EXHIBIT 99.1


          AIRLEASE LTD. ANNOUNCES COMMENCEMENT OF LITIGATION AGAINST US
                                    AIRWAYS


         SAN FRANCISCO, June 25 -- Airlease Ltd., A California Limited
Partnership, (NYSE - FLY), said today that it has commenced litigation against
US Airways seeking to recover damages for US Airways' failure to return three
MD-82 aircraft leased to US Airways following lease expiration on September 30,
2001 and to pay rent due on the aircraft. The lawsuit was filed in California
court by First Union National Bank, as trustee for the Partnership, the
beneficial owner of the aircraft. The Partnership commenced the litigation after
negotiations with US Airways failed to result in return of the aircraft. In the
lawsuit, the Partnership asserts that US Airways has breached its obligations
under the lease by failing to return the three aircraft by the date specified in
the lease and in the condition prescribed by the lease, and by failing to pay
rent due on the aircraft. The Partnership is seeking damages from US Airways
including past due rent, rent that may accrue after the filing of the lawsuit,
and the cost of restoring the aircraft to the condition prescribed by the lease.

         SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM
ACT OF 1995:

         The Partnership has included in this press release certain
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995 concerning the Partnership's business, operations
and financial condition. The words or phrases "can be", "may affect", "may
depend", "expect", "believe", "anticipate", "intend", "will", "estimate",
"project" and similar words and phrases are intended to identify such
forward-looking statements. Such






forward-looking statements are subject to various known and unknown risks and
uncertainties and the Partnership cautions you that any forward-looking
information provided by or on behalf of the Partnership is not a guarantee of
future performance. Actual results could differ materially from those
anticipated in such forward-looking statements due to a number of factors, some
of which are beyond the Partnership's control, in addition to those discussed in
the Partnership's other press releases and public filings, including (i) changes
in the aircraft or aircraft leasing market, (ii) economic downturn in the
airline industry, (iii) default by lessees under leases causing the Partnership
to incur uncontemplated expenses or not to receive rental income as and when
expected, (iv) the impact of the events of September 11, 2001 on the aircraft or
aircraft leasing market and on the airline industry, (v) changes in interest
rates and (vi) legislative or regulatory changes that adversely affect the value
of aircraft. All such forward-looking statements are current only as of the date
on which such statements were made. The Partnership does not undertake any
obligation to publicly update any forward-looking statement to reflect events or
circumstances after the date on which any such statement is made or to reflect
the occurrence of unanticipated events.


6/25/2002


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