Federal Court Decision WTC Insurance Money 4.6 Billion Awarded

Here is info on the World Trade Center Court Case and collection of $4.6 Billion Dollars. I will look for the court PDF files as well.

Insurance Journal WTC Article

October 19, 2006

A federal court has upheld the jury verdicts that recognized the two-plane terrorist attacks on the towers at the World Trade Center on Sept. 11, 2001 as a single event for some insurers and two events for others.
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Lloyd's of London

A three-judge panel of the U.S. Court of Appeals for the Second Circuit in New York found no fault with letting jurors decide the meaning of "event" for insurance purposes.

As a result, it let stand an April verdict that held the attacks to be one event under the insurance binder used by major insurers. Under this verdict, WTC developer Larry Silverstein and his Silverstein Properties became entitled to about $4.6 billion.

The decision also affirms a separate jury verdict for nine other insurers that found the event was two claims under a different binder they used while negotiating final coverage terms.

The case is SR International Business Insurance Company Ltd. versus World Trade Center Properties, LLC, et al.

MORE ARTICLE AT LINK ABOVE

[edit on 4-3-2007 by Realtruth]

Here is one doc I found maybe we can all add to these PDF Records.


Lawsuit 2005 WTC Federal Court PDF

Does anyone know when Larry Silverstein took possession of the WTC and what his initial investment was?

And can you provide a link or proof to go along with it.

Where is Mr C Fox he does not believe these truths/proofs, when are the blind going to open their eyes and minds.

To be honest, Im not sure how Real Estate Works within New York.. and all that red tape...etc etc..But if you want to know FACTS: On February 15, 2001, the Port Authority announced that Vornado Trust Realty had won the lease for the World Trade Center, paying $3.25 billion for the 99-year lease. Lucky Larry Silverstein was outbid by $50 million by Vornado Realty. However, Vornado later withdrew and Silverstein's bid for the lease to the World Trade Center was accepted on July 24, 2001. The land was then privately owned. So, Silverstein and his partners paid $3.2 billion for a 99-year lease.

See guys... there is a thing about Insurance Companies and them letting you blow up your buildings and pocketing the money.

Please again...tell me WHY the insurance company took Silverstein to court over the Twin Towers when you guys claim that he admitted to blowing up his other building WTC7!


Edit To Add:

Don't think that i believe that Larry wont maximize his $$ potential. He is a very succesful business man. Thats why he is worth so much money. He will make millions off of this (he is making 20 million just for the managing and construction of the Freedom Tower



[edit on 4-3-2007 by CameronFox]

In regards to WTC7, there was a clause in the policy requiring him to begin rebuilding within two years, and lenders required that the new build-ing have as much square footage as the old (and they complained mightily when the plans came up short in that department). The cost of the new building? Over $700 million.

Do the math...He was awarded 861 million dollars..but remember there was the small matter of the existing $489.4 million mortgage, which Silverstein paid off with the insurance settlement, leaving him with a shortfall of $328 million leading up to the construction of the new WTC7.

The City of New York, desperate to see rebuilding begin downtown, saved Silverstein a bundle in financing costs by offering over $400 million in tax-exempt Liberty Bonds, which the Bank of New York guaranteed.
Lucky Larry Silverstein and his investors were given a freedom to do something not done too often in recent New York real estate history: start construction of a skyscraper without tenants on board. And when the building opened in 2006? Still no major tenants. In May, WTC 7 finally got its first possible major tenant when Moody’s Investor’s Service signed a nonbinding letter of intent to occupy 15 floors. More recently, several other tenants have signed on.

nymag.com...
www.wtc.com...


www.nytimes.com...://gk.nytimes.com/mem/gatekeeper.html&OQ=_rQ3D1Q26URIQ3DhttpQ3AQ2FQ2Fwww.nytimes.comQ2F2006Q2F06Q2F20Q2Fnyregion Q2F20moodys.htmlQ26OQ51Q3D_rQ513D2Q5126eiQ513D5070Q5126enQ513D08345b10e055de67Q5126exQ513D1157083200Q5126adxnnlQ513D1Q5126pagewantedQ513DprintQ5126adx nnlxQ513D1157068886-9Q512BVQ5151ZQ512BkLfe7GM3B2ITbIEgQ5126orefQ513DsloginQ26OPQ3D2b4948fQ512F4qa84Q5126gQ513FhKggMQ512A4Q512Akku4ku4Q512Ak4nNKa6Q5123 gn4Q512AkOggQ5126NhCQ513CMO0&OP=551e5b7aQ2FQ2F)rEQ2FydIrRQ3EmQ2FZIQ24RggyQ22Q2Fg7qIrZIrQ3EQ2FQ3CRIrfrrgr7Q25ZIQ24

Well this makes a bit more sense than what people have been claiming. I wasn't sure what he initial purchased the lease for and when he bought it.

Thanks for the additional info to clarify any myths.

Originally posted by CameronFox
To be honest, Im not sure how Real Estate Works within New York.. and all that red tape...etc etc..But if you want to know FACTS: On February 15, 2001, the Port Authority announced that Vornado Trust Realty had won the lease for the World Trade Center, paying $3.25 billion for the 99-year lease. Lucky Larry Silverstein was outbid by $50 million by Vornado Realty. However, Vornado later withdrew and Silverstein's bid for the lease to the World Trade Center was accepted on July 24, 2001. The land was then privately owned. So, Silverstein and his partners paid $3.2 billion for a 99-year lease.

See guys... there is a thing about Insurance Companies and them letting you blow up your buildings and pocketing the money.

Please again...tell me WHY the insurance company took Silverstein to court over the Twin Towers when you guys claim that he admitted to blowing up his other building WTC7!


Edit To Add:

Don't think that i believe that Larry wont maximize his $$ potential. He is a very succesful business man. Thats why he is worth so much money. He will make millions off of this (he is making 20 million just for the managing and construction of the Freedom Tower



[edit on 4-3-2007 by CameronFox]