Glory Days
Posts: 7,809
Dec 14, 2013 12:45am
http://www.upi.com/Top_News/US/2013/12/14/Cantor-Fitzgerald-American-Airlines-agree-to-settle-911-lawsuit/UPI-90931386997740/?spt=rln&or=1
Really, they sued the airlines. wow. maybe the airlines should counter sue saying that Cantor Fitzgerald should have known that since the World Trade Center was already the target of a terrorist attack, they should have been prepared for the possibility of another one.
Really, they sued the airlines. wow. maybe the airlines should counter sue saying that Cantor Fitzgerald should have known that since the World Trade Center was already the target of a terrorist attack, they should have been prepared for the possibility of another one.
ohiobucks1
Posts: 4,915
Dec 14, 2013 4:42pm
If this interests you, look up In Re September 11th.
A guy bought the towers for like 2.8 billion, a few months before the attacks. After the attacks he sued the Airlines for negligence and it's rumored that they settled for close to a billion. When that's added to his insurance money, I bet he came out smelling like roses.
A guy bought the towers for like 2.8 billion, a few months before the attacks. After the attacks he sued the Airlines for negligence and it's rumored that they settled for close to a billion. When that's added to his insurance money, I bet he came out smelling like roses.
Glory Days
Posts: 7,809
Dec 14, 2013 7:11pm
that's crazy. either I am missing something or the lawyers for the airline suck.ohiobucks1;1553348 wrote:If this interests you, look up In Re September 11th.
A guy bought the towers for like 2.8 billion, a few months before the attacks. After the attacks he sued the Airlines for negligence and it's rumored that they settled for close to a billion. When that's added to his insurance money, I bet he came out smelling like roses.
ohiobucks1
Posts: 4,915
Dec 14, 2013 11:24pm
Glory Days;1553390 wrote:that's crazy. either I am missing something or the lawyers for the airline suck.
Yeah, honestly I think it was a product of the policy people wanted to see
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gut
Posts: 15,058
Dec 15, 2013 12:46am
Doubt it is so cut and dry...I don't know what he had it insured for, probably appraisal or re-construction costs (nearly $4B) so might not have made much there. So he got $1B from the airlines, but he lost YEARS of rents (@ $200M/yr, before operating expenses)...in addition to $100M annually he had to pay the Port Authority.ohiobucks1;1553348 wrote: I bet he came out smelling like roses.
I'm sure someone analyzed it somewhere - the insurance payments were capped at @$4.5B in total, but there were additional appeals and also some $800M (split between Silverstein and the Port Authority) that they claimed the insurers did not pay. He also got financing help below market rates, I believe.
So it's very complex. I doubt he lost money in the deal, but I also doubt he made out like a bandit. Silverstein claims he lost like $8B+ in total. I'm sure that's inflated, but you might be surprised once you factor in the original interest/principal payments of the $3.2B he financed in the purchase.
O-Trap
Posts: 14,994
Dec 15, 2013 3:13pm
ccrunner609;1553556 wrote:... could of ...
T
thavoice
Posts: 14,376
Dec 16, 2013 1:19pm
or maybe he was the real mastermind behind 9/11. Sort of like the person who takes out alot of insurance on their spouse and then has him/her killed.ohiobucks1;1553348 wrote:If this interests you, look up In Re September 11th.
A guy bought the towers for like 2.8 billion, a few months before the attacks. After the attacks he sued the Airlines for negligence and it's rumored that they settled for close to a billion. When that's added to his insurance money, I bet he came out smelling like roses.