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Here are some figures about the mortgages: Blackstone Sets
Sights on 7 World Trade Center - Blackstone Group could be gearing up to battle developer Larry Silverstein for control of 7 World Trade Center. Blackstone has quietly acquired Teachers Insurance’s interest in nearly $500 million of debt on the heavily leveraged property, which is now owned by a Silverstein partnership. Blackstone bought a $242 million second mortgage on the 2 million-square-foot property and assumed Teachers’ guarantee on the $250 million first mortgage. Blackstone presumably bought the debt because it is angling to gain control of the Lower Manhattan tower. However, it is not clear if the firm has worked out an agreement with Silverstein or if the developer plans to fight to retain the property. The $250 million first mortgage, which was securitized, matures Dec. 1. If Silverstein cannot pay off or refinance the loan, Blackstone would be obligated to make good on the payment. It would then become the senior creditor and be able to begin foreclosure proceedings. Silverstein may have a hard time lining up a $500 million refinancing. Teachers originally financed the property in 1987, when it was constructed. The building’s value subsequently dropped when the real estate market crashed, and has not fully rebounded. Teachers split the debt into two chunks in 1993 and securitized the senior portion as a way to remove it from its books. But the insurer was required to provide a guarantee. The 47-story tower is nearly fully leased. Salomon Smith Barney occupies about half of the property, with the Securities and Exchange Commission, ITT-Hartford and American Express among the other prominent tenants. Average rents in the building are among the highest in lower Manhattan -- in the neighborhood of $60/sf. COPYRIGHT 2000
Harrison Scott Publications, Inc. From Institutional Real Estate, Inc. written for the time: 9-11-1: Silverstein Properties will experience one of the disaster’s hardest economic hits. Just last April, the private developer beat out Vornado Property Trust (NYSE: VNO) for the right to pay $3.2 billion for a 99-year net-lease contract on the Trade Center complex. The WTC contract called for Westfield Holdings to lease and run the retail portion of the complex, while Silverstein was responsible for the office sections. According to the Port Authority of New York and New Jersey, the partnership made an up-front payment of $616 million. Monthly payments, which total roughly $115 million a year, were scheduled to begin in August. In addition, Silverstein owned the 2 million-square-foot 7 World Trade Center building, which collapsed several hours after the two towers went down. The 7 World Trade Center building also carried a securitized mortgage. The $383 million bond was floated by Bank of America in July [2001]. The flow of money to the bonds was dependent on the borrower’s ability to make monthly mortgage payments generated by the now non-existent rental income. The Port Authority of New York and New Jersey, owner of the WTC, also sold $5.7 billion of consolidated bonds that included rental income from Trade Center leases as security. The WTC provided $347.7 million, or about 13 percent, of the Port Authority’s revenue last year. The Port Authority maintains enough reserves to cover at least two years of interest and principal payments on these consolidated bonds. Winning the WTC lease contract was the largest transaction Silverstein had ever been involved in, and at the time of the negotiations, many questioned the company’s ability to finance the deal. Silverstein was able to cover part of the purchase price through GMAC Commercial Mortgage, which floated a $563 million CMBS offering secured by the WTC leases. GMAC last week announced its offering was covered by insurance. Insurance could cover much of the financial loss for both owners and tenants. Published reports estimate the attacks will cost insurers anywhere from $15 billion to $40 billion. The Trade Center itself reportedly carried insurance on only one tower, believing the chances of both collapsing simultaneously too unlikely to insure against, according to CNN.com. The Port Authority will only receive an insurance payout of about $1.5 billion, far below the $5 billion value assigned to the towers. Westfield Holdings chairman Frank Lowy has stated that the retail property under the Twin Towers is fully covered by insurance for both capital and loss of income. That may not be the case for the office space within the towers or for investors in CMBS. Bankers and lawyers are trying to determine whether the insurance on the complex enables bondholders to recover their money after an act of terrorism. After the terrorist bombing of the Center in 1993, some insurance policies excluded acts of terrorism in the same way they excluded acts of war. Insurance companies with substantial exposure include Swiss Re, Munich Reinsurance Co., Berkshire Hathaway, Lloyd’s of London and Chubb Corp. Here are more details about some of the key personnel, from URL: THE FOUR RIDERS OF THE 9-11 APOCALYPSE By Dr. Stefan G.
E. Grossmann The four riders of the 9-11 Apocalypse:
There is a functionality (a division of labor) in the above. Details, additional division of labor, helpers, stooges see below: I. THE FLORIDA CONNECTION, JEB BUSH: NAMES: Jeb Bush, Katherine Harris, Marvin Rosen, the Walt Disney Corporation THEORY: Popular Florida State Governor Lawton Chiles wanted to retire. But he said, if that gangster (meaning Jeb Bush) stays around he will stay in office and beat Bush in the gubernatorial election. Then Florida Governor Chiles died in office. Tom Heneghan of the Al Gore intelligence network has it that there is suspicion that Florida Governor Chiles was snuffed by the Bushies so they could instal their candidate Jeb Bush as Florida Governor. In the gubernatorial election that followed, Jeb Bush was elected under questionable circumstances. In November and December 2000, Jeb Bush and his Secretary of State Katherine Harris manipulated the votes against Albert Gore, Jr. and for George W. Bush. Bill Clinton’s 1995/96 campaign finance chief Marvin Rosen of the Greenberg Traurig law firm in Miami helped to bribe key Democrats to hold still and not support Gore in this election battle. George W. Bush hired Rosen’s law firm to represent him against the Democrats in the litigation Gore v. Bush, and this is when the corruption of the 2000 presidential election was finalized. Several days before 9-11, Jeb Bush signed an Order placing Florida under martial law. On the evening before 9-11, Jeb met his brother George W. in southern Florida to discuss final details. In the early morning hours on the day after 9-11, Jeb Bush flew in a military transport plane to Venice, Florida and seized all the papers of Huffman Aviation, a CIA-front aviation school where Mohammed Atta had been trained. When Jeb Bush’s plane took off again, he had this key evidence on board with him and it has since disappeared. The Walt Disney Corp. allegedly has strong and multiple attorney-client ties with Marvin Rosen, ties with the CIA and reportedly helped with money and contacts in the Florida INC scandal where dozens of Arab types including 9-11 terror suspects received visas that they by law would not be entitled to. _______________ References: Reference is made to the following investigative web sites: www.madcowprod.com
(web site of Daniel Hopsicker, Florida 9-11 specialist) II. THE BUILDING SECURITY CONNECTION, MARVIN BUSH: NAMES: Marvin Bush, Barbara Bush, James Pierce, Securacom, Al Sabah family of Kuwait THEORY: Marvin P. Bush, with other co-conspirators, knew and permitted the planting of bombs in the World Trade Center on or around September 8 and 9, 2001 for the purpose of destroying and pulverizing the World Trade Center twin towers on September 11, 2001 and killing several thousand innocent people. On Thursday before 9-11, building security removed the bomb-sniffing dogs that had been safeguarding the World Trade Center against bombs. Daria Coard, 37, a guard at Tower One, said the security detail had been working 12-hour shifts for the past two weeks because of numerous phone threats. But on Thursday, bomb-sniffing dogs were abruptly removed. On Saturday and Sunday before 9-11, the power was shut down in the twin towers and unidentified technicians "rewired“ the buildings from the 50th floor upwards; it is obvious that this could have been an opportunity to plant demolition charges to later take the buildings down. The private security company who was responsible for the security of the World Trade Center on 9-11-1 was Securacom, a Bush family company. On the Board of Directors of Securacom was Marvin P. Bush, one of President George W. Bush’s brothers. This Bush family company was a joint venture with the ruling Al Sabah family of Kuwait. Barbara Bush has admitted that her son Marvin was in Manhattan at the World Trade Center when the buildings were taken down as if to supervise. A nephew of Barbara Bush, James Pierce, apparently was tipped off and vacated his office in the World Trade Center shortly before the very location of his office was hit and blown up in a huge explosion during one of the attacks. On Terror Tuesday, 9-11-1, bombs exploded in the World Trade Center and demolished the twin towers, killing over two thousand Americans. This was originally explained by Albert Turi, the New York Fire Department Security Chief, and numerous bomb experts, confirmed by dozens of eyewitnesses of the explosions, the seismic measurements of the explosions, the original version of the mainstream TV videos (meticulously documented by Henrik Melvang, Denmark), the huge explosion blasts that rocked at least one helicopter and blew-up otherwise inexplicably huge dust clouds, etc. The bombs were apparently placed in the World Trade Center under the responsibility of a security company entitled ”Securacom” that was controlled by the Bush family. _______________ References: http://www.nynewsday.com/news/local/manhattan/wtc/ny- III. THE CHINA AND TECHNOLOGY CONNECTION: NAMES: Leon Fuerth, Maurice Hank Greenberg, Henry Kissinger, Janet Reno, William Jefferson Clinton THEORY: AIG/Greenberg is the oldest and largest paying client of Henry Kissinger. The two are an apparent Rockefeller family connection with closest ties to the Bush-Clinton crime syndicate and the terror of 9-11. The Philippine money laundering connection to the Paul Martin shipping company in Canada for 9-11 is also apparently under the roof of the AIG/ex-BCCI money laundering empire since Maurice ”Hank” Greenberg, the boss of AIG, is the personal owner of the Philippine financial system through his insurance business machine. Since the middle of the 1980s, the Bush-CIA shadow government has been misusing the top secret U.S. military technology for treasonous purposes. This includes, in particular, suppressing this technology for the civilian public because this technology already today has made the murderously corrupt oil & gas industry technologically obsolete. – Cui bono (who benefits)?? The top military hightech secrets were sold to China; and weapons systems were supplied through China to Daddy Bush’s business partner Saddam Hussein. Bill Clinton was a Bush drug stooge from Mena, Arkansas days and married Bush’s lawyer Hillary Rodenhurst Clinton. (Like her husband, she is posing under a false name.) In 1992, Bush and his cronies had Clinton appointed in the Bilderberger meeting as the new U.S. president. Clinton was sworn in to the inner circle of the Bush Crime Syndicate as a new partner. Daddy Bush had announced the ”New World Order” (NWO). His new junior partner Bill Clinton was to be the Messiah of crime. Thus, the Clinton years became years of domestic terrorism: the FBI orchestrated, and a CIA dope front paid, Arab fundamentalists to bomb the World Trade Center in February 1993 as a fitting inauguration gift to the Clintons. There followed the Waco massacre, the mini-nuking of the Alfred-P.-Murrah federal courthouse in Oklahoma city (covered up by fraudulent government investigating and reporting), the missile shoot-down of flight TWA800 (again covered up), the shooting-down of several other planes, the faking of a Libyan participation in the Lockerbie trial for PanAm103 (the Iranian perpetrators went scott free); Clinton refused when Sudan wanted to extradite Osama bin Laden; the FBI was hogtied, blindfolded and gagged to stand-by helplessly during the huge campaign financing crimes and murderous money laundering in total apathy. At the end of his term, Clinton and his locusts had embezzled over $1 trillion from the Pentagon alone and consolidated the global Bush-CIA dope monopoly. Clinton’s parting shot, apart from demolishing the interiors of the White House and stealing assets, was to pardon money launderer and co-thief Marc Rich. The incumbent, George W. Bush, was quick to announce that he would stop all criminal prosecution against his predecessor Bill Clinton. Once the smoke clears it may well be that the most devastating legacy of the Clinton years is the destruction of the Democratic party, the sell-out of the Panama Canal and secret nuclear technology to China, and the planning of 9-11 by the same clique of gangsters since the middle 1990s. 9-11 was a crime of high organization, high intelligence and high technology such as requires the resources of a large and powerful state to implement. This is a key element of the NWO, namely global enslavement through misusing the powers and hightech of existing nation states, thus the perversion of nation-states into slave bins in the interest of a global aristocracy. The ultra-secret hightech that I just mentioned is post-nuclear but goes back to Nazi German science of the second world war. It includes genetics, stealth and radar, and as a result of the cold war scalar energy technology. It is thousands of times more powerful, and also much more subtle and deceptive, than nuclear technology. It is a type of cold fusion with exotic, seemingly almost magical results such as remote explosions and so-called ”tulpoids” or holographic virtual objects. This scalar technology has been described at length by a retired Pentagon analyst, Col. Thomas E. Bearden at his web site. I have described in my book and articles how President Clinton used an advisor of Al Gore, Leon S. Fuerth, a highly intelligent and technocratic individual, for his policy of controlling the intelligence agencies and for subverting the U.S. hightech. Clinton signed an Order saying that intelligence must be gathered selectively according to further instructions and limitations. Clinton signed several Memos implementing key technology committees where Leon Fuerth came in a position, through his seat on the Principals Committee, to learn all the secrets of the hightech and to control the security of the classified U.S. research labs. Under Fuerth’s careful supervision, a so-called Chinese spy obtained top U.S. nuclear military secrets. Leon Fuerth and Sandy Berger covered this up for over a year until the press got wind of it and the nuclear espionage scandal became the top treason news of the 1990s. The financial contacts with China, Iraq, Libya etc. for the payoff were handled by the alleged successor organization of BCCI, AIG insurance group under Maurice ”Hank” Greenberg. Greenberg is a Jewish right-winger and strong supporter of the ADL. His business success is built on very close contacts to the intelligence community, building China’s insurance industry and, allegedly, large-scale global money laundering. Subsidiaries of his empire on the British channel islands, in Greenwich, Connecticut, on the Carribean islands and the Philippines juggled this money. A key AIG operative of this was Andrew Gitlin of Stamford, Connecticut. Unbeknownst to me, he infiltrated my internet company for Gallerize.com when I and my former partner Armenis wanted to publish details of the Libya, Iraq, China and Philippines money connections of Leon Fuerth, Clinton and AIG. Gitlin was apparently close to the Silverstein family because he brought with him as another small shareholder and friend – a son of Larry Silverstein. A joint friend of theirs was John Stevens of Connecticut, a friend of Armenis and the son or grandson of a former head of the RNP. This connection was in Stamford/Greenwich, Connecticut, the same area where Daddy Bush grew up. I call this the domestic Connecticut terror cell behind 9- 11 and with ties to the Enron scandal. Technically, the most complicated part of Operation 9-11 was the look-like ”plane” that hit WTC2 (south tower) on 9-11-1 at 9:03 a.m. Based on a general assessment, German and French intelligence sources estimate that the preparation time for 9-11 was several years. The U.S. government, from its perspective, places the start of the terror operation around 1995. The Uday Hussein letter to Vladimir Putin from June 9th, 2000 already is based on a far advanced planning; the very attack day was already known. The logical suspicion for the 9-11 mastermind is the same who enabled the Chinese nuclear espionage, Leon S. Fuerth. Only he would have had the intelligence, contacts and perfidious criminality - such as doing it behind the back of his boss Al Gore - to pull such an operation together. There is no other feasible choice in the entire Clinton personnel. The whatever struck south tower was not a hijacked Boeing 767-222. Only exotic weapons systems can glide through steel columns without colliding with them. This strange ghost-like behavior is known only from hologram missiles where the outer covering is a deceptive layer of light to hide a cruise missile riding inside. Fuerth had the U.S. military develop such weapons since 1997 in ”Project Ghost Gun”, based on older exotic scalar and holographic hightech. There is no other known weapons system, however exotic, that could behave like the plane at south tower did on 9-11-1. Therefore I conclude that Leon Fuerth was behind masterminding the 9-11 terror attacks, a treacherous yet ingenious stooge professor for the Bush-Clinton crime syndicate. _______________ References: http://www.cloakanddagger.ca/media/Grossmann/ IV. THE FALSE JEW CONNECTION: NAMES: Leon Fuerth, Andrew Gitlin, Larry Silverstein, Maurice Hank Greenberg, Henry Kissinger, Rahm Emanuel, Ariel Sharon THEORY: People like Fuerth, Emanuel (U.S. Mossad chief in the Clinton era and White House Rasputin), Kissinger, Gitlin, Greenberg, Silverstein, Sharon are reputedly leaders of a homosexual satanic underground (at least its relatively small Jewish division, overshadowed by its much larger non-Jewish division). They are false Jews. From their midst allegedly came the impulse to assassinate the Israeli Prime Minister and peace dove Yitzhak Rabin, the impulse to provoke the still ongoing Second Intifada in Palestine in fall 2000, and the re-emergence of the known serial murderer and terrorist Ariel Sharon. Sharon was elected Prime Minister of Israel on February 6, 2001 in a special election. This grouping sent several prominent members into the informal committee(s) that perpetrated 9-11 on America. There are multiple links to the second-generation Meyer Lansky crime syndicate. A note of clarification: I am NOT saying ”it was the Jews”, and do not quote me thus. _______________ References: Background material is in my downloadable e-book ”T MINUS 9-11, An Insiders’ Attack On America” for sale at www.gallerize.com. http://www.larouchepub.com/other/2001/2833mega_spy.html V. THE ENRON CONNECTION: NAMES: Marc Rich, William Jefferson Clinton, Frank Wisner, George W. Bush, Arthur Andersen, CIA black accounts, Carlyle Group THEORY: Decades-long theft of tax monies in the trillions of U.S. dollars has left U.S. public finances dangerously hollowed out and ready to collapse in the next storm. The Enron scandal was ready to break out in summer 2001 with potentially devastating consequences for the entire nation and possibly the world financial system. The scandal personnel largely overlaps with the key 9-11 group, such as AIG Director Frank Wisner, son of a CIA founder, ambassador and Clinton drug coordinator in India and an Enron Director. This was merely another Bush-Clinton syndicate operation with close ties to 9-11. _______________ References:
www.skolnicksreport.com VI. SUMMARY: Today, Al Gore, the true U.S. President, comes clear of any culpability for 9-11. All the evidence that has surfaced since 9-11-1 points away from Gore and to the Bush family and its Clinton branch of renegade and corrupt Democrats. These are forces clearly separate from Al Gore since they are, essentially, the same forces that prevented Gore’s inauguration as the duly elected President of the U.S.A. The members of the networked subgroups of the Bush and Clinton families are suspect of the capital crime of treason. There are top- level John Doe co-conspirators estimated at 600 to 700, further several thousand lower-level case-to-case co-conspirators spread over the industrialized world with a main focus on North America. An especially prominent role is played by the current Israeli government under the murderous butcher of Sabra and Shatilla, Ariel Sharon. The cause of the terror attacks on September 11, 2001 is a cancerous conspiracy inside the Republican and Democratic parties, the U.S. government, military and intelligence linked with a mirror conspiracy inside the Israeli government, military and intelligence. Key elements - by no means all elements - of this conspiracy were outlined above as the ”Florida Connection”, the ”Building Security Connection”, the ”China and Technology Connection”, the ”False Jew Connection” and the ”Enron Connection”. The materials even outlining this conspiracy are so large that they will fill a large book. The closest approximation available is my book ”T MINUS 9-11” referenced above (www.gallerize.com). The bin Laden family, while having close business ties to the Bush family and Carlyle Group, is no principal of the terror of 9-11. Osama bin Laden and al Qaeda were CIA patsies at best. In summary, the foregoing financial information tells us that the true controllers of building 7 behind Larry Silverstein were CIA-affiliated politico-financiers. In July 2001, they were joined by Bank of America with a $383 million mortgaged bond. The mortgages depended on Silverstein’s ability to serve the mortgage payments from the rental income of building 7. His decision on 9- 11-1 to let the fire chief "pull it” would have been suicidal unless Silverstein had assurances to his satisfaction as a seasoned real estate investor that the intentional and unnecessary demolition of his building 7 would not jeopardize his credit and mortgage. Such assurances can only be assumed if Silverstein had foreknowledge that the government would be reporting the collapse of building 7 as an accident attributable (falsely) to hot raging fire infernos (same false government allegation as for the Twin Towers, see other sections of this report). Furthermore, such assurances can only be assumed if Silverstein had reasonable foreknowledge that the litigation against the insurances is politically fixed by the CIA to ensure that the truth behind the treasonous mass murder of 9-11 is forever covered up. These assurances were given him by the controllers of his mortgages, in essence by certain secretive false-Jew (Hofjuden) wall street financiers such as Maurice R. Greenberg, Henry Kissinger and their murder gang. These are the terrorist principals of 9-11-1 "above the President." b) Silverstein’s Summer 2001 Lease Deal for the Entire WTC The gigantic lease deal that Silverstein signed with the New York Port Authority in summer of 2001 just weeks before 9-11-1 is hinged on the same assumptions of foreknowledge and control of 9-11-1 by Silverstein’s political financiers. See details about the lease, http://www.whatreallyhappened.com/silverstein.html (source of following information): Source URL on September 21, 2004: http://www.whatreallyhappened.com/silverstein.html WTC Owner May Make a Huge Profit off of 9/11 Attacks Deal of the Year: World Trade Center, New York, NY "Weighing in at $3.2 billion, the acquisition of the 99-year leasehold of the World Trade Center was the largest of the year. Notwithstanding the emotional difficulty of celebrating anything related to the World Trade Center is the fact that upon completion of its acquisition by Larry Silverstein, it was clearly the deal of the year for the industry, and now more than ever, a deal of [a] lifetime for Silverstein," said Ken Zakin, managing director at Insignia/ESG.’ Six months before the attacks on the World Trade Center, the World Trade Center was "privatized“ by being leased to a private sector developer. The lease was purchased by the Silverstein Group for $3.2 billion. But the World Trade Towers were not the real estate plum Silverstein Group might have been led to believe. The towers required some $200 million in renovations and improvements, most of which related to removal and replacement of building materials declared to be health hazards in the years since the towers were built. Other New York developers had been driven into bankruptcy by the costly mandated renovations, and $200 million represented an entire year’s worth of revenues from the World Trade Towers. The attacks on 9/11 changed the picture. Instead of renovation, Silverstein is rebuilding, funded by the insurance coverage on the property which "fortuitously" covered acts of terrorism. Even better, Silverstein filed TWO insurance claims for the maximum amount of the policy, based on the two, in Silverstein’s view, separate attacks. The total potential payout is $7.1 billion, more than enough to build a fabulous new complex and leave a hefty profit for the Silverstein Group, including Larry Silverstein himself. As reported in The Washington Post, the insurance company, Swiss Re, has gone to court to argue that the 9/11 disaster was only one attack, not two and that therefore the insurance payout should be limited to $3.55 billion, still enough to rebuild the complex. The destruction of the World Trade Towers may make Silverstein one of the wealthiest men alive. Israeli magnate insured WTC retail space against terrorism An Israeli businessman from Australia, Frank Lowy, had recently acquired the 99-year lease for the 425,000 square foot retail portion of World Trade Center before the WTC attacks of Sept. 11, reported The Jerusalem Post on Sept. 12. Lowy is chairman and founder of Westfield Holdings, and the manager of Westfield America Trust, which has a 57 percent stake in Westfield America Inc. In April 2001, Westfield America agreed to pay $400 million for the lease on the complex though only $133 million was paid; the rest was to be made in ground lease payments. Westfield was insured against terrorist attacks and its earnings will not be materially affected. In a statement to the Australian Stock Exchange the retail chain said that "Investment in the retail component of the World Trade Center is fully insured for both capital and loss of income,“ adding "the insurance coverage includes acts of terrorism." See also: Westfield, Silverstein and the WTC Golden Goose -- Foreign Currency Traders Profit From WTC Collapse -- The 9/11 WTC Collapses: An Audio-Video Analysis 9/11 - An Inside Job? Source URL for the following information: http://www.prwatch.org/forum/showpost.php?p=10386&postcount=1 Strange lease agreements of WTC prior to 911 The below language was taken form another blog, whose link is below. The article suggests a prior knowledge of the 911 attacks as evidenced by a series of real estate transactions involving the World Trade Center. Some of the players implicated are: Peter G. Petersen, Chair of both the Fed Reserve Bank of New York and the Council on Foreign Relations; Steven Schwartzman, Council on Foreign Relations; Henry Kissinger, former Sec. of State. There is a civil RICO lawsuit filed against George W. Bush et al., by Ellen Mariani pending based on the below events. On October 17, 2000, eleven months before 9/11, Blackstone Real Estate Advisors, of The Blackstone Group, L.P, purchased, from Teachers Insurance and Annuity Association, the participating mortgage secured by World Trade Center, Building 7. 1 April 26, 2001 the Port Authority leased the WTC for 99 years to Silverstein Properties and Westfield America Inc. The transaction was authorized by Port Authority Chairman Lewis M. Eisenberg. This transfer from the New York and New Jersey Port Authority was tantamount to the privatization of the WTC Complex. The official press release described it as "the richest real estate prize in New York City history." The retail space underneath the complex was leased to Westfield America Inc.2 On 24 July 2001, 6 weeks prior to 9/11, Silverstein took control of the lease of the WTC following the Port Authority decision on April 26. Silverstein and Frank Lowy, CEO of Westefield Inc. took control of the 10.6 million-square-foot WTC complex. "Lowy leased the shopping concourse called the Mall at the WTC, which comprised about 427,000 square feet of retail space.“3 Explicitly included in the agreement was that Silverstein and Westfield "were given the right to rebuild the structures if they were destroyed." 4 In this transaction, Silverstein signed a rental contract for the WTC over 99 years amounting to 3.2 billion dollars in installments to be made to the Port Authority: 800 million covered fees including a down payment of the order of 100 million dollars. Of this amount, Silverstein put in 14 million dollars of his own money. The annual payment on the lease was of the order of 115 million dollars.5 In the wake of the WTC attacks, Silverstein is suing for some $7.1 billion in insurance money, double the amount of the value of the 99 year lease.6 Silverstein Properties Inc. is a Manhattan-based real estate development and investment firm that owns, manages, and has developed more than 20 million square feet of office, residential and retail space. Westfield America, Inc. is controlled by the Australian based Lowy family with major interests in shopping centres. The CEO of Westfield is Australian businessman Frank Lowy. The Blackstone Group, a private investment bank with offices in New York and London, was founded in 1985 by its Chairman, Peter G. Peterson, and its President and CEO, Stephen A. Schwarzman. In addition to its Real Estate activities, the Blackstone Group’s core businesses include Mergers and Acquisitions Advisory, Restructuring and Reorganization Advisory, Private Equity Investing, Private Mezzanine Investing, and Liquid Alternative Asset Investing.7 Blackstone chairman Peter G. Petersen is also Chairman of the Federal Reserve Bank of New York and Chairman of the board of the Council on Foreign Relations (CFR). His partner Stephen A. Schwarzman is also a member of the Council on Foreign Relations (CFR). Peter G. Petersen is also named in widow Ellen Mariani’s widow civil RICO suit filed against George W. Bush, et al. Kissinger McLarty Associates, which is Henry Kissinger’s consulting firm has a "strategic alliance“ with the Blackstone Group "which is designed to help provide financial advisory services to corporations seeking high-level strategic advice." (http://www.blackstone.com/) . http://www.talkaboutgovernment.com/group/alt.politics.youth/messages/15925.html * * * For details on the insurance claims pertaining to the WTC, see Centre for Research on Globalization, The WTC Towers Collapse: an Enormous Insurance Scam (selected articles), http://www.globalresearch.ca/articles/WTC312A.html 19 December 2003 _______________ Notes: 1 Business Wire,
17 October 2000 c) Silverstein’s Multi-Billion Dollar Insurance Claims Source for the following information: WSJ.com (Real Estate Journal) Silverstein Jury’s Decision Favors the Insurers By DEAN STARKMAN
and ALEX FRANGOS From The Wall Street Journal Online April 29, 2004 -- NEW YORK -- It’s time for Plan B at Ground Zero. Larry Silverstein, the real-estate developer who holds the lease on the World Trade Center, lost a major chunk of his legal bid to double the $3.55 billion face value of the insurance coverage for the twin towers. That has thrown the rebuilding process into confusion and signals the possible end of Mr. Silverstein’s role as lead developer of the highly symbolic site. In U.S. District Court in Manhattan yesterday, the jury delivered an incomplete and split decision, but one that heavily favored the insurers. The panel found that eight of the 12 insurance companies -- constituting more than $1 billion of coverage -- were governed by an insurance form that defines the attacks on the World Trade Center as a single event, or "occurrence.“ And that means a single payout. Mr. Silverstein had argued that all the insurers committed to forms under which the attacks of Sept. 11, 2001, would be regarded as two occurrences that entitled him to a double payment. But the jury decided in Mr. Silverstein’s favor for just three of the insurers, representing only a sliver of the total policy amount, about $176 million. The 11-member panel was unable to reach a verdict on the status of the single largest insurer, Swiss Reinsurance Co., and will continue to deliberate on that portion of the case Monday. In a note to the judge yesterday, the jury wrote, "We have focused our efforts on this one insurer for the majority of the last five days with great diligence, and in spite of our best efforts have not been able to reach a unanimous decision.“ Swiss Re’s share of the policy is $877.5 million. Judge Michael B. Mukasey said he would accept a partial verdict and sent the panel back to deliberate on Swiss Re. Juror No. 12, Tonya Powers, 32 years old, was dismissed from the trial following yesterday’s partial decision. She requested to leave for personal reasons, and both sides agreed to the dismissal. Whatever the final outcome of the case, yesterday’s verdict leaves the 72-year-old Mr. Silverstein far short of the more than $9 billion he would need to rebuild the World Trade Center complex based on a plan chosen in a high-profile international competition. Separate from this case, Mr. Silverstein still could achieve a double payment from a group of insurers representing close to $1 billion in coverage. That will be determined in a subsequent trial. Despite the unresolved nature of yesterday’s decision, officials at the Port Authority of New York and New Jersey, which owns the 16- acre site, have already decided to try to remove Mr. Silverstein from his position of primacy as the Trade Center’s developer, according to people familiar with the situation. The Port Authority, which retained broad centers under the 99-year office leases sold to Mr. Silverstein and his investor group in July 2001, is considering allowing him to keep, at most, his spot as developer of the iconic Freedom Tower, a 1,776-foot tower scheduled to start construction later this summer, the people said. Mr. Silverstein could even be forced to share his role -- and his potential profits -- in the Freedom Tower. The Port Authority plans to initiate discussions with Mr. Silverstein about his status within days of the final verdict, these people said. Jacques DuBois, head of Swiss Re’s U.S. unit, declined to comment. Lawyers for the victorious insurers said they were pleased. "We are obviously gratified," said Ken Erickson, a lawyer for a group of London insurers that represented $680 million of the coverage. "From a financial perspective, I don’t think we’re looking at a major impact on the U.S. insurance industry,“ said Robert Hartwig, chief economist for the Insurance Information Institute, an industry trade group. "We’ll have to see how the Swiss Re part plays out.“ Howard Rubenstein, a spokesman for Mr. Silverstein, said: "This is a partial verdict. We are awaiting the decision with respect to Swiss Re, the largest insurer in the World Trade Center coverage. We will have no further comment while the jury continues to deliberate.“ A spokesman for the Port Authority declined to comment, citing the incomplete nature of the decision. Thus far, Ground Zero planning has been driven by Mr. Silverstein’s lease with the Port Authority, which requires him to "restore“ 10 million square feet of office space and make lease payments of $120 million a year. The office space was to come in the form of five skyscrapers that Mr. Silverstein promised to complete for the site by 2013. The buildings, plus related infrastructure are estimated to cost more than $9 billion. Of the total potential insurance payout, $1.3 billion has already been spent on lawyers fees, financing buyouts, and Mr. Silverstein’s fees and the return of his equity. The partial verdict leaves enough at least to build the 2.2-million-square-foot Freedom Tower. One scenario would have the Port Authority renegotiate its lease with Mr. Silverstein to allow him to retain control of the Freedom Tower and take back the centers to the rest of the site. Designed to help fill the gap in New York’s skyline created when the twin towers fell, the tower has a projected cost of $1.5 billion. But with Mr. Silverstein now almost certainly unable to fulfill the terms of his lease, the requirement for so much office space disappears. The Port Authority, which has already bought back the retail and hotel centers to the site, will now consider taking back office centers, as well, people familiar with the situation said. Undecided so far is whether to hire a single master developer or separate companies to develop individual sites. What is clear is that the Port Authority has been quietly planning for a post-Silverstein Ground Zero for months and will now consider a mix of uses for the site, potentially making way for apartments, hotels and more retail outlets. So the jury’s finding in part moves those plans along, with profound implications for Lower Manhattan, driving the area’s transformation away from its storied past as a major financial center. The Port Authority has already begun making plans for replacing the income stream, say people familiar with the situation. A less-dense, mixed-use project could be built within the site plan chosen last year of Studio Daniel Libeskind and without tampering with the memorial designed by Michael Arad and Peter Walker, the people said. With Mr. Silverstein’s position at Ground Zero weakened, the spotlight also shifts to the Port Authority’s political patrons, New York’s Gov. George E. Pataki and New Jersey’s Gov. James E. McGreevey, who jointly control the agency’s board. Gov. Pataki, in particular, has tethered his political reputation to progress at Ground Zero, repeatedly promising that construction on the Freedom Tower would be under way by late this summer, around the time of the Republican National Convention in New York in September. --Staff reporters Ryan Chittum and Theodore J. Francis and Janet Morrissey of Dow Jones Newswires contributed to this article. Summary: It’s history’s largest insurance scam, with the CIA, Wall Street insiders and circles in the Bush administration including the Bush family involved.
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