By the mid-1970s, a new aircraft operating lease industry was growing as airlines were being deregulated, low-cost startup airlines were being formed, and global air travel was expanding with globalization and financial market growth in developed and new markets. With this industry came an intense brew of corporate finance, mergers and acquisitions (M&A), and occasional restructuring challenges for operating lessors and their investors. Air Finance Case B (The GPA Restructuring and the Creation of GE Capital Aviation Services) in union with Air Finance Case A (ILFC, 1990–2014: AIG Merger, AIG Divestiture) poses fundamental questions about capital formation and the problems of both public and private corporate ownership in capital intensive businesses that require constant financing, often in capital markets that can retrench.