Name:
BK
Associates, Inc.
Principal Office Location: Manhasset,
New York
Address:
1295
Northern Boulevard
Manhasset,
New York 11030
Telephone Number:
516-365-6272
Facsimile Number: 516-365-6287
E-Mail Address:
info@bkassociates.com
Web Site URL:
http://www.bkassociates.com
Associate Office Location:
Address:
61 Cadogan Place
London SW1X 9RS
England
Telephone Number: 44 1 71 235 9430
Personnel Listing & Contact Directory:
Name
Phone
E-Mail
Company History:
BK Associates was
established in January 1984 by William H. Bath and John F. Keitz to provide
professional consulting services in virtually every facet of aviation. Although we specialize in aircraft
appraisals and related services, the aviation experience of our staff and
associates is varied and includes such disciplines as aircraft performance
analysis, air traffic control, maintenance facility design, audits of corporate
flight operations, airline schedule analysis, noise studies, transportation
economics, and management and organization planning. We continue to maintain the resources and database to provide
these services.
BK Associates regularly
provides professional services to airlines; airframe, engine and component
manufacturers; legal and financial institutions; industrial firms; and
governments. The range of services
include:
·
Aircraft
Appraisals and Residual Value Forecasts
·
Aircraft
Inspections
·
Maintenance
Audits for Compliance with Lease Provisions
·
Appraisals
of Airships, Engines, Simulators, Spare Parts & Ground Equipment
·
Aircraft
Supply & Demand Studies
·
Market
Studies
·
Expert
Witness Testimony
All
BK Associates aircraft appraisers are certified by the International Society of
Transport Aircraft Trading (ISTAT).
ISTAT is a non-profit society whose members have common interests in the
manufacture, purchase, brokerage, leasing, maintenance and appraisal of
transport aircraft. International in
structure, it is self-supporting and unaffiliated. Within ISTAT is a core group of professional aircraft appraisers
who work cooperatively for the elevation of the appraisal profession within the
world aviation community.
Each
ISTAT member, who has satisfactorily demonstrated that he is qualified to
appraise aircraft, has been granted the right to use one of the professional
designations established by ISTAT.
Certification by the Society is based on written examinations,
submission of representative appraisal reports, full-time valuation experience,
personal background check and participation in the Society’s program of
on-going education.
Ethical
practices and conduct required of the appraisers accredited by the Society are
clearly defined by ISTAT.
BK
Associates has developed a unique inventory of resources to assist in providing
its services. When the company was
founded, the founders acquired the assets of their former employer, PRC Speas
(formerly R. Dixon Speas Associates, Inc.).
This included an extensive technical library with aircraft
specifications and performance data for nearly all aircraft manufactured since
the 1950s. The library includes airline
and airport traffic data from the 1950s onward, copies of annual government
industry and manufacturer’s forecasts, entire historic collections of
significant aviation publications, such as, Aviation
Daily, Aviation Week & Space
Technology and Jane’s All the Worlds
Aircraft plus complete reference sets of U.S. Federal Air Regulations, Type
Certificate Data Sheets and Airworthiness Directives.
Our
database of aircraft sales transactions includes all those reported on U.S.
Department of Transportation Form 41 reports by U.S. Airlines since 1971. In addition, while the ISTAT ethics code
forbids us to divulge the details, we are aware of the transaction prices of
many more sales because of appraisals we have conducted. These historic data contribute to the
statistical bases of aircraft value models and future value forecasts.
Since
1984, we have experienced two complete aircraft market cycles which contribute
to our knowledge and database. During
this time, we have experienced the affect on values of wars, recessions,
bankruptcies, negative traffic growth, regulatory restrictions and tax law
changes.
We
are especially familiar with the tax law related appraisal requirements of
Japanese Leveraged Leases, Aircraft Lease Securitizations, FSCs, property tax
issues, capitalization of maintenance costs and sale/leasebacks.
Since
1984, BK Associates has completed over 5,000 specific appraisal assignments
which have included over 22,000 aircraft.
(Some aircraft have been appraised more than once.) We have appraised all airline transport
types and models of Airbus, Boeing, McDonnell Douglas, Lockheed, British
Aerospace, Fokker, ATR, Convair, Fairchild, Embraer, deHavilland of Canada,
Dornier, Canadair, Saab and Short Brothers.
We have appraised most business jet models of Gulfstream, Canadair,
Falcon Jet, Cessna and British Aerospace.
BK
Associates adheres strictly to the ISTAT code of ethics and standard
practices. For example, even though
such activity is not forbidden by ISTAT, we do not buy, sell, broker or market
any aircraft, or participate in any other activity (such as owning shares in a
manufacturer) that would compromise our absolute objectivity in conducting appraisals. We do not accept contingent fees or revise
fee quotes to meet competitors.
BK
Associates has conducted appraisals for over 300 clients. Since the ISTAT code does not permit us to
divulge a client’s name without permission, any client list we distribute
includes only the names of clients which have been publicly divulged, such as
through filings with the U.S. Securities & Exchange Commission, stock
exchanges or court records. These
public records have noted that BK Associates conducted appraisals for these
clients.
Company
Appraisal Product Lines & Capabilities:
Aircraft
Other
Air Transport Category Engines
Regional
Inventories
Corporate
Ground
Equipment
Airships
Simulators
Representative
Recent Speaking Assignments:
Commercial Aviation Report -
Aircraft Valuation Workshop - Las Colinas, Texas - September 21-23, 1994
“Forecasting
Accurately. Is Forecasting Really
Possible”?
McDonnell Douglas Source and
Use Conference - La Costa, California - October 16-18, 1994
“Accuracy of Past Appraisal
Forecasts”
Institute for International
Research - 8th Annual Conference on Aircraft Finance - New York, New
York - December 12-13, 1994
“Accuracy of Appraisals
- Past, Present and Future”
Commercial Aviation Report -
Cargo Finance Conference - Memphis, Tennessee - May 11-12, 1995
“Difficulties in
Forecasting Cargo Aircraft Values”
Commercial Aviation Report -
Aircraft Valuation Workshop - Houston, Texas - September 21-23, 1995
“Mystery Aircraft
Appraisal”
International Society of
Transport Aircraft Trading - 13th Annual Conference - Boca Raton,
Florida - March 6-8, 1996
“Why Appraisers
Disagree”
Air Transport Association -
Fall Tax Workshop - San Antonio, Texas - September 22-23, 1997
“Tax Issues Effecting
the Valuation of Aircraft”
Commercial
Aviation Events – Cargo Aircraft Values Conference – Washington, DC- May, 1999
“Wide Body Freighter Values”
Commercial Aviation Events – Aircraft Value & Asset Management Conference –
Washington, DC - Sept 1999
“Boeing 757 Values”
Notable Recent/Historical Projects:
·
Assistance
in Aircraft Selection and Acquisition for International Colombia Resources
Corporation.
·
Feasibility
Study for a Proposed Cargo Airline with Service between Colombia and the United
States.
·
An
Analysis of Civil Aviation Capabilities in Pakistan and Bangledesh.
·
Air
Transportation System Study Design and Cost Determination, International
Colombia Resources Corporation, Colombia (Subsidiary, The Exxon Corporation).
·
Corporate
Aircraft Fleet Analysis, Johnson & Johnson.
·
Determination
of Market Potential and Financial Viability of All Cargo Service between the
U.S. and Chile.
·
Operational
and Technical Reviews of Schlumberger Ltd. Flight Department.
JOHN F. KEITZ
President
Education
New York University, B.S. in Engineering Physics
Texas A&M University, Professional Certification Course in Meteorology
New York University Graduate School of Engineering & Science, Meteorology
Long Island University, M.S. in Management Engineering
Previous Positions
United States Air Force, 1961-1965, Weather Officer
PRC Speas, 1965-1984, Meteorologist-Flight Planner, Assistant Vice President and General Manager-Computer Services Division, Associate Vice President-Consulting Services Division
Experience Appraisal Services.
Prepares appraisals of current value and future residual values of
airline aircraft, general aviation aircraft, airships, spare engines and other
equipment.
Aircraft Market Analysis. Conducts studies of current and forecast aircraft market
conditions and aircraft values.
Analyzes supply and demand for aircraft and the impact of regulatory
factors and new aircraft programs on the market.
Asset Acquisition and
Management Consulting. Provides assistance in
interpreting, negotiating and managing aircraft lease return and maintenance
requirements including tax issues, inspection requirements and re-marketing
strategies.
Expert Witness Testimony. Provides expert witness testimony on aircraft current values and
forecast residual values in federal, state, bankruptcy and tax courts.
Certification Certified Senior Appraiser International Society of
Transport Aircraft Trading
RICHARD L. BRITTON
Vice President
Education
Purdue University, Associates Degree in Aviation Applied Technology, 1962
Purdue
University, B.S. in Industrial Management, 1967
Previous Positions
Pan American World Airways, 1967-1992, System
Director Aircraft Sales and Leasing; Production Control; Quality Control;
Engineering
Purdue University, 1966-1967, Assistant Professor in
School of Aviation Technology
Allison Gas Turbine, 1964-1966, Aerospace-Quality
Control
Experience Flight Equipment Inspections. Perform visual inspection of transport aircraft and engines;
review related specification data and maintenance records to ascertain the
maintenance status and condition and the airworthiness of the equipment.
Appraisals. Evaluate transport aircraft, engines and ground equipment to
determine asset values, current fair market values and future market values.
Audits and Evaluations. Perform detailed inspection and review of airline flight
equipment management, operations, procedures and maintenance to determine
compliance with lease agreements and other contractual obligations.
Market Development. Advise potential sellers on effective marketing techniques and
procedures and likewise advise potential buyers on market research and aircraft
availability.
Certification Certified Appraiser International Society of Transport
Aircraft Trading
Licenses FAA Airframe and Powerplant Mechanic License
FAA Private Pilot License
DORTHY K. GANDEE
Senior Associate
Education Northern
Illinois University, B.S., Marketing
New School for Social Research, M.B.A., Transportation & Tourism
Administration
College of Aeronautics, Courses including Regulatory Agencies and
Non-Destructive Testing
Previous
Positions PRC
Engineering, Senior Associate
Long Island University, C.W. Post Center, Professor of Tourism
Marketing
Adelphi University, Department of Business Administration, Air
Transportation Marketing
Ziff-Davis Publishing Company, Corporate Research
Trans World Airlines, Director of Customer Services, In-Flight Service
Training Department
Experience Aircraft
Appraisals. Tracking and evaluation
of present and future fair market values of commercial air carrier
aircraft. Appraisal of flight
simulators.
Airline Feasibility/Transportation Service Studies. Identification of market potential and the feasibility of
operations for new-entrant air carriers with an emphasis on route network and
aircraft selection. Transportation
service studies for airports, regional areas, and other travel modes. Financial projections of city-pair markets;
cargo operations; and ticket distribution system.
Revenue Bond Analysis. Preparation of official statements for revenue bond offerings for
airport authorities and toll bridge authorities.
Market Research.
Conducted market research studies including concept, survey design, and
final data analysis for airlines, airport authorities, transportation services,
and several travel publications.
Certification Certified
Appraiser International Society of Transport Aircraft Trading
Affiliations Wings
Club
Travel and Tourism Research Association
Museum Tour Guide - Long Island Cradle of Aviation Museum
Port Authority of NY/NJ - Women’s Business Enterprise (WBE)
HAROLD W. DAWES
Senior Associate - London Office
Education Haileybury College
The deHavilland Aeronautical
Technical School, Hatfield
Previous
Positions British Air Ferries Group, Director
Aviation Traders
(Engineering), Commercial Manager
British Aerospace, Aircraft
Group, Senior Sales Executive, BAe 146
IAS Cargo Airlines/British
Cargo Airlines, General Manager, Technical Division
Transmeridian Air Cargo,
Engineering Manager
Military
Service Royal Air Force, Pilot Officer
Experience Aircraft and Equipment Evaluations. Conducts maintenance and operations performance studies of
existing and proposed aircraft and equipment.
Maintenance and Engineering
Studies. Conducts maintenance, engineering, quality
assurance, production control, and supply studies for aircraft operators. Evaluates procedures applicable to special
engineering and maintenance requirements.
Technical and Operational
Evaluations. Reviews and evaluates airline and corporate
aviation operations. Carries out
investigations of policies, procedures, personnel, equipment, organization, and
management.
Aircraft Appraisal
Inspections. Responsible for technical evaluations of
aircraft and their maintenance records for determining present and future
market values. Monitors aircraft
conditions for lease agreement compliance.
Affiliations Member of Royal Aeronautical Society
Member of Assn. of British
Aviation Consultants and Governing Council
Member, British Academy of
Experts