amedeo with Mr Lapidus at the helm > No idea who became the new CEO of Doric Group As far as I know, Amedeo does not own any metal, they just have those 20 A380s on order.
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Post by FabienA380 on May 13, 2014 19:45:39 GMT 1
And probably the whole thing orchestred by Airbus?...
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