Has anyone spent any time on aircraft leasing?

[calonego]

I was looking at them abit - AYR looks interesting (60% LTV, most in non-recourse and Cov's seem to cause mainly principle payback, not default).

It ran away though -

 

Just wondering if anyone has spent time on them (AYR, FLY, AER etc), it's a distressed area and potentially as fruitful (or more) than say real estate as the cap rates are quite high.