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Intangible Assets
 9 Months Ended 12 Months Ended
Jan. 31, 2013
Apr. 30, 2012
Intangible Assets
7. Intangible assets:

Due to a decline in aircraft values, we impaired a portion of our embedded equity during the nine months ended January 31, 2013 and 2012 to its fair value. This measurement is considered a level 2 measurement in the fair value hierarchy as the measurement of embedded equity is based on aircraft values from third party appraisals using market data.
8. Intangible assets:

 

     Definite life     Indefinite life     Total  
     Embedded
equity in lease
contracts		     Trade names
and
trademarks		     Safety
manuals, AOCs
and operating
licenses		        

Cost:

         

Balance, April 30, 2010

    $ 180,479      $ 179,900      $ 3,947      $ 364,326   

Embedded equity in lease contracts realized

      (23,384 )      —          —          (23,384 ) 

Foreign exchange

      1,562        —          191        1,753   
  

 

 

    

 

 

    

 

 

    

 

 

  

Balance, April 30, 2011

      158,657        179,900        4,138        342,695   

Embedded equity in lease contracts realized

      (19,840 )      —          —          (19,840 ) 

Foreign exchange

      (1,039 )      —          (197 )      (1,236 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

April 30, 2012

    $ 137,778      $ 179,900      $ 3,941      $ 321,619   
  

 

 

    

 

 

    

 

 

    

 

 

  

Impairment losses:

         

Balance, April 30, 2010

      (53,903 )      (25,000 )      —          (78,903 ) 

Impairment loss

      (20,608 )      —          —          (20,608 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Balance, April 30, 2011

      (74,511 )      (25,000 )      —          (99,511 ) 

Impairment loss

      (4,218 )      —          —          (4,218 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

April 30, 2012

    $ (78,729 )    $ (25,000 )    $ —        $ (103,729 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net book value:

         

April 30, 2012

    $ 59,049      $ 154,900      $ 3,941      $ 217,890   

April 30, 2011

      84,146        154,900        4,138        243,184   
  

 

 

    

 

 

    

 

 

    

 

 

  

Due to a decline in aircraft values, the Company impaired a portion of its embedded equity in 2012 and 2011 to fair value. This measurement is considered a level 2 measurement in the fair value hierarchy as the measurement of embedded equity is based on aircraft values from third party appraisals using market data.

Embedded equity relates to the fair value of aircraft purchase options contained within leases on the date of our acquisition of the Predecessor. Embedded equity is not amortized, instead the embedded equity is added to the value of the purchased asset in the event that the lease purchase option is exercised.