Thursday, December 09, 2004

Every cloud has a Silver-steining

A New York jury has agreed with World Trade Centre leaseholder Larry Silverstein that the attack on the twin towers by a pair of hijacked planes was two insurable events, requiring nine companies to pay out as much as double their policy limits.

Mr Silverstein said before the trial that with $US3.55 billion he could afford to build the first skyscraper, the $US1.5 billion 1,776-foot Freedom Tower, and a second; then he would borrow against those buildings to pay for the last three.In addition to funding the rebuilding, Mr Silverstein also needs the money to keep paying his $US109 million a year rent to the Port Authority. - smh.

Who benefits most. The terrorists, or New York property developers?

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