Who Owns The World Trade Center?
In 1998, plans were approved by the New York Port Authority to
privatize the World Trade Center. In 2001, the Port Authority sought to
lease the World Trade Center to a private entity. Bids for the lease
came from Silverstein Properties, paying $3.25 billion for the 99-year
lease.
Silberstein Gets $5 Billion
In total, Silverstein was awarded nearly $5 billion in insurance
money, following the destruction of the Twin Towers.
How Long Will Silverstein Pay On His Lease?
Silverstein's lease with the Port Authority for the World Trade
Center requires him to continue paying $102 million annually in base
rent. He is applying insurance payments toward the re-development of the
World Trade Center site.
Silverstein Sues Again
Silverstein is seeking $12.3 billion in damages from airlines, as well
as airport security companies, for the 9/11 attack. He wants the market
value of the buildings, lost income, and damages.
The Judge Is Confused
Judge Hellerstein expressed skepticism about Mr. Silverstein’s claim,
and asked why he had not stemmed his losses by just “walking away.”
Judge Hellerstein asked: “What’s the nature of your recovery?” “ $12.3
billion, plus pre-judgment interest,” Silverstein's attorney, Richard
A.. Williamson, confirmed
So Who Will Really Pay?
Will some bankrupt airline, or how about a 'Rent-A-Cop' outfit
sitting in Israel? No, the money will come from the US Federal
Government.
Think About It
Silverstein would have walked away five seconds after the jets hit,
unless there was money in it for him.
