He expected that demand to continue.
When the market became less predictable, the company's financial flexibility narrowed.
Several aircraft generated less revenue than projected.
A major corporate charter customer reduced its commitment.
And an expansion into international operations created costs that took longer than expected to recover.
Crestline remained valuable.
It still possessed extraordinary assets.
But the company needed capital.
The billionaire considered several options.
Selling a minority interest.
Refinancing.
Disposing of selected aircraft.
Or transferring the fleet and related assets to a larger investment group while retaining some operational involvement.
His advisers recommended the last option.
Meridian Atlas Capital appeared to be an ideal buyer.
It was a fast-growing investment and operating group specializing in aviation infrastructure, logistics technology, transportation assets, and carefully structured fleet acquisitions.
Its chief executive had built a reputation for understanding both the financial and operational sides of transportation businesses.
She didn't simply examine aircraft values.
She studied maintenance obligations.
Personnel retention.
Regulatory requirements.
Insurance.
Fleet utilization.
And the long-term costs required to keep expensive machinery operating safely.
Her reputation was unusually strong for someone only thirty years old.
She was known for preparing thoroughly.
Negotiating firmly.
And walking away when a transaction depended on assumptions nobody could justify.
The billionaire knew her company's name.
He knew the consortium had access to capital.
He knew its investment committee had approved an acquisition framework.
And he knew that the proposed closing could place eight hundred million dollars into Crestline's designated accounts, subject to the agreed conditions.
What he hadn't bothered to learn was much about the woman leading the transaction.
He'd delegated most early negotiations to his financial officer.
He'd attended two brief calls but allowed other people to handle the details.
He preferred discussing the prestige of the aircraft and the size of the deal rather than reviewing technical schedules.
His financial officer encouraged that behavior.
The executive had spent years learning how to keep the billionaire satisfied.
He knew which facts to emphasize.
Which problems to describe as manageable.
And which questions to postpone until after major decisions were made.
He presented the acquisition as a financial achievement.
A historic sale.
A chance for the billionaire to repay obligations, retain significant wealth, and preserve a continuing role in the aviation business.
The billionaire loved the idea.
He pictured himself standing beside his largest jet as cameras flashed.