SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 10-K/A


                               AMENDMENT NO. 1 TO
              ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                     For the fiscal year ended May 31, 2000

                        Commission file number:  0-18352


                    INTERNATIONAL AIRLINE SUPPORT GROUP, INC.

             (Exact name of Registrant as specified in its charter)

                          Delaware          59-2223025
                          --------          ----------

 (State or Other Jurisdiction of
  Incorporation or Organization)          (I.R.S. Employer Identification No.)
  ------------------------------          ------------------------------------

              1954 Airport Road, Suite 200,
                  Atlanta, Georgia                            30341
          (Address of Principal Executive Offices)          (Zip Code)
          ----------------------------------------          ----------

                                 (770) 455-7575
              -------------------------------------------------------
              (Registrant's telephone number, including area code)

           Securities registered pursuant to Section 12(b) of the Act:

        Title of class          Name of each exchange on which registered
         Common Stock, $.001 par value          American Stock Exchange
         -----------------------------          -----------------------

        Securities registered pursuant to Section 12(g) of the Act:  None

<PAGE>
The  undersigned  Registrant  hereby  amends  the  following  items,  financial
statements, exhibits or other portions of its Annual Report on Form 10-K for the
year  ending  May  31,  2000  as  set  forth  below:

     Part  II,  Item  8
Financial  Statements

     The report of Grant Thornton LLP, independent certified public accountants,
with  respect  to  the  financial  statements  of Air 41 LLC, a Delaware limited
liability  company  in  which  the  Company  owns  an  equity interest, is filed
pursuant  to  Regulation  S-X,  Rule  3-09.



     Pursuant  to  the  requirements of the Securities Exchange Act of 1934, the
Registrant  has  duly  caused  this  amendment to be signed on its behalf by the
undersigned  thereunto  duly  authorized.


     International  Airline  Support  Group,  Inc.,
a  Delaware  corporation


By:  /s/  James  M.  Isaacson
   --------------------------
      James  M.  Isaacson
      Chief  Accounting  Officer

Date:  June  6,  2001

<PAGE>

                         REPORT OF INDEPENDENT CERTIFIED
                               PUBLIC ACCOUNTANTS



Board  of  Directors
AIR  41  LLC

We have audited the accompanying balance sheets of AIR 41 LLC (the "Company") as
of  May  31,  2000  and  1999,  and the related statements of earnings, members'
capital  and  cash  flows  for  the  year ended May 31, 2000 and the period from
September  19,  1998  (date of inception) through May 31, 1999.  These financial
statements  are  the  responsibility  of  the  Company's  management.  Our
responsibility  is  to express an opinion on these financial statements based on
our  audits.

We conducted our audits in accordance with auditing standards generally accepted
in  the  United  States  of  America.  Those  standards require that we plan and
perform  the  audit  to  obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test  basis,  evidence  supporting  the amounts and disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made  by  management,  as well as evaluating the overall
financial  statement  presentation.  We  believe  that  our  audits  provide  a
reasonable  basis  for  our  opinion.

In  our  opinion,  the financial statements referred to above present fairly, in
all  material  respects, the financial position of AIR 41 LLC as of May 31, 2000
and 1999 and the results of its operations and its cash flows for the year ended
May  31, 2000 and the period from September 19, 1998 (date of inception) through
May 31, 1999, in conformity with accounting principles generally accepted in the
United  States  of  America.


/s/  Grant  Thornton  LLP

Miami,  Florida
July  21,  2000