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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.
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.
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]