I believe this is a solution (that doesn't require planes to hover):
Let the fraction of fuel-tank-filled for planes A, B, and C (respectively) be represented as:
[1, 1, 1]
airplane_puzzle.gif[/attachment:6a5ea]
1. All 3 planes go 1/4 the way toward the south pole. [3/4, 3/4, 3/4]
2. At that point plane C gives 1/4 tank to EACH of the other planes, leaving them full, and plane C with 1/4 tank to return to the north pole. [1, 1, 1/4]
3. At the equator, plane B gives plane A (the "full-circle plane") 1/4 tank, thus filling plane A; plane B has 1/2 tank left to return to the north pole. (Plane C arrives at airport) [1, 1/2, 1]
(Plane A now has enough fuel to pass the south pole and reach the equator on the other side.)
4. When plane B arrives at the airport, both B and C must instantly refuel and leave going the other direction. [1/2, 1, 1]
5. At 1/4 the way from the north pole, plane C gives plane B 1/4 tank, filling it up, while leaving itself with 1/2 tank to get back with (plenty). [1/4, 1, 1/2]
6. Plane B meets plane A at the equator as plane A is running out of fuel. Plane B, which has 3/4 tank left, gives half its fuel to plane A, leaving 3/8 tank in each plane. Plane C reaches the airport at this same time. [3/8, 3/8, 1]
7. Plane C instantly refuels and goes back to meet planes A and B at 1/4 the way from the north pole, with plenty of fuel for all three to return safely. [1/8, 1/8, 3/4] --> [1/3, 1/3, 1/3]
It sounds a bit messy, and I assume things happen instantly, but it works, doesn't it??