You’ve got to be lucky to make $4 Billion killing on a 6-month investment of $124 Million
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’s 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’s 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 — two key players in the 9/11 attacks
The company was backed by an investment firm, the Kuwait-American Corp., also linked for many years to the Bush family. KuwAm has been linked to the Bush family financially since the Gulf War. One of its principals and a member of the Kuwaiti royal family, Mishal Yousef Saud al Sabah, served on the board of Stratesec
Now, consider: The members of a small cabal owned the WTC complex, controlled its electronic security, and also controlled the security not only for one of the airlines whose aircraft were hijacked on 9/11, but the airport from which they originated
Another little “coincidence” -- Mr. Silversten, who made a down-payment of $124 million on this $3.2 billion complex, promptly insured it for $7 Billion. Not only that, he covered the complex against “terrorist attacks”
Following the attacks, Silverstein filed TWO insurance claims for the maximum amount of the policy ($7B), based on the two -- in Silverstein's view -- separate attacks. The insurance company, Swiss Re, paid Mr. Silverstein $4. 6 Billion — a princely return on a relatively paltry investment of $124 million
There’s more. You see, 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 by the NY Port Authority -- has never functioned, nor was it intended to function, unprotected in the rough-and-tumble real estate marketplace How could Silverstein Group have been ignorant of this?
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
The projected cost to disassemble the towers: $15 Billion. Just the scaffolding for the operation was estimated at $24 Billion!
In other words, the Twin Towers were condemned structures. How convenient that an unexpected “terrorist” attack demolished the buildings completely
WTC Building 7 was a part of the WTC complex, and covered under the same insurance policy. This 47-storey steel-framed structure, which was NOT struck by an aircraft, mysteriously collapsed 8 hours later that same day into its own footprint at freefall speed — exactly in the manner of the Twin Towers
How could this have happened? Mr Silverstein gave the world the answer when he slipped up during a PBS television interview a year later, on 9/11/2002:
"I remember getting a call from the...er...fire department commander, telling me that they were not sure they were gonna be able to contain the fire, and I said, 'We've had such terrible loss of life, maybe the smartest thing to do is pull it. ' And they made that decision to pull and we watched the building collapse"
As anyone who knows anything about construction can tell you, “Pull” is common industry jargon for a controlled demolition
One thing is for sure, the decision to 'pull' WTC 7 would have delighted many people Especially because it has been reported that thousands of sensitive files relating to some of the biggest financial scams in history — including Enron and WorldCom -- were stored in the offices of some of the building’s tenants:
US Secret Service NSA CIA IRS BATF SEC NAIC Securities Salomon Smith Barney American Express Bank International Standard Chartered Bank Provident Financial Management ITT Hartford Insurance Group Federal Home Loan Bank
The Securities and Exchange Commission has not quantified the number of active cases in which substantial files were destroyed by the collapse of WTC 7. Reuters news service and the Los Angeles Times published reports estimating them at 3,000 to 4,000. They include the agency's major inquiry into the manner in which investment banks divvied up hot shares of initial public offerings during the high-tech boom. ..."Ongoing investigations at the New York SEC will be dramatically affected because so much of their work is paper-intensive," said Max Berger of New York's Bernstein Litowitz Berger & Grossmann. "This is a disaster for these cases"
Citigroup says some information that the committee is seeking [about WorldCom] was destroyed in the Sept. 11 terror attack on the World Trade Center. Salomon had offices in 7 World Trade Center. The bank says that back-up tapes of corporate emails from September 1998 through December 2000 were stored at the building and destroyed in the attack
Inside WTC 7 was the US Secret Service's largest field office with more than 200 employees. "All the evidence that we stored at 7 World Trade, in all our cases, went down with the building," according to US Secret Service Special Agent David Curran
What a neat, complete, and fortuitous turn of events was 9/11
Incidentally, it’s worth noting that one of Lucky Larry’s closest friends — a person with whom it’s said he speaks almost daily by phone — is none other than former Israeli Prime Minister Benjamin Netanyahu
More on that cozy little relationship later
Larry Silverstein - Owner of WTC and Chicago Sears Tower
BBC Reported Building 7 Collapse 20 Minutes Before It Fell - An astounding video uncovered from the archives today shows the BBC reporting on the collapse of WTC Building 7 over twenty minutes before it fell at 5:20pm on the afternoon of 9/11, The incredible footage shows a BBC reporter talking about the collapse of the Salomon Brothers Building while it remains standing in the live shot behind her head
******************************************************* Developer Sues to Win $123 Billion in 9/11 Attack *******************************************************
New York Times By ANEMONA HARTOCOLLIS March 27, 2008
Larry A. Silverstein, who has won nearly $4.6 billion in insurance payments to cover his losses and help him rebuild at the World Trade Center site, is seeking $12. 3 billion in damages from airlines and airport security companies for the 9/11 attack
Mr. Silverstein, the developer of ground zero, sought the damages, whose amount was not previously known, in a claim filed in 2004, that says the airlines and airport security companies failed to prevent terrorists from hijacking the planes used to destroy the buildings
His case was consolidated last week with similar, earlier lawsuits brought by families of some victims of the attack and by other property owners. But in seeking $12. 3 billion, he is by far the biggest claimant in the litigation
The size of Mr. Silverstein’s claim was revealed last week at a status conference on the litigation in United States District Court in Manhattan
The claims by the parties involved total about $23 billion, and Mr. Silverstein’s claim for such a large chunk could jeopardize claims from other businesses and property owners, according to defense lawyers. A lawyer for the victims’ families, Donald Migliori, said he was confident that their claims would not be affected because they would take priority over the property claims
A lawyer for the airlines, Desmond Barry, said that if Mr. Silverstein won his claim, he could push the total claims beyond the amount of insurance that the airlines and security companies have available. “There ain’t that much insurance,” Mr. Barry said
The federal government has capped the liability at the amount of available insurance, to avoid bankrupting the airlines. The exact amount of insurance available is still being explored in the court proceedings
Richard A. Williamson, a lawyer for Mr. Silverstein, said at the court conference on March 18 that Mr. Silverstein was seeking damages to compensate him for continuing losses at the site. Mr. Silverstein, through his company, World Trade Center Properties, has a 99-year lease, worth $3.2 billion, on four buildings at the site, including the fallen twin towers. He signed the lease in July 2001, just six weeks before the attack
Since the attack, Mr. Silverstein has been paying rent to the Port Authority of New York and New Jersey on towers that no longer exist, his lawyer told the judge, Alvin K. Hellerstein. Mr. Williamson said that his client had also lost rental income from about 400 tenants
Dara McQuillan, a spokesman for Mr. Silverstein, said that the $12.3 billion represented $8.4 billion for the replacement value of the destroyed buildings and $3. 9 billion in other costs, including $100 million a year in rent to the Port Authority and $300 million a year in lost rental income, as well as the cost of marketing and leasing the new buildings
Mr. Barry, speaking for the airlines, contended that Mr. Silverstein had been more than compensated by the nearly $4.6 billion insurance settlement, reached after almost six years of litigation. He argued that Mr. Silverstein was entitled to the market value of the property, which he said had been established by the $3. 2 billion lease
Judge Hellerstein expressed skepticism about Mr. Silverstein’s claim, and asked why he had not stemmed his losses by just “walking away”
Turning to Mr Williamson, Judge Hellerstein asked: “What’s the nature of your recovery?”
To which Mr. Williamson replied, “For damages suffered by the events of 9/11, not value. Damages”
Mr. Williamson said that the lease required Mr. Silverstein to rebuild and to continue paying rent
“And so I’m putting to you if you walked away from the lease, you would lose the value of the lease,” Judge Hellerstein said “Would you have a further obligation to pay money?”
Mr. Williamson replied, “You have to examine that question. “But to me that’s not the test of what are our damages”
Judge Hellerstein pressed Mr. Williamson to put a dollar figure on the damages. “I don’t think it’s necessary to know the precise amount,” the judge said. “I think some order of magnitude would be appropriate”
When Mr. Williamson balked, Mr. Barry jumped in
“I think their claim is $12. 3 billion,” he said
“Plus prejudgement interest,” Mr. Williamson confirmed
To which the judge tartly replied, “We shouldn’t forget that”
Judge Hellerstein ordered Mr. Silverstein to provide more documentation of his claim, or risk losing it
Mr. McQuillan, the spokesman for Mr. Silverstein, said on Wednesday the developer felt both an obligation under his lease and a moral obligation to rebuild, rather than walk away. He said that the insurance companies who paid him would be repaid if he prevails
Plaintiffs also revealed that after a spate of settlements, there are seven wrongful death cases and two injury cases remaining, out of more than 90 filed
Those who sued represent just a small fraction of the casualties on Sept. 11. Most of the victims of the attack and their families chose to take the compensation offered through a federal fund, forgoing their right to sue
Mr. Migliori, the lawyer for victims’ survivors, said he believed that the claimants with property-damage claims — including Mr. Silverstein and some insurance companies trying to recoup their payments — would allow the death and injury cases to get priority in payment of damages
The judge declined to set any trial date in the case, saying that it would be “fictitious,” but set a fact-finding deadline at the end of this year. Any trials in the case appear to be more than a year away
NEW YORK - A homeless man has come forward with two sets of confidential ground zero blueprints that he says were dumped in a Lower Manhattan trash can
The man brought the Freedom Tower plans to the New York Post, which says the 150-page schematic is marked: "Secure Document — Confidential"
The documents are dated Oct. 5, 2007. They contain plans for each floor, the thickness of the concrete-core wall, and the location of air ducts, elevators, electrical systems and support columns
The agency that owns the World Trade Center site, the Port Authority of New York and New Jersey, calls it a serious security lapse
Spokeswoman Candace McAdams says mishandling the blueprints would be "cause for serious disciplinary action".
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