who remembers that?
2006-07-20 11:46:51 · 5 answers · asked by Anonymous in Business & Finance ➔ Corporations
Larry Silverstein is known for being the developer and leasee of World Trade Center towers which were destroyed in the September 11, 2001 attacks.
In January 2001, Silverstein via Silverstein Properties along with Westfield America made a $3.2 billion bid for the lease to the World Trade Center. Silverstein was outbid by $50 million by Vornado Realty. However, Vornado withdrew and Silverstein's bid closed on July 24, 2001, just seven weeks before it was destroyed in the September 11, 2001 attacks.
The deal was described in a press release on July 24, 2001, as: "Silverstein Properties, Inc., and Westfield America, Inc. will lease the Twin Towers and other portions of the complex in a deal worth approximately $3.2 billion – the city's richest real estate deal ever and one of the largest privatization initiatives in history."
The lease agreement applied to World Trade Center Buildings One, Two, Four and Five World Trade Center, and about 425,000 square feet of retail space. Silverstein put up only $14 million of his own money. Silverstein was also given the right to rebuild the structures, should they be destroyed.
As a private developer with a 99-year lease on the World Trade Center, Silverstein insured the property. Following the September 11, 2001 attacks, he sought payment for the destruction of the towers as two incidents. The two dozen insurers held that it was one incident. If it were considered to be a single incident, the payout would be $3.55 billion and if it were two incidents, it would be $7.1 billion. Silverstein sued the insurers. On December 6, 2004, a federal jury ruled in favor of Silverstein giving him an additional $1.1 billion from nine insurers, declaring it to be two "occurrences". However, in a previous trial, a different federal jury delivered a mixed verdict which highly favored insurers on April 29, 2004.
At dispute in the trial were interpretation of standard forms used in the application for property insurance and when particular insurers saw which documents.
In total, Silverstein was awarded nearly $5 billion in insurance money following the destruction of the Twin Towers.
Believe it or not !
2006-07-20 12:00:47 · answer #1 · answered by Andrew Noselli 3 · 3⤊ 1⤋
You and the fellow who calls himself the PATRIOT ought to take a house by skill of the facet of the sea and watch the sunset. you've an similar using hatred of George W. Bush. you've an similar Yahoo solutions type it really is to ask a "question" that has been "borrowed" from some left-wing information superhighway website using "reduce and paste". No debate. No unique theory. No logical argument. in basic terms hatred. For all i recognize, you're the PATRIOT.
2016-12-10 12:41:37 · answer #2 · answered by ? 4 · 0⤊ 0⤋
And it was insured for any billion more than it had been. Its ok to ask questions here!!! Form your own opinions watch Painful Deceptions the movie!!!
2006-07-20 11:52:37 · answer #3 · answered by Ben 2 · 0⤊ 0⤋
No it had a new insurance policy taken out on it by the faceless owners.
2006-07-20 11:50:40 · answer #4 · answered by rodmod 3 · 0⤊ 0⤋
Yes, but whats your point? Conspiracy Theorist!!!
2006-07-20 11:50:04 · answer #5 · answered by OwlHooter 2 · 0⤊ 0⤋