WTC REFRESHER COURSE
The World Trade Center - June 2001
Subsidized by the NY Port Authority from the date it was first proposed, by 2001 the WTC had only 60% occupancy and was considered to be a gigantic white elephant as far as real estate investments go. Most recent building inspection revealed the twin towers were in immediate need of $200,000,000 (two-hundred-million) in renovations and improvements, including the immediate removal and replacement of building materials declared to be health hazards (thousands of tons of asbestos). The twin towers were described as an "Asbestos Timebomb" with advanced galvanic corrosion. NY Port Authority had tried several times to obtain the necessary permits to demolish the buildings, but applications were repeatedly DENIED because of liability reasons (asbestos). Projected cost to disassemble the buildings piece by piece, $15,000,000,000 (fifteen BILLION).
Enter Silverstein Properties - July 2001
For the first time in the 31 years since construction, the WTC changed owners and went private when Silverstein Properties purchased a 99-year lease of the entire complex from the NY Port Authority for a paltry $125,000,000 (one-hundred-twenty-five-million) deposit. Larry Silverstein had previously purchased a lease on WTC 7. Lewis M. Eisenburg (of the NY Port Authority) gave Larry Silverstein the 99-year lease DESPITE the fact that they were the LOWEST bidders (the highest bidder mysteriously pulled out at the last minute). Larry Silverstein immediately insures the WTC complex for $3,500,000,000 (three-and-one-half-BILLION) including FULL COVERAGE against "terrorist attacks." None of Silverstein's other properties were insured against terrorist attacks. Silverstein immediately fires the company that had provided security for the WTC, and replaces them with Securacom (now Stratasec), a company owned by Marvin Bush (little brother of President George W. Bush). Coincidentally, at the time Securacom also provided security for Dulles International Airport AND United Airlines.
Six Weeks Later - September 11th
Larry Silverstein had breakfast EVERY morning at 8:30 AM in the "Windows on the World" restaurant at the top of the North Tower. BUT, on the morning of September 11th, he complained to his wife about his "skin," and skipped his routine breakfast. Larry's daughter Lisa, who was a VP of Silverstein Properties, attended tenant meetings EVERY morning on the 88th floor of the North Tower, BUT on the morning of September 11th, the normally punctual Lisa was running late, with no explanation given. Lisa's brother, Roger, also a VP of Silverstein Properties, was also running late on the morning of September 11th, allegedly because he was "held up in traffic." On September 10th, the night before, Silverstein Properties abruptly cancelled ALL company meetings scheduled for the 11th, with no reason given, an amazing stroke of LUCK that resulted in saving the lives of all the company's executives and their publicist.
The Aftermath
Larry immediately filed TWO insurance claims for the maximum policy amount, based on what he claimed were TWO separate attacks. Larry wants $7,000,000,000 (seven-BILLION) for his "losses." Larry gets his $125,000,000 (one-hundred-twenty-five-million) deposit to the NY Port Authority RETURNED to him. Larry gets an insurance settlement of $861,000,000 (eight-hundred-sixty-one-million) dollars for WTC 7 against his initial investment of $386,000,000 (three-hundred-eight-six-million). Larry gets an insurance settlement of $4,550,000,000 (four-BILLION-five-hundred-fifty-million) for the twin towers (initial investment now ZERO after his deposit was returned). In 2008, Larry sues the airlines and the security firms for $12,800,000,000 (twelve-BILLION-eight-hundred-million). In 2013, Silverstein AGAIN sues the airlines for an EXTRA $3,500,000,000 (three-BILLION-five-hundred-million) and that case is still pending.