The Towers were losing money hand over fist
They were? Okay, lets look at this.
This is one of the articles that this information comes from...
The Port Authority of New York and New Jersey had been losing money on the towers for years because of low tenancy. The financial loss was the real issue. There was also another vital issue – asbestos! The towers had become an albatross sitting on the most valuable piece of real estate in the world.
From the same article...
Silverstein Properties, Inc., and Westfield America, Inc. will lease the Twin Towers, completed in 1972 at a cost of $370 million, 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 cost of this lease was for a fraction of their real value. The twin towers were originally part of an urban renewal project spearheaded by the Rockefeller family
Okay, so the complex is a money losing albatross and yet in the same article it states that Silverstein got his lease "for a fraction of their real value". Money losing, asbestos ridden and yet 3.2 billion is a fraction of their real value...doesnt make sense, but we will go with it for now.
On to low tenancy....
This is what the New York Times had to say..
''In January 1997 we had about an 80 percent occupancy rate,'' said Cherrie Nanninga, director of real estate for the Port Authority of New York and New Jersey, which owns the complex. Twenty percent of 10.5 million square feet of space is 2.1 million, which would be a substantial building by itself.
But as a result of the last year's work, Ms. Nanninga, said the complex is over 90 percent occupied and expects to it reach the 95 percent mark by the end of the year. That, she said, would be about as full as the center is likely to get, since there is almost always someone moving in or out. ''Ninety-seven percent occupancy would be full,'' said Ms. Nanninga...
Over 90% occupied and 97% is considered full...does not sound like low tenancy to me. In addition, the article talks about many of the upgrades being taken care of by the Port Authority to make it a more attractive property.
www.nytimes.com... =print
Okay, didnt really seem to have a tenant problem did it? Then there is the press release from February 2001...
NET LEASE OF WORLD TRADE CENTER JUST BUSINESS AS USUAL FOR PORT AUTHORITY\'S REAL ESTATE DIRECTOR -- Cherrie Nanninga Credited with Shepherding Office, Retail Renaissance At Trade Center, Other Port Authority Facilities
When Port Authority Real Estate Director Cherrie Nanninga enters her 88th floor office each day, she passes a model of the World Trade Center, a stark reminder that she is in charge of the largest real estate transaction in New York history. The scale and complexity of the negotiations are astonishing. The complex has 10.4 million square feet of office space, 10 percent of all of the office space in downtown Manhattan. There are 400,000 square feet of stores selling upscale clothing, books and food - enough to keep Main Street bustling in a small town. And the world-famous landmark has offices for 40,000 workers.
As Real Estate Director, a position Mrs. Nanninga has held since 1996, the occupancy rate at the trade center has risen from 78 percent to a healthy 98 percent, retail soared in the trade center's mall, and available office space in the Newark Legal Center has nearly been filled.
Today, only about 250,000 of the 10.4 million square feet of office space in the trade center remains vacant.
Sales at the trade center's retail mall also have risen dramatically. In 1996, the mall's retail establishments averaged approximately $500 per square foot. Today, sales have doubled, and are expected to reach $900 per square foot by the end of this year, which is expected to make the trade center mall the third most profitable in the country. And major national retailers, such as Banana Republic, Coach and Godiva have opened stores in the trade center mall to cater to a daily audience of 40,000 employees and thousands of visitors. Many of these retailers indicate that their trade center stores are among their top sales producers in the country.
So in early 2001, occupancy rate was at 98% and the retail area was booming. That really doesnt sound like it was losing money or was empty of tenants.....
www.panynj.gov...
What else...oh yes, the asbestos issue...
The court case listed a figure of over 200 million for the WTC complex abatement. The lease agreement was for 3.2 billion..a fraction of the complex's value dont forget...200 million is what...seven percent of 3.2 billion? And Larry Silverstein has made over 800 million in lease payments since 2001, on a property that is generating zero income. Then there is this..
In 2003, Mr Silverstein used part of the insurance proceeds to pay back his and his' partners' $125 million equity in the original 2001 purchase. An additional $563 million was used to pay off a mortgage on the Twin Towers. Much also has been spent on design and site preparation. Mr. Silverstein has less than $1 billion in insurance money left, said people familiar with the project.
online.wsj.com...
$800 million in lease payments and the associated costs with trying to get the construction going, which if he is lucky, he will have buildings producing income by 2013 now. Yes, knocking the buildings down sure does make a lot of sense, I mean spending a couple billion to save 200 million..........
The first time the WTC has ever been insured against terrorism, with an absolute excellent clause in his mortgage - If for what ever reason the buildings become inhabitable he is no longer liable to pay the mortgage.
Then I wonder why this happened...
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
www.foxnews.com...
A payout of 510 million after the 1993 terrorist attack...hmmmm.
Now lets look at the policy taken out by Silverstein....
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
www.forbes.com...
So, originally he tried to take out LESS insurance, but his bankers wanted him to have more. Then there is the whole statement about his policy making it so he didnt have to pay on the mortgage, when the records show he paid 563 million to pay off the mortgage. 563 million out of the insurance that already wasnt going to begin to cover the new buildings.
Im sorry but the facts just do not support what you posted. Let's see what else...oh yes this one...
4). No hijackers mentioned in the first ever flight manifests lists.
Ah yes, the CNN VICTIMS lists shows up again. The actual flight manifests do (and always have) shown the hijackers names.
CBS News, September 14, 2001...
www.cbsnews.com...
Declaring war on Afghanistan when by all accounts it was Saudi Arabia whom were the front runners of suspicion.
I refer you to this
The leadership of al Qaeda has great influence in Afghanistan and supports the Taliban regime in controlling most of that country. In Afghanistan, we see al Qaeda's vision for the world. Afghanistan's people have been brutalized; many are starving and many have fled. Women are not allowed to attend school. You can be jailed for owning a television. Religion can be practiced only as their leaders dictate. A man can be jailed in Afghanistan if his beard is not long enough.
And tonight, the United States of America makes the following demands on the Taliban: Deliver to United States authorities all the leaders of al Qaeda who hide in your land. Release all foreign nationals, including American citizens, you have unjustly imprisoned. Protect foreign journalists, diplomats, and aid workers in your country. Close immediately and permanently every terrorist training camp in Afghanistan, and hand over every terrorist, and every person in their support structure, to appropriate authorities. Give the United States full access to terrorist training camps, so we can make sure they are no longer operating. These demands are not open to negotiation or discussion. The Taliban must act, and act immediately. They will hand over the terrorists, or they will share in their fate.
www.americanrhetoric.com...
Al Qaeda was operating out of Afghanistan...why would we attack Saudi Arabia?



