[dingaling]

Given that used 777-200s are fairly cheap and common on the leasing market, Theory A key seems an utterly Bond Villanesque way of obtaining an airframe.

You'd have to reprogram its transponder and slap-on a coat of paint anyhow, so why not just hire one from ILFC through a couple of proxy companies? Much easier and less risky. Operate it on routine 'cargo' services until needed...