Taking a look at this, at first glance it looks a cheap recovery...

Taking a look at this, at first glance it looks a cheap recovery play , the main thing I don't understand is that they own 25 odd mainly fokker 100's in the accounts at 100m+ even after a decent write down in 2014, now these planes were close to 20 mio when new and seem to be depreciated down around half, However they paid Austrian less than 1 mio per plane for the portfolio they recently brought from them, so are these existing portfolio of 20 plus year old planes they have really worth anything like book value ? They stopped making these in 1996 when fokker went bust so they are all pretty old ...

I am thinking that the cash flow is what matters but are there more big write downs due in the future or some explanation as to the low price to buy essentially the same fleet that they own at much higher prices.... ?