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13 Air & Space Law. 1 (1998-1999)

handle is hein.journals/airspaclaw13 and id is 1 raw text is: Forum on Air and Space Law American Bar Association Volume 13, Number 1, Summer 1998 .J ( L pF TS THE AIR AND SPACE LAWYER Space Financing BY JUILIAN HERMIDA Introduction Ihe irpro:ss of raising fmils or capital is a crucial issue for the success of any colillelrcial space encleador. Thie otainent of finc- ing for commercial space activi- ties is highly difficul t and explm- sive, due to the costs involved and the existing risks. Financing comsiderations vary accoriniig to the type of'f (ommeir- cial space proj('ct. For examplh, satellite te1h:llllcomunicailoions endeavors have b(eo finalt'ed bv external sources for decadles, and now banks amd other financial institutions are quite familiar with the features of these projects and have developed substantial exper- tise to evaluate financial perfrmance measures that indi- cat( the consequences ofa proposed space business ven- ture. Space-related deals that are loss frequent are more tifficult to evaluate, and thus it is harder to raise suffi- cient financial support for these enldeavors. Another sig- Things That Go Bump in the Flight: In-Flight Turbulence Injuries BY DAVID MACTAVISH AND JOHN SCOTT HOFF In-flight turbllence remains the leading calse of non fa- tal air carrier injuries.' 1Both the vagaries of weather and unsophisticated technology continue to impe our abil- ity to routinely prelict unsettled weather for the safety oif the flyinmg public. This article addresses legal issues arising out of tur- bulence encomnters, specifically in-flight turbulence, including CAT (Clear Air Turblence), by air carriers and aircraft operators for injuries cause(d by colupen- sation or hire. Sources of Turbulence Turblence relports often indicate damage to aircraft, sometimes serious injuries to passengers and crew, and, more rarely, fatalities.: Turlence is most commonly generated ily convective currents formed as the sun unevenly heats the earth's surface. Columns of heated air nificant issue that affects the availability of finiamicing is the kind ofentity that requires the funds. It is usually more diffictult for a starl-up company to obtain ade- quate financing than for a large corporation or interna- tional consortium long involved in space activities, Characteristics As in any other attivity, an investment is generally made on the comparative basis of four essential factors: (1) tlhe amount of money neded, (2) the period that will elapse between the time the invest wenl is made anti the time the returns appear, (3) the size of'the returns and the way they are (listh'ibutel over the years durinig which the investmnenl is )roductive, and (4) the risks incurred.' In all of these factors, the space enterprise is exceptional. The required sums to invest are substanlially high, the time between the initial investinent and the first profits is significant, anl the risks faced are considerably high. However, the financing nithods do not differ substan- tially from the ones existing in other business areas. For (continued on page 15) rise vertically, like a chimney. over surface areas that reflect heat more than other areas. What goes lp, of'course., luist, wheil it cools, come down. A nearby field may be more heat-absorbenl, reflecting less heat, so cooling air (contimed on page 1) Space Financing In-Flight Turhufence Injuries Chair's Message Editor's oluin Aviation Security Profiling and I assenglrs' Civil Liberties Ara Sur)lus Military AircraIl and Parts Afforded GARA Protection? L.- 'U- -22 - m

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