The days of airlines owning a good chunk of their fleet are over, so HA
may eventually own some a/c, but probably in the single digits. Heck, FL
only owns a small percentage of their entire fleet, the rest is leased (or were sold by FL
and leased back). Airlines are such a risky financial investment that eventually, most a/c will be leased from either the manufacturer or from a leasing company. Airlines may own a small portion of their fleet, which would probably end up be used as collateral on loans and to back a/c leases. In the long run, it can also be cheaper to lease an a/c, especially if the market value on them drop. Let's say an operator of 50 73Gs were to go out of business. With 50 a/c all of a sudden becoming available on the open market, the market value on the type drops due to excess supply. So if you own any 737Gs, you would see the value of your investment in a/c fall. On the other hand, if you lease the type, you could potentially renegoiate your leasing terms to better reflect the market value. Some a/c types on the other hand, are in such demand that if even one example comes on the open market, it gets picked up rather quickly, cases in point, the MD
-11 and Boeing 717.