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Originally posted by Stiney
Sorry guys, steel and concrete is not "apples to apples". At all.
Originally posted by Stiney
It's a completely different structure. It's not even steel, it's reinforced concrete. What's your point?
Originally posted by Stiney
Concrete DOES perform better than steel; countless examples of disasters have proven this. In fact, the example that conspiracists seem to be fond of - the Windsor building in Madrid - also proves this.
Originally posted by Stiney
Griff, the distinction between steel and concrete is not the weight they can carry. It's their performance in a fire.
Originally posted by Stiney
Anyway, here is one source that explains Silverstein's expenses:
www.forbes.com...
Now when are you going to give me a source that shows that it was free?
Source: WSJ 12/06/04
NEW YORK — A federal jury ruled Monday that the Sept. 11 attack on the World Trade Center was two occurrences for insurance purposes, meaning leaseholder Larry Silverstein stands to collect up to $2.2 billion from nine insurers.
The verdict in U.S. District Court in Manhattan was the latest twist in Mr. Silverstein's efforts to turn his $3.5 billion insurance policy on the trade center complex into a $7 billion payout.
Originally posted by Stiney
Griff, the distinction between steel and concrete is not the weight they can carry. It's their performance in a fire.
Sure...why not.
Let's get back on topic now.
...Silverstein thus far has been awarded $4.6 billion in insurance...
...Another issue raised during litigation was whether the Sept. 11, 2001, attacks were one attack or two, given that two separate planes were flown into the two towers. Juries have found that the relevant insurance contracts offered different wording that should be applied in different ways, and have purported to strike a balance in the overall level of cash ordered to be paid, resulting in an amount “juggled” between two extremes...
Source: www.nylawyer.com...
The SEC has not quantified the number of active cases in which substantial files were destroyed [in the collapse of WTC 7]. Reuters news service and the Los Angeles Times published reports estimating them at 3,000 to 4,000. They include the agency's major inquiry into the manner in which investment banks divvied up hot shares of initial public offerings during the high-tech boom. ..."Ongoing investigations at the New York SEC will be dramatically affected because so much of their work is paper-intensive," said Max Berger of New York's Bernstein Litowitz Berger & Grossmann. "This is a disaster for these cases."
source:www.g4techtv.com...
Inside [WTC 7 was] the US Secret Service's largest field office with more than 200 employees. ..."All the evidence that we stored at 7 World Trade, in all our cases, went down with the building," according to US Secret Service Special Agent David Curran.
Source www.thestreet.com...
Citigroup says some information that the committee is seeking (about WorldCom) was destroyed in the September 11 terror attack on the World Trade Center. Salomon had offices in 7 World Trade Center, one of the buildings that collapsed in the aftermath of the attack. The bank says that back-up tapes of corporate emails from September 1998 through December 2000 were stored at the building and destroyed in the attack.
source: www.paulgoldberger.com...
Silverstein was also given the right to rebuild the structures, should they be destroyed.
Silverstein put up only $14 million of his own money
Larry Silverstein purchased the property rights of all 7 buildings of the WTC six weeks before September 11, 2001 with a single down payment of $100 million, despite high vacancy rates of offices at the WTC.
source: Starkman, Dean. "Jury Rules for Silverstein on Trade Center Insurance", Wall Street Journal, December 7,2004, p. A11.
...nearly $5B...
www.cpnonline.com...
In 2007, 6 years after the attacks, Silverstein and the Port Authority of New York and New Jersey filed a $1 billion lawsuit ($250 million in unpaid claims and $750 million in damages) against Royal & Sun Alliance Group Plc and its U.S. affiliate.
Originally posted by etshrtslr
Stiney,
Just a bit of friendly advise. Griff is an engineer and unless your educated in engineering I suggest you listen to what Griff says on engineering matters.
Originally posted by Griff
Thanks for the vote of confidence. I suggest not listening to me and getting more than one opinion though. You never know when I could make a mistake. But, thanks anyway.
Originally posted by etshrtslr
Stiney,
Just a bit of friendly advise. Griff is an engineer and unless your educated in engineering I suggest you listen to what Griff says on engineering matters.
"[Concrete] can endure very high temperatures from fire for a long time without loss of structural integrity," says Alfred G. Gerosa, president, Concrete Alliance Inc., New York City.
Concrete requires no additional fireproofing treatments to meet stringent fire codes, and performs well during both natural and manmade disasters.
Court Rules Against Silverstein WTC Claim
The legal issues, while complex, have seemingly come down to which of two forms the parties intended to use as a binder when they agreed to cover parts of the WTC risk. Swiss Re has always maintained that all parties made reference to a form prepared by Willis, the WilProp Form, which makes reference to an "occurrence or series of occurrences," and would seem to rule out the "two event" theory. Silverstein's position holds that a form prepared by Travelers was used, which does not have this restrictive language.
WAIT!!! Up the payout to date to "...nearly $5B... "