Meet the Repo Man Retrieving Spirit’s Planes Around the U.S.

Summary

---

WSJ What’s News

Episode Title: Meet the Repo Man Retrieving Spirit’s Planes Around the U.S.
Date: May 11, 2026
Host: Alex Osola (B)
Featured Guests:

• Shelby Holliday, WSJ Senior Video and National Security Correspondent (D)
• Harriet Tory, WSJ Economics Reporter (E)
• Allison Seider, WSJ Airlines Reporter (G)
• Steve Giordano, Managing Partner, Nomadic Aviation (C)

---

Overview

In this Monday PM episode, WSJ’s "What’s News" dives into the day's top headlines including escalating Middle East tensions, surging U.S. gas prices and the Trump administration’s responses, as well as the logistics and intrigue behind the repo men tasked with retrieving Spirit Airlines’ grounded fleet. The episode gives a behind-the-scenes look into the highly specialized job of withdrawing commercial airplanes when airlines stop operating, focusing on Nomadic Aviation’s Steve Giordano and his team.

---

Key Discussion Points & Insights

1. New Middle East Tensions: UAE Strikes on Iran

[00:36–03:23]

• Iran War Status: Ceasefire between Iran and the U.S. remains fragile. President Trump rejected Iran's response to a peace proposal, saying the truce is "on massive life support."

  • “I would say the ceasefire is on massive life support.” — Alex Osola [00:36]

• Exclusive Reporting: UAE has been quietly carrying out air strikes on Iran for weeks.

  • UAE’s air force is described as "small but capable, highly trained, [with] very advanced fighter jets."
  • “Why would they sit there without responding when they have such strong capabilities?” — Shelby Holliday [01:55]

• Implications: The U.S. has “quietly welcomed" the UAE's actions, and the diminished risk due to destroyed Iranian air defenses could open the door for more Gulf state involvement.

  • “Our reporting indicates that the U.S. has quietly welcomed these attacks and would potentially welcome attacks from other neighbors in the Gulf as well.” — Shelby Holliday [02:31]

• Regional Consequences: The episode speculates on greater Gulf intervention if the ceasefire collapses.

---

2. U.S. Gas Prices and Political Fallout

[03:29–04:46]

• Market Snapshot: S&P and Nasdaq up 0.2%; oil prices rise; average U.S. gas $4.50/gallon (vs. $3.14 a year ago).
• Political Stakes: High gas prices worry Republicans ahead of midterms.
• Policy Response: President Trump now backs suspending the federal gas tax (18¢/gal), historically never done since the tax’s introduction in 1932.
  • “The tax should be suspended until, quote, it’s appropriate to suspend the tax, which is 18 cents a gallon.” — Alex Osola [04:05]
  • Senator Josh Hawley to propose a bill; Congressional leaders remain mum.

---

3. California’s Robust Healthcare Job Market

[04:46–05:14]

• Labor Trends: Healthcare is driving California job growth due to aging population and favorable property tax laws allowing seniors to “age in place.”

  • “If you’ve owned your house for many decades in California, you get a pretty good deal in terms of what you’re paying for your property taxes.” — Harriet Tory [04:54]

• State Spending: Strong state services for seniors boost demand for healthcare jobs.

---

4. Trump Administration Tackles High Beef Prices

[06:06–06:45]

• New Move: Ground beef prices are up 40% in 5 years. The administration plans to temporarily cut tariffs on imported beef, allowing more supply.
• Politics & Regulation: FCC accused of censoring ABC/Disney; Disney declines to comment.
• Housing Market: April existing home sales up 0.2%—a tepid spring, continuing to signal weakness.

---

5. Main Feature: Repossessing Spirit Airlines’ Planes

[06:45–09:04]

• Background: Spirit Airlines' shutdown left dozens of planes stranded at airports across the U.S.
• Nomadic Aviation’s Role: Tasked with retrieving and returning planes for their owners and lessors—a complex logistical and legal feat.

The Repo Challenge

• Quote: “It’s not like anybody can just go to an airport and say, I’m here to repossess a Spirit airplane. I mean, let’s hope, right?” — Steve Giordano [08:16]
• Complex Steps:
  • Secure legal documentation, powers of attorney, and sometimes court orders.
  • Liaise with security and officials (even county sheriffs).
  • Need to physically locate planes at varied airports.

On-the-Ground Logistics

• Obstacles:
  • Gaining access to parked aircraft.
  • Arranging for ground services: stairs, fueling, and handling—all tasks normally managed by the airline itself.
  • Each plane’s retrieval is an “immense undertaking.”
  • “You need a staircase...need to find a company to fill up the fuel tanks and to do the ground handling. Each plane just is an immense undertaking to get it back.” — Allison Seider [08:47]

Plane Destinations

• Arizona Boneyards: Most planes flown to desert storage facilities to await disposition—chosen for their hot, dry conditions that prevent rust.

---

Notable Quotes & Memorable Moments

• “It’s not like anybody can just go to an airport and say, I’m here to repossess a Spirit airplane. I mean, let’s hope, right?... We had to find the right people involved, collect documents and then be in touch with our clients’ legal departments to get powers of attorney, letters, orders from the courts.” — Steve Giordano, Nomadic Aviation [08:16]
• “Each plane just is an immense undertaking to get it back.” — Allison Seider, WSJ Airlines Reporter [08:47]
• “Why would [the UAE] sit there without responding when they have such strong capabilities?” — Shelby Holliday, WSJ [01:55]

---

Key Timestamps

• 00:36–03:23: Iran ceasefire, UAE airstrikes, U.S. reactions
• 03:29–04:46: Gas prices surge, Trump and GOP responses
• 04:46–05:14: Healthcare jobs power California market
• 06:06–06:45: Beef tariffs drop, regulatory conflict, housing update
• 06:45–09:04: Inside Spirit Airlines plane repossession—legal/logistical hurdles and airplane boneyards

---

Summary Takeaway

This episode offers a fast-paced survey of headline risks in global affairs and U.S. economics, then slows down for a fascinating, detailed peek into the process—and peculiarities—of repossessing commercial airplanes in the wake of a carrier collapse. The blend of market-moving news and human-interest storytelling delivers what WSJ does best: business, markets, and the offbeat mechanics that keep the system running.

---

Transcript

[A]

Your teams spend more time searching for information than using it. Amazon Quick changes that one intelligent assistant that connects all your company's data and turns answers into action instantly. Aws.com quic.

[B]

President Trump backs suspending the federal gas tax, plus the administration's newest attempt to tackle record beef prices and meet the guy responsible for getting planes back to their owners after an airline shuts down.

[C]

It's not like anybody can just go to an airport and say, I'm here to repossess a spirit airplane.

[B]

It's Monday, May 11th. I'm Alex Osola for the Wall Street Journal. This is the PM edition of what's news, the top headlines and business stories that move the world. We begin with the latest on the Iran war, which has been in a fragile ceasefire for more than a month. President Trump told reporters in Washington today that he had rejected Iran's response to a proposal for ending the war. I would say the ceasefire is on massive life support. And in the Gulf, we're exclusively reporting that the United Arab Emirates has carried out military strikes on Iran. Iran has targeted the UAE more than any other country. And in the Gulf, the UAE has become the country that's now most willing to confront Iran. The UAE hasn't publicly acknowledged the strikes, and the country's Ministry of Foreign affairs declined to comment on them. For more on the strikes and their implications, I'm joined now by WSJ senior video and national security correspondent Shelby Holiday. Shelby, what do we know about these strikes, like when they happened and what they hit?

[D]

We know that the UAE has been quietly conducting strikes, we believe, for several weeks. There was speculation swirling as early as mid March because there were photographs and videos of fighter jets over Iran that were not in Israeli or American. So the UAE has a very capable, small but capable air force, highly trained, very advanced fighter jets. They have tankers that can refuel those jets. They have command and control aircraft that can support them. So when you're talking to military analysts, they say it makes a lot of sense. UAE has been conducting strikes. Why would they sit there without responding when they have such strong capabilities? And they've been getting hammered by Iranian drones and missiles and attacks throughout the entire war.

[B]

What has the reaction been in Washington to the UAE's involvement in this way?

[D]

The Pentagon declined to comment. Our reporting indicates that the US has quietly welcomed these attacks and would potentially welcome attacks from other neighbors in the Gulf as well. And now that the US And Israel have completely wiped out Iran's air defenses, there's actually very low risk for these

[B]

countries well, right now, between Iran and the U.S. we do have a ceasefire, although it is a bit fragile at the moment. How does having the UAE as a combatant affect the ceasefire and where it goes from here?

[D]

What we know is that the US and the UAE have a very historically strong defense partnership. The question is, if President Trump rips up the ceasefire and says we're back to war, will the UAE get even more involved? And would other Gulf countries get involved? The UAE and Kuwait and Bahrain are all countries that you could see potentially stepping in to help a little bit more and defend their territories and strike back.

[B]

That was the Journal. Shelby Holiday. Thanks, Shelby.

[D]

Thank you.

[B]

US Stock prices ticked higher with the S and P and Nasdaq both climbing 0.2%. Oil prices rose again, with U.S. crude futures climbing nearly 3% and Brent crude moving back above $104 at the pump. The average cost of a gallon of regular gas is about four and a half bucks. A year ago, it was $3.14. The big jump in gas prices has Republicans worried it could hurt the GOP in November's midterm elections. And now President Trump has added his support to suspending the federal gas tax. He told reporters that the tax should be suspended until, quote, it's appropriate to suspend the tax, which is 18 cents a gallon. You need approval from Congress. The tax began in 1932 and it's never been suspended before. Senator Josh Hawley, a Republican from Missouri, said today that he would introduce such a bill. The leadership in the Senate and House didn't respond to requests for comment. And speaking of gas prices, this morning, you heard about drivers in California, where prices are the highest. Well, now we're talking about the state's job market. Across the country, the health care sector is keeping the labor market humming. Economics reporter Harriet Tory says that's especially true for California. It's home to Hollywood and Silicon Valley, but it's health care that's keeping hiring going in the state.

[E]

We're seeing increased demand for healthcare because there are just more older people. But the trend is particularly pronounced in California given the property tax situation is such that if you've owned your house for many decades in California, you get a pretty good deal in terms of what you're paying for your property taxes. So it's often a good place for people to stay as they age in place. California does have a lot of services for older people. There is just quite a lot of spending at the state level that also drives demand for healthcare jobs.

[B]

Coming up, we've got more on the latest moves from the Trump administration and fresh evidence that the spring home selling season is looking like a bust. Those stories and more after the break.

[F]

So there's a lot of noise about AI, but time's too tight for more promises. So let's talk about results. At IBM, we work with our employees to integrate technology right into the systems they need. Now a global workforce of 300,000 can use AI to fill their HR questions, resolving 94% of common questions, not noise. Proof of how we can help companies get smarter by putting AI where it actually pays off, deep in the work that moves the business. Let's create smarter business. IBM.

[B]

Ahead of the midterms, the Trump administration is trying a new way to bring down record high beef prices. Ground beef costs 40% more today than it did five years ago, and the president has asked advisers to find solutions to the high cost of meat. We're exclusively reporting that the administration is planning to temporarily reduce tariffs on beef imports. It could happen as soon as today. The suspension of the tariff quota system, which applies a higher tariff after a certain amount of it has been imported, then clears the way for more imports of steaks and ground beef. FCC Commissioner Anna Gomez told Disney that the Trump administration has conducted a sustained coordinated campaign of censorship against its ABC network. Gomez, the FCC's lone Democratic commissioner, told Disney CEO in a letter today that FCC Chairman Brendan Carr has weaponized the agency to pressure the free press. The FCC has opened several investigations into Disney and abc. Disney declined to comment, and new data from the national association of Realtors showed that existing home sales were nearly flat in April, rising just 0.2%. That's a slight gain from the previous month when home sales had dropped, but it's a blow to a housing industry that was hoping for a strong spring season to turn around an extended slump. Earlier this month, when Spirit Airlines stopped operating, there was at least one company that was suddenly very busy Air. It's called Nomadic Aviation Group. These repo men for planes are responsible for getting Spirit's planes from wherever they are and returning them to the companies that own them. And we're leasing them out. Allison Seider, who covers airlines and air travel for the Journal, dug into how this happens.

[G]

So the leaseholders really wanted to get their planes as quickly as possible. And there are dozens of Spirit planes at airports around the country. Wherever they ended their last flight, and it's an immense logistical challenge to get them all back. This company, Nomadic, there's a million little things they have to think of that normally an airline would take care of like finding the plane at the airport, getting access to it.

[B]

Nomadic Aviation's managing partner Steve Giordano says that's a complicated legal process.

[C]

It's not like anybody can just go to an airport and say, I'm here to repossess a spirit airplane. I mean, let's hope, right? So the security is tight and we had to find the right people involved, collect documents and then be in touch with our clients, legal departments to get powers of attorney, letters, orders from the courts, you know, in cases. We had to present them to county sheriffs and, you know, to gain access.

[B]

And Allison says even after getting that far, actually getting on the plane can still be tricky.

[G]

You need a staircase to the plane so the pilots can get into it. Power on the ground. You need to find a company to fill up the fuel tanks and to do the ground handling. So they need to contract with all these different vendors. Each plane just is an immense undertaking to get it back.

[B]

So just where are these planes going? Arizona, to what are called airplane boneyards. The hot, dry weather there will prevent the planes from getting rusty until their owners decide what to do with them. And that's what's news for this Monday afternoon. Today's show is produced by Danny Lewis with supervising producer Tali Arbel. I'm Alex Osola for the Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.

[A]

Comcast operates the largest converged network in America, bringing gig speeds to 65 million homes and businesses. A fiber rich network now upgrading to multi gig symmetrical speeds and AI enabled gateways delivering fast, reliable WI fi built for what's next?