Larry Silverstein Sues Airlines For $12.3 Billion

[WildCat]

So much for the truthers claiming Silverstein made billions on 9/11. seems he lost big money:

The developer of the World Trade Center in New York is seeking $12.3 billion in damages from the airlines and other companies associated with the September 11 terrorist attacks, his spokesman said Thursday.



Larry Silverstein, president and CEO of Silverstein Properties, has recovered $4.6 billion in insurance payments, spokesman Bud Perrone said.
The additional money is meant to offset the remaining costs of what was lost on September 11.

Maybe now he regrets "pulling it"?

 

[PhantomWolf]

Note that if he gets the 12.3 then it isn't a total of 16.9. He plans to repay the Insurance if he wins, so 12.3 is the max (depending if they get interest) which is suppodedly the cost of rebuilding and paying the rent from 2001 to the time it reopens.

 

[WildCat]

Note that if he gets the 12.3 then it isn't a total of 16.9. He plans to repay the Insurance if he wins, so 12.3 is the max (depending if they get interest) which is suppodedly the cost of rebuilding and paying the rent from 2001 to the time it reopens.

Of course. The interest I have in posting this here is that we finally have a dollar amount on the money Silverstein lost because of the 9/11 attacks. This would put to rest the claims by truthers that Silverstein made money on 9/11, but as we all know truthers will just keep on making their mindless claims no matter how much evidence is stacked against them.

 

[RedIbis]

Perhaps this post in the other thread is more appropriate here. I won't continue this discussion over there, but don't mind continuing.

I will admit that obtaining a 99 year lease is just a damn euphemism for what LS was. He enjoyed the benefits of holding all of the commercial leases.

Now recall for me his initial investment. Compare that with his first insurance recovery. Now add this new claim.

Explain how that is a loss, please.

 

[SDC]

Red! RedIbis!! Didn't I see you over at www.amscan.org?

Just to stay on topic, I can state that one thing I have learned on Jref is that real estate insurance is enormously complicated. Pity you never learned that.

 

[WildCat]

He enjoyed the benefits of holding all of the commercial leases.

And if the lessee feels those benefits are lost because of the negligence of others he can sue for those losses. Which in this case includes not only the loss of revenue from the towers, but the costs of rebuilding since that is part of his lease.

 

[RedIbis]

Red! RedIbis!! Didn't I see you over at www.amscan.org?

Just to stay on topic, I can state that one thing I have learned on Jref is that real estate insurance is enormously complicated. Pity you never learned that.

I have no idea what the hell you are talking about with this Scandanavian stuff. The Red Ibis is a tropical bird.

 

[Pardalis]

I wonder why seven years later though?

 

[Brainster]

Let me add here that Silverstein had a loan for his purchase of the leasehold estate named GMAC, which was repaid out of the insurance proceeds:

The mortgage for four of the World Trade Center buildings was scheduled to be satisfied shortly before Christmas after World Trade Center certificateholders agreed to the prepayment of a $563 million loan by the borrower, World Trade Center Properties LLC, an affiliate of Silverstein Properties.

The mortgages for 1, 2, 4 and 5 World Trade Center buildings were to be paid off.

I am not sure who placed the debt on WTC 3, the hotel, or whether that was part of the Silverstein leasehold estate.

 

[Brainster]

Perhaps this post in the other thread is more appropriate here. I won't continue this discussion over there, but don't mind continuing.

I will admit that obtaining a 99 year lease is just a damn euphemism for what LS was. He enjoyed the benefits of holding all of the commercial leases.

For what, about 7 weeks? You do realize that when the property was destroyed, those leases were voided?

 

[WildCat]

Maybe Lashl or one of the other lawyers here can pull up the lawsuit and get the details if they have time.

 

[Arus808]

maybe he didn't get "final" costs of how much its goign to cost to REBUILd everything till now?

 

[PhantomWolf]

Now recall for me his initial investment. Compare that with his first insurance recovery. Now add this new claim.

Explain how that is a loss, please.

Why are you ignoring the fact that he has to keep paying the rent for the next 92 years AND rebuild the buildings? The Insurance pay out is $2 billion short for that. (Hence why the PA was wanting it to come from their insurers and got that turned down in court.)

 

[Pardalis]

Hasn't the airline industry suffered enough? Besides, what could they have done to prevent 9/11? If anything it's a US intelligence failure, if anybody should be sued it should be them.

 

[PhantomWolf]

Hasn't the airline industry suffered enough? Besides, what could they have done to prevent 9/11? If anything it's a US intelligence failure, if anybody should be sued it should be them.

The theory is that the Airlines are at fault for allowing the hijackers to make it onto the planes and take them over, that their security should have been better and stopped the attackers before they boarded the planes.

 

[WildCat]

Hasn't the airline industry suffered enough? Besides, what could they have done to prevent 9/11? If anything it's a US intelligence failure, if anybody should be sued it should be them.

You can't sue the goverment, so the airlines get sued. But I wouldn't be surprised if the government bails them out in the end, we'll see how it all pans out.

 

[Jonnyclueless]

I thought TSA handled airport security? Or is that post 9/11?

Either way maybe Larry should sue Marvin Bush since he supposedly ran the airport security which is how they pulled off the inside job that both Larry and Marvin were in on. Along with Wert who was pretending to be part of the Bush family.

 

[WildCat]

I thought TSA handled airport security? Or is that post 9/11?

The TSA was created after 9/11, prior to that the airlines did their own security.

Either way maybe Larry should sue Marvin Bush since he supposedly ran the airport security which is how they pulled off the inside job that both Larry and Marvin were in on. Along with Wert who was pretending to be part of the Bush family.

Now you're talking!

 

[LashL]

Perhaps this post in the other thread is more appropriate here. I won't continue this discussion over there, but don't mind continuing.

I will admit that obtaining a 99 year lease is just a damn euphemism for what LS was. He enjoyed the benefits of holding all of the commercial leases.

You clearly know nothing about commercial leasing, despite your unfounded and unsupported assertions and accusations, RedIbis, as your posts on the other thread laid bare for all to see.

Your assertions on this issue are completely wrong. You don't even know what the words mean, for crying out loud. Renter = Lessee (not "leasee") = Leaseholder, despite your utter ignorance and your ridiculous claims to the contrary. You continue to suggest that these words mean something other than what they actually mean, but you are consistently and repeatedly wrong, as usual.

Your unwillingness to continue the discussion on the other thread is, obviously, because you were quickly, easily, utterly and completely shown to be wrong in all of your assertions. You know nothing whatsoever about the subject matter, yet you purported to dress down PhantomWolf by claiming that he was wrong (when he was not) and you claimed that he owed some random truther nutcase an apology (when he did not) because, you claimed, he was wrong about the ownership of the World Trade Center (when he was not).

Not surprisingly, it was you who was wrong, not PhantomWolf. So, it is you who owes PhantomWolf an apology, and if you applied to yourself the standards that you purport to hold others to, you would have admitted your error and issued your apology long ago.

Of course, you did no such thing. Instead, you've done nothing but obfuscate, pretend, move goalposts and ultimately run away. How utterly unsurprising.

If you want to continue this dicussion here, as you claim, well, I'm game, but I would suggest that you educate yourself on the subject matter first as it is apparent that you haven't even the foggiest clue about that which you purport to opine on the subject of commercial leasing, and it is glaringly apparent that you are just making up false assertions as you go along. You are only embarrassing yourself in the process and you aren't fooling anyone but yourself.

 

[Cl1mh4224rd]

From the other thread:

Now recall for me his initial investment. Compare that with his first insurance recovery. Now add this new claim.

Explain how that is a loss, please.

You're forgetting a couple things here, RebIbis. Things I have a hard time believing you are personally unaware of, which just supports my notion that you're only trolling. Those two things are:

1) The rent that Silverstein's been paying the Port Authority since the attacks. With no income to offset this expense, this is a loss.

2) The cost of rebuilding. He doesn't get to pocket that insurance money.