Aviation analyst Joe Gill first met Declan Ryan shortly after he had stepped down from the board of Ryanair in 2003. Gill had recently returned to Dublin from London to work for Ireland’s second-biggest stockbroker, Goodbody. He recalls meeting Ryan at an aviation conference in New York organised by investment bankers Raymond James. The investment bank had helped Ryanair float a few years earlier and one of its partners, Tom Mullins, was close to Ryan. “Declan was talking about the idea of investing in low-cost airlines in growth markets as against developed markets like Europe,” Gill recalled. “I knew he…

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