Anyway, I'm currently discussing 911 on the swedish board flashback as well with user socialbidraget (I've allready posted three of his quotes as stundie nominations and there's more coming...) and he claims that Larry made 861 million dollars when looking at costs vs insurance etc. (he forgot to subtract loss of rental income but hey, what is seven years of lost rents?). Does anyone have a nice list of the numbers, I want compare it to the numbers he's given.
padragan,
As others have already mentioned above, the number $861 million is the exact figure of the insurance payout for WTC7 (which did not come close to covering the actual dollar value of the loss of that building). It may just be a coincidence, of course, that the person you are discussing this matter with on the other board came up with that number as an alleged "profit" for Silverstein Properties but perhaps you can provide us here with numbers this person is throwing around. It may be useful to see what he or she is actually claiming in order to provide specific, relevant and more complete answers to the question. So, if possible, can you elaborate on the person's claim and numbers?
As others have also mentioned above, we have previously had a couple of
good threads here about the insurance coverage issues with regard to the WTC buildings that Mr. Silverstein leased (WTC 1, 2, 4, and 5) and/or owned (WTC7).
One particular point that I wish to make, though, is that Silverstein Properties cannot, as a matter of law, collect more than the value of its provable, insured losses. The $4.577 billion maximum payout that was adjudicated upon by the courts (with respect to WTC 1, 2, 4 and 5) is just that - a
maximum. It does not mean that Silverstein automatically collects the maximum and then gets to dance off into the sunset with the cash. Silverstein Properties doesn't collect on the policies unless and until it proves that its loss is that much or more. After the litigation over the maximum was concluded (this was the one event vs. two events litigation that came about as a result of the differing language used in some of the 23-24 policies that covered the buildings), the insurers and the insured agreed upon a process by which the insured losses were to be determined, and it is only if and when the provable insured losses reach or exceed $4.577 billion that Silverstein Properties collects that amount.
That said, it seems apparent - to me, at least - that the provable insured losses far exceed that amount, so it is safe to say that the ultimate payout for WTC 1, 2, 4 and 5 will be $4.6 billion (if it hasn't already been paid out), and the maximum for WTC7 of $861 million was paid out quite some time ago.
I should have seen that. Sry and tnx!
