Developer [Silverstein] Sues to Win $12.3 Billion in 9/11 Attack
Larry A. Silverstein, who has won nearly $4.6 billion in insurance payments to cover his losses and help him rebuild at the World Trade Center site, is seeking $12.3 billion in damages from airlines and airport security companies for the 9/11 attack.
Mr. Silverstein, the developer of ground zero, sought the damages, whose amount was not previously known, in a claim filed in 2004, that says the airlines and airport security companies failed to prevent terrorists from hijacking the planes used to destroy the buildings.
His case was consolidated last week with similar, earlier lawsuits brought by families of some victims of the attack and by other property owners. But in seeking $12.3 billion, he is by far the biggest claimant in the litigation.
The size of Mr. Silverstein’s claim was revealed last week at a status conference on the litigation in United States District Court in Manhattan.
The claims by the parties involved total about $23 billion, and Mr. Silverstein’s claim for such a large chunk could jeopardize claims from other businesses and property owners, according to defense lawyers. A lawyer for the victims’ families, Donald Migliori, said he was confident that their claims would not be affected because they would take priority over the property claims.
A lawyer for the airlines, Desmond Barry, said that if Mr. Silverstein won his claim, he could push the total claims beyond the amount of insurance that the airlines and security companies have available. “There ain’t that much insurance,” Mr. Barry said.
The federal government has capped the liability at the amount of available insurance, to avoid bankrupting the airlines. The exact amount of insurance available is still being explored in the court proceedings.
Richard A. Williamson, a lawyer for Mr. Silverstein, said at the court conference on March 18 that Mr. Silverstein was seeking damages to compensate him for continuing losses at the site. Mr. Silverstein, through his company, World Trade Center Properties, has a 99-year lease, worth $3.2 billion, on four buildings at the site, including the fallen twin towers. He signed the lease in July 2001, just six weeks before the attack.
Since the attack, Mr. Silverstein has been paying rent to the Port Authority of New York and New Jersey on towers that no longer exist, his lawyer told the judge, Alvin K. Hellerstein. Mr. Williamson said that his client had also lost rental income from about 400 tenants.
Dara McQuillan, a spokesman for Mr. Silverstein, said that the $12.3 billion represented $8.4 billion for the replacement value of the destroyed buildings and $3.9 billion in other costs, including $100 million a year in rent to the Port Authority and $300 million a year in lost rental income, as well as the cost of marketing and leasing the new buildings.
Mr. Barry, speaking for the airlines, contended that Mr. Silverstein had been more than compensated by the nearly $4.6 billion insurance settlement, reached after almost six years of litigation. He argued that Mr. Silverstein was entitled to the market value of the property, which he said had been established by the $3.2 billion lease.
Judge Hellerstein expressed skepticism about Mr. Silverstein’s claim, and asked why he had not stemmed his losses by just “walking away.”
Turning to Mr. Williamson, Judge Hellerstein asked: “What’s the nature of your recovery?”
To which Mr. Williamson replied, “For damages suffered by the events of 9/11, not value. Damages.”
Mr. Williamson said that the lease required Mr. Silverstein to rebuild and to continue paying rent.
“And so I’m putting to you if you walked away from the lease, you would lose the value of the lease,” Judge Hellerstein said. “Would you have a further obligation to pay money?”
Mr. Williamson replied, “You have to examine that question. “But to me that’s not the test of what are our damages.”
Judge Hellerstein pressed Mr. Williamson to put a dollar figure on the damages. “I don’t think it’s necessary to know the precise amount,” the judge said. “I think some order of magnitude would be appropriate.”
When Mr. Williamson balked, Mr. Barry jumped in.
“I think their claim is $12.3 billion,” he said.
“Plus prejudgement interest,” Mr. Williamson confirmed.
To which the judge tartly replied, “We shouldn’t forget that.”
Judge Hellerstein ordered Mr. Silverstein to provide more documentation of his claim, or risk losing it.
Mr. McQuillan, the spokesman for Mr. Silverstein, said on Wednesday the developer felt both an obligation under his lease and a moral obligation to rebuild, rather than walk away. He said that the insurance companies who paid him would be repaid if he prevails.
Plaintiffs also revealed that after a spate of settlements, there are seven wrongful death cases and two injury cases remaining, out of more than 90 filed.
Those who sued represent just a small fraction of the casualties on Sept. 11. Most of the victims of the attack and their families chose to take the compensation offered through a federal fund, forgoing their right to sue.
Mr. Migliori, the lawyer for victims’ survivors, said he believed that the claimants with property-damage claims — including Mr. Silverstein and some insurance companies trying to recoup their payments — would allow the death and injury cases to get priority in payment of damages.
The judge declined to set any trial date in the case, saying that it would be “fictitious,” but set a fact-finding deadline at the end of this year. Any trials in the case appear to be more than a year away.
- loose nuke's blog
- Login to post comments
Provide the evidence Mr. Silverstein!
This is an interesting development. Thanks for posting!
I have always been been puzzled why these insurance companies had to pay Mr. Silverstein, while there was no concrete evidence backing his claims. Have they finally knocked on Mr. Silverstein's door with the message that they will reinvestigate his claims? The following phrase is especially revealing:
"Mr. McQuillan, the spokesman for Mr. Silverstein, said on Wednesday the developer felt both an obligation under his lease and a moral obligation to rebuild, rather than walk away. He said that the insurance companies who paid him would be repaid if he prevails."
If I would not know better, I would believe that Mr. Silverstein has actually morals. But knowing better, I wonder why Mr. Silverstein would go down this path, with the risk that the airlines and airports countersue and ask him to provide evidence that it was the airplane crashes that caused the WTC buildings to collapse? (Now, THAT would become an interesting case!) It appears that Judge Hellerstein is actually asking for evidence, since he "ordered Mr. Silverstein to provide more documentation of his claim, or risk losing it."
Since Mr. Silverstein is unlikely to pay back the money by his own initiative, he may be under pressure from some insurance companies to do so. Which companies could that be? That is pure speculation at this point, but it is in the public record that an insurance company called "General Re" in the "Berkshire Hathaway" group paid $2 billion in claims to Mr. Silverstein. Berkshire Hathaway is the company of Warren Buffett, who is known to go after his money, certainly if he suspects that it is taken from him unlawfully.
Why would Warren Buffett go this way? Is there a connection with the recent statements of Bo Dietl about his doubts on the circumstances surrounding 911? See: http://www.911blogger.com/node/14412
Bo Dietl's company "Beau Dietl & Associates" provides services like insurance fraud investigations, and his company is endorsed by Warren Buffett, meaning that the latter has used the services of Bo in the past and is likely to do so presently and in the future (Buffett tends to see relationships with people as long-term). If Buffett suspects fraud in the WTC claims, he is unlikely to sue Mr. Silverstein directly, because of fears of a public backlash: his case would have explosive political consequences. So, if he tries to get his money back, he is likely to do so in a more informal way by pressuring Mr. Silverstein. That would force Mr. Silverstein to come up with the money, and one way to do it is his current lawsuit.
Are there any lawyers in the Truth movement who could comment on my speculations?
Great questions.
Two Words.
Money Laundering.
---------------------------------------------------------------------------------------------------------------------
The CONSTITUTION is NOT going to "collapse" into pulverized dust no matter how much thermate/explosives or planes they throw at it
Is Mr. Silverstein in trouble?
The point I was trying to make is whether this is an indication that Mr. Silverstein is actually in trouble due to having to pay back the money to the insurance companies? If he is trying to get this money from the airlines and airports, he may have a hard job to provide the evidence that the planes were the causes of the collapses.
Imagine if the lawyers for the airlines and airports called Richard Gage as a defense witness. He is backed by more than 300 licensed architects and engineers who strongly believe that the planes were not the causes of the collapses. If this lawsuit also involves WTC7, it may be even more difficult for Mr. Silverstein to come up with the evidence, since the investigation into its collapse is not even finished. This could all develop into a very interesting case, if the lawyers care to call the right witnesses!
See my other post below!
Russ Hallberg
INSURANCE CLAIM MONEY LAUNDERING
Russ Hallberg Jr
This article is the result of my own research and personal experience. It is personal opinion.
I have been exposed to insurance claim money laundering schemes my entire 54 years. I did not comprehend the mechanism until I read published interviews with former Texas Assistant Attorney General, Eric Moebius. The best interview material with Eric Moebius is located at: http://www.MackWhite.com/Yogurt1.html (Thanks, Mack!) The following article is corroborated by statements from Eric Moebius.
The Quota System
The mechanism of insurance claim money laundering is two fold. First, insurance companies’ premium rates are based upon claims history. What you pay for your mandatory automobile liability insurance is based upon the claims history of drivers in your class. The state insurance commissioners determine the rates.
Relatively stable claims records are in the financial interests of the insurance companies. Wide variations in annual claims payouts would create chaos. Imagine your automobile insurance premiums doubling one year, then dropping by 75% the next!
Automobile accident rates remain relatively stable from year to year. This particularly applies to fatalities. I was told of a quota system regarding accident fatalities. Suicidal individuals are coerced to make the ultimate sacrifice, ensuring the future prosperity of their beneficiaries. These are often young men, increasing the value of the claim by “years of future earnings lost.”
Amateur race car drivers are solicited to participate in staged accidents. These involve both fatalities and personal injury. Personal injury accidents are used to bring unwilling subjects into the “system”.
The quota system applies to health and casualty insurance. Many cases of arson are not prosecuted and are willingly covered up by insurance adjusters. Job security.
Mutual insurance companies are regulated only by the state insurance commissioners. The insurance commissioners are charged with making certain claims are paid and the insurance companies are financially stable. Mutual insurance companies are owned by the policy holders. By law, premiums paid in excess of claims are to be returned to the policy holders at the end of the year or applied to next year’s premiums. Have you ever received a significant refund from your insurance company? The actual practice is to “dump” excess premiums into overpaid, fraudulent claims.
Contingency Reserve Account Money Laundering
Mutual insurance companies are not included in money laundering regulation. It is only assumed that money used to pay claims comes from the premiums of policyholders. This creates an opportunity to launder money from organized crimes with low operating expenses, like embezzlement.
For example, you may be involved in an automobile accident. The other party was clearly at fault. Your insurance company will create a contingency reserve account to pay your claim. The contingency reserve account covers the maximum expected payout for the claim, including legal expenses. You may receive a $5000 settlement for your claim, while the contingency reserve account held $25,000.
A friend who worked an insurance office told me about finding two contingency reserve accounts for the same claim. When he asked his boss about this oddity, he was told “We don’t talk about that.”
In “The Yogurt Shop Murders” at MackWhite.com, the victims’ families were awarded nineteen million dollars. Twelve million disappeared from the accounts of the Yogurt Shop holding company that same day. The money could only be applied to an insurance settlement check through a clandestine, illegal transfer of money.
These illegal transfers of money into contingency reserve and insurance claim accounts happen every day, in my opinion. There is no regulatory agency “minding the store”.
Eric Moebius and I also believe there is a multiplier affect to contingency account money laundering. The contingency reserve account may be used as a conduit, allowing dirty money to pass through the account with no trace of its origin. Without regulation and auditory oversight of the accounts, anything is possible. The $25,000 contingency reserve account may be open for a couple of years before you receive your $5000 settlement. $250,000 in dirty money may have passed through the account during that time.
How dirty is this money? The killers were on site at the Yogurt Shop Murders for 47 minutes. The victims were four attractive teenage girls. The autopsies revealed three of the victims were sexually active, or raped, at the time of their deaths. The Yogurt Shop Murders would have been a very valuable film, in the snuff movie market I am well aware of.
There are many people involved in this operation. Those with any conscience rationalize it as money laundering, not crime.
Silverstein is incredible! This, after his recent Magic Antenna:
Larry Silverstein’s “Magic Antenna” Theory of WTC7 Collapse Surpasses the Kennedy “Magic Bullet” Theory as Most Forensically Incredulous Official Myth Story http://www.ronpaulwarroom.com/?p=8583
------------------------------------------------------------------------------
Consider mass emailing truth messages. More info here: http://www.911blogger.com/node/13321
Oh yeah.
I forgot about that.
Maybe he will sue the Antenna Company? Liability due to existing.
Or how about God? Since Gravity is HIS responsible and that "MAGIC ANTENNA" would never have fallen had GRAVITY never existed.
I sure GOD will LOVE to get a lawsuit from SILVERSTEIN AND CO.
Larry might not like the FINAL VERDICT though.
Larry should also SERIOUSLY consider suing NORAD. Liability due to unexplainable delays / incompetence ONLY ON THAT DAY OF ALL DAYS.
With his HUBRIS, he probably would.
He is truly living up to his identity.
---------------------------------------------------------------------------------------------------------------------
The CONSTITUTION is NOT going to "collapse" into pulverized dust no matter how much thermate/explosives or planes they throw at it
Insurance Companies Launder Money Through Claims
Russ Hallberg
http://www.911blogger.com/node/12265
t is a well kept secret that insurance companies are not required to account for the source of money to pay claims. The relationship between 9/11 and insurance industry money laundering needs further investigation by researchers who have more time and resources than I do.
Larry Silverstein's settlement for the WTC destruction of 9/11 was fraudulent. He received much more than the appraised value of the buildings. Why did the insurance companies not prosecute Silverstein for fraud? It wasn't insurance company money used to pay the settlement. http://www.911blogger.com/node/8886
No regulatory agency oversees that insurance claims are actually paid with insurance company money. Insurance companies accept embezzled money to pay claims. The embezzled money cannot be traced back to its original source.
Here is a documented example. From: http://www.mackwhite.com/Yogurt1.html
"Of all the days, of all the almost 3000 days that had passed since these girls murders, APD chose the hour after a San Antonio jury convicted the Brice group of fraud. $20 million disappeared during the same time frame that the $12 million 'insurance' settlement appeared. [Eric Moebius is referring to the settlement for the families of four girls murdered at Brice Food’s I Can’t Believe Its Yogurt store]
"And this so-called settlement has always been suspect. Extremely suspect. What insurance company pays for the criminal conduct of third parties? How was Brice Foods responsible? There was no 'murderer in hand.' As a result, no one act or omission could be identified as having 'caused' the murders. There is no insurance liability, no causation."
Life insurance proceeds are not immune from the money laundering scheme.
"FM Properties, an entity represented by [Lawyer M] of Austin, has experienced the murders of 26 of its employees in Indonesia, with all murders taking place on FM sites or being conducted in trucks or shipping containers owned by FM Properties. Even these murders can be 'insured' here in Texas, allowing money to be downloaded through death claims that take place half a world away."
2.3 trillion was missing from the Dept of Defense before 9/11. Donald Rumsfeld claimed the records were destroyed in the 9/11 Pentagon attack. One way this money could have disappeared without a trace is through insurance claims.
From, The Bar, Insurance Fraud and Murder by Eric Moebius:
http://www.indybay.org/newsitems/2007/10/27/18456474.php
”If anyone thinks these reserve fraud transactions are a once in a while event, they are tragically mistaken. Reserve fraud is an industry and it has taken a firm grip in both the state and federal courts. The amount of capital flowing through these reserve fraud schemes may soon dwarf the capital that disappeared through the S&L crisis. Reserve fraud creates a huge and spiraling demand for pirated catastrophic injury claims and explains why the Texas State Bar is so well organized at the state and county hospitals where it is illegally picking up referrals of severely injured patients. .... But add to this tragedy the fact that there is an enormous body of evidence that conclusively demonstrates that this almost insatiable demand for the catastrophic claim has resulted in the use of intentionally induced catastrophic claims; intentional injuries and murders conducted through the use of over-insured vehicles or on overinsured premises. As a result, we are seeing multiple arsons and multiple murders.”
9/11 was a case multiple arsons and multiple murders on a grand scale. The World Trade Center Towers were over insured.