World Trade Center Leaseholder Gets Boost From Federal Jury

[Rose Siding]

NEW YORK -- A federal jury decided Monday that the destruction of the World Trade Center was two events for insurance purposes, meaning leaseholder Larry Silverstein can collect twice from companies because separate planes hit two towers.

The verdict in U.S. District Court in Manhattan was the latest twist in Silverstein's efforts to turn his $3.5 billion insurance policy on the trade center complex into a $7 billion payout.

The jury was asked to rule specifically whether the terrorism could be considered one or two events for nine of the trade center's 24 insurance companies.
..........
In her closing argument, lawyer Carolyn H. Williams argued on behalf of the companies that the hijacked planes were like guided missiles and that the insurance payout should not depend on whether terrorists used "one or two or 10 or 100 weapons."

http://nytimes.com/2004/12/06/nyregion/06cnd-wtc.html?hp&ex=1102395600&en=2d2d11e618688baa&ei=5094&partner=homepage

[Gothmog]

1. Very interesting issue

Normally the intrepretation of a contract is a purely legal issue. Here this was treated as a fact issue and the jury found for the leasholder against the insurance companies.

[Monkie]

2. read silverstein makes 3.7 billion dollars pure profit in 3 months!?!

It would be the tragedy of tragedies not to rebuild this part of New York," said Larry Silverstein, who closed on the $3.2 billion deal with his partner Westfield America Inc. in late July

http://www.realestatejournal.com/propertyreport/propertyreport/20010914-grant.html

who profits???
follow the money they say

[Sterling]

4. I got what you are saying..

He did say they had to "pull it".

[Monkie]

6. i'm not talking nr 7 here..

í'm talking knowledge before the fact

[Deja Q]

3. I'm not taking sides.

Insurance companies can be manipulative greedy scum, but I'm not too keen on greed from the other side either.

On the other hand, this chap is doing what any insurance company would do, given the opportunity.

[Lostnote03]

5. Odigo,Odigo!!!!

.....Put options,Put options!!!!Sharon cancelling his pep talk a few days before 9-11 in lower Manhattan!!!Airline security contracts!!!Geeesh, we certainly are living within the days of the Matrix!!!I guess its all good however since Attas passport was discovered within days at the 9-11 footprint.....

[Old and In the Way]

7. I read somewhere that it would cost somewhere in the vicinity of

20BB to dismantle the WTC and that they were approaching their end-of-life.....40 years? Is that $20 Billion dollar number real? If not, what would be the takedown cost? How would it be financed?