WE ALL NEED TO DO THAT.
This thread was not about firefighting. It was about how Silverstein lost money on this terrorist attack, and how that would have been really STUPID if he were like inside the inside jobby-job.
However, if people choose NOT to ignore the Trolling at this time, alert on the off-topic nature of the off-topic posts and get the thread split.
Thanks!
1. Silverstein underinsured the buildings.
2. Silverstein lost the legal battle with Swiss Re for two $3.5 Bn events.
3. Silverstein only bought more insurance because the lenders demanded it.
4. Silverstein has , as of 2004, spend $1.3 Bn in legal fees and other costs.
5. CTs - SHOW US THE MONEY.
Swiss Re celebrates victory over Silverstein
05-10-2004 | Source: Reactions
Swiss Re has won its two-and-a-half-year legal battle against World Trade Center leaseholder Larry Silverstein. On Monday, the jury ruled that the world’s second-largest reinsurer is bound by the Wilprop contract, which determines that the destruction of the Twin Towers was a single event. …
“There was never once a doubt in my mind that the destruction of the Twin Towers constituted a single event,” says Dubois. “We insured the Towers as if it were a single house.
Silverstein knew full well that he would only be able to collect $3.5bn. He recognised that he underinsured and tried to make up for it after the loss by trying to change the terms of the contract.” He adds: “The entire effort, we have said from the start, will turn into a grandiose waste of time and money.”
Silverstein has reportedly already spent about $1.3bn in advance insurance payments on legal fees, his own expenses arising from the case and other costs relating to the dispute.
It emerged during the trial that Silverstein sought only about $1bn insurance coverage for the World Trade Center in July 2001. The companies that loaned money to Silverstein for the development of the World Trade Center required more insurance to safeguard them and virtually forced the developer to take out more insurance coverage.
Among these is GMAC Commercial Mortgage Corporation, a unit of General Motors, which loaned the developer $563m towards his purchase of the World Trade Center lease. GMAC is also suing Silverstein over his use of the insurance payments he has so far received. It alleges that he has sought to use the proceeds as an “unfettered account” for expenses, and has not cooperated to help protect GMAC’s interests.
“The developer made a conscious decision to buy as little insurance as he could get away with,” says Tom McKay, partner at law firm Cozen O’Connor, which represented Federal Insurance, a unit of Chubb, in the trial. “The lenders drove the amount of insurance that was bought in the end. He made a conscious financial decision to underinsure.”
Silverstein screwed up the insurance coverage, if he intended to profit.
http://www.emii.com/article.aspx?ArticleID=1030428
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"A lie gets halfway around the world before the truth has a chance to get its pants on." - Winston Churchill.