If you are a fan of "Loose Change", you have been conned into believing that Silverstein is this great mastermind who profited from the attacks of 9/11.
The truth...
Larry Silverstein
Avery states that on July 24, 2001, Larry Silverstein, owner of WTC 7, signed a 99-year lease for the World Trade Center complex, including a $3.5 billion insurance policy covering terrorist acts. First of all, bidding had been going on since the beginning of the year. Silverstein Properties was originally the runner-up, with Vornado Realty Trust winning the deal but later losing it after negotiations failed. Later, Silverstein almost lost the deal. Second, the World Trade Center towers had been targeted by terrorists in the past. Insurance covering terrorism would make sense. Third, the policy would likely cover terrorism anyway:
The property losses for the World Trade Center towers are likely to be covered under U.S. insurance polices, which do not usually mention coverage for terrorist acts explicitly, Hartwig told Reuters. Insurers paid out $510 million after militants bombed the World Trade Center in 1993.
And at first, Silverstein wanted even less insurance:
In its court papers, Swiss Re shows how Silverstein first tried to buy just $1.5 billion in property damage and business-interruption coverage. When his lenders objected, he discussed buying a $5 billion policy. Ultimately, he settled on the $3.5 billion figure, which was less than the likely cost of rebuilding. His lenders, led by GMAC, a unit of General Motors, which financed nearly the entire cost of the lease, agreed.
Later in the video, Avery mentions that after the attacks, Silverstein demanded $7.2 billion from his insurers (it was actually $7.1 billion), and claimed that each attack was a separate event. Avery then says that on December 6, 2004, he was awarded only $2.2 billion by the courts. (He eventually received a total of $4.6 billion.) I'm not sure how this is relevant to anything, and Avery presents this information without making any claims. There's nothing mysterious or alarming about expecting payment from your insurers after major property loss, and $3.5 billion likely wouldn't be enough to rebuild the complex, which is exactly what he's doing: rebuilding the complex. He's not just keeping that money for himself. http://internetdetectives.biz/case/loose... The victims from the World Trade Center are not just the people killed in the attack that day. You can include the people the liberals have vilified in their never ending attempts to try and prove that terrorists did not actually attack the World Trade Center. I would like to know how much money was paid out to liberals as a result of this attack. I prefer this to "Loose Change". Six months before the 9/11 attacks the World Trade Center was "privatized" by being leased to a private sector developer. The lease was purchased by the Silverstein Group for $3.2 billion. "This is a dream come true," Larry Silverstein said. "We will be in control of a prized asset, and we will seek to develop its potential, raising it to new heights."
But the World Trade Towers were not the real estate plum we are led to believe.
From an economic standpoint, the trade center -- subsidized since its inception -- has never functioned, nor was it intended to function, unprotected in the rough-and-tumble real estate marketplace. [BusinessWeek]
How could Silverstein Group have been ignorant of this?
Also, the towers required some $200 million in renovations and improvements, most of which related to removal and replacement of building materials declared to be health hazards in the years since the towers were built.
It was well-known by the city of New York that the WTC was an asbestos bombshell. For years, the Port Authority treated the building like an aging dinosaur, attempting on several occasions to get permits to demolish the building for liability reasons, but being turned down due the known asbestos problem. Further, it was well-known the only reason the building was still standing until 9/11 was because it was too costly to disassemble the twin towers floor by floor since the Port Authority was prohibited legally from demolishing the buildings. [Arctic Beacon]
Other New York developers had been driven into bankruptcy by the costly mandated renovations, and $200 million represented an entire year's worth of revenues from the World Trade Towers.
The perfect collapse of the twin towers changed the picture.
Under a pending agreement, a developer and his investors will get back most of the down payment that they made to lease the World Trade Center just six weeks before a terrorist attack destroyed the twin towers. Developer Larry Silverstein and investors Lloyd Goldman and Joseph Cayre are nearing a deal that would give them about $98 million of their original investment of $124 million, The New York Times reported Saturday. [MontereyHerald 11/22/2003]
Instead of renovation, Silverstein is rebuilding, funded by the insurance coverage on the property which 'fortuitously' covered acts of terrorism. Even better, Silverstein filed TWO insurance claims for the maximum amount of the policy, based on the two, in Silverstein's view, separate attacks. The total potential payout is $7.1 billion, more than enough to build a fabulous new complex and leave a hefty profit for the Silverstein Group, including Larry Silverstein himself.
As reported in The Washington Post, the insurance company, Swiss Re, has gone to court to argue that the 9/11 disaster was only one attack, not two and that therefore the insurance payout should be limited to $3.55 billion, still enough to rebuild the complex.
Update: WTC Leaseholder May Collect Up To $4.6B
A federal jury on Monday ruled that the assault on the Twin Towers of the World Trade Center was in fact two occurrences for insurance purposes. The finding in U.S. District Court in Manhattan means leaseholder Larry Silverstein may collect up to $4.6 billion, according to reports. [Forbes.com 12/06/04] Hey jfk, check this out
"Larry Silverstein is the New York property tycoon who purchased the entire WTC complex just 6 months prior to the 9/11 attacks. That was the first time in its 33-year history the complex had EVER changed ownership.
Mr. Silverstein鈥檚 first order of business as the new owner was to change the company responsible for the security of the complex. The new security company he hired was Securacom (now Stratasec). George W. Bush's brother, Marvin Bush, was on its board of directors, and Marvin鈥檚 cousin, Wirt Walker III, was its CEO. According to public records, not only did Securacom provide electronic security for the World Trade Center, it also covered Dulles International Airport and United Airlines."
"As reported in The Washington Post, the insurance company, Swiss Re, has gone to court to argue that the 9/11 disaster was only one attack, not two and that therefore the insurance payout should be limited to $3.55 billion, still enough to rebuild the complex."
If 3.5 billion is enaugh to rebuild the complex, where do the other 3.5 billion go ?
I guess charity =) As any business man, quite sure it will go into other properties or re-building. Austingirl, also nice post. And, as always, there's a lib ready with their dirty little thumbs down trick. No way they can stand the truth. he is disgusting the whole thing is pure evil and vile...
furthermore it is not surprising since israel owns the United states federal reserve.
http://www.khouse.org/articles/1995/63/ |
