"Lucky" Larry Silverstein

This is Larry Silverstein.  In 2001 he won the lease for the World Trade Center Complex.  Note: He has not, nor ever OWNED the complex.  The New York Port Authority does.  Conspiracy theorists often target him as someone who profited greatly from the terrorist attacks.  Personally, I think many truthers think that because he is of Jewish decent.

Now, I already addressed "pull it" in the World Trade Center 7 post, so I will not be addressing it here.

LUCKY LARRY MADE BANK WHEN THOSE BUILDINGS FELL

Outside of "pull it", the most popular/common conspiracy theory against Silverstein is that he took out a terrorism insurance policy on the Twin Towers, and went to court to get double that, as his argument was that each plane crash was a separate terrorist attack.  His initial policy was for 3.5 billion dollars, and he tried to get 7.1 billion.  According to truthers, he won his court case.

Again, as Lee Corso would say "NOT SO FAST MY FRIEND!"

First, let's look at the insurance itself.  Being that it was the WTC, and in 1993 the towers were bombed, of course he would take out a policy on terrorism.  But wait, he didn't willingly just do it, terrorism insurance is included in his regular insurance package for the complex.  He did, however, choose a cheaper plan. In court papers from the case of him trying to get more money from the companies, he initially tried to get a 1.5 billion dollar policy.  His lenders refused, and he ultimately went with a 3.5 billion dollar policy.

According to an article from 2008, where he was trying to sue United and American Airlines for over 12 billion dollars in damages (he lost that case), he was awarded 4.6 billion dollars from the insurance companies, or 1.1 billion more than the initial policy.  I wouldn't exactly call it winning when he got 2.5 billion dollars less than what he wanted.  So let's do some simple arithmetic on the costs of rebuilding for "lucky" Larry.

First, let's just put this out there.  In 2003 the estimates to rebuild the entire complex was at 10 billion.  Per an NYT article on the subject, that could very well rise in time too.  Already not looking good for truthers and this theory.  Then there is his lease payments.  He has to pay 120 million dollars a year to retain the rights for building improvements on the site, or if it were do happen (which unfortunately it did), a rebuild of the complex.  They still haven't finished the rebuild mind you, after 14 years.  2WTC is currently delayed.  So 120 multiplied by 14 is 1.68 billion dollars.  That leaves 2.92 billion dollars of the insurance policy he was awarded.

World Trade Center Seven cost 700 million to rebuild.  Leaving 2.22 billion dollars left. World Trade Center Four also cost 700 million dollars. That insurance payout is now down to 1.52 billion dollars.  World Trade Center Three is going to cost 2.75 billion dollars (still currently under construction).  And :POOF: all of that insurance money is gone, Larry is in the red out of his own pocket by 1.23 billion dollars.

And we didn't even get to the main event: World Trade Center One, commonly referred to as the Freedom Tower. Per the Wall Street Journal in January 2012, the cost of building 1WTC is 3.9 billion dollars.  This would make the lucky one's out of pocket cost increase to 5.13 billion dollars.

Sure, he's filfthy rich.  However, his net worth is only 3.5 billion dollars.  So what happens from here?

Here's what: Silverstein lost the rights to 1WTC, the choice of tenants that would rent space there, and any money that would be made from it.  The rights to it have gone back to the New York Port Authority.

So not only did rebuilding cost more than what Larry got from his court battles (and we don't even know how much he paid in legal fees for his attorneys, this battle lasted years), he lost the rights to the focal point of the new Manhattan skyline.  AND he still is trying to get 2WTC rebuilt (he still has the rights to that, and it will cost similar to 1WTC), which is currently on hold.  Why?  Probably because he cannot produce the funding to get it done right now.

So not only did Larry Silverstein not have enough money to cover all the costs of rebuilding the site, he lost the rights to the now most iconic building in lower Manhattan.  What a lucky guy he is.

SAUCES? SAUCES:

Larry's net worth: http://www.celebritynetworth.com/richest-businessmen/richest-billionaires/larry-silverstein-net-worth/

1WTC cost: http://www.wsj.com/articles/SB10001424052970203920204577191371172049652

Larry losing case against airliners and NYPA developing 1WTC: http://www.wsj.com/articles/SB10001424127887323993804578614292502152144

Estimated cost to rebuild the entire WTC complex: http://www.nytimes.com/2003/05/16/nyregion/official-puts-cost-rebuilding-world-trade-center-site-10-billion-but-that-could.html

Larry trying to cheap out on his insurance policy: http://www.forbes.com/2003/09/11/cx_da_0911silverstein.html

HE WAS SUPPOSED TO BE THERE, BUT THAT DAY HE WASN'T

Truthers also go after Larry Silverstein for not being at the Twin Towers the morning of the attacks.  They state he usually has breakfast with tenants at the Windows on the World, which was on the 107th floor of the North Tower (1WTC).  Where oh where could he possibly be on that day of all days?!

According to the man himself, he was at a dermatologists appointment with his wife.  He was 70 at the time of the attacks, so it is pretty plausible that this was in fact the case.  But of course, truthers say he was lying with that and he had some sort of advanced knowledge it was going to happen.  But hey, these are the same people that think he admitted to blowing a building up on national television, soooo....

And another knock on the foreknowledge theory, is that you would think the head of the New York Port Authority would have the same advanced knowledge.  So either the whole theory is a crock, or Neil D. Levin missed the memo, because he died in the North Tower.  Where was he?  Windows on the World.

BONUS: Israeli company ZIM Shipping moved out of the WTC complex abruptly, breaking their lease, just two weeks before the attacks.

Ah, another "The j00s did it" theory.  First of all, they didn't break their lease.  It expired on September 1.  But the fact still remains, they left 10 days prior.

Not all of them, apparently.  About 10 employees of ZIM were in the North Tower finishing up their move out when AA11 hit the North Tower.  Not exactly what you would expect from an Israeli company that's supposedly knowing what is going to happen and keep their employees in there.

And what floor were they on? Oh.  The 29th floor.  They were easily able to get out regardless.  And yes, their property was destroyed in the collapse of the North Tower.  It actually still had their shipping tracking equpiment/computers in there, and when that was lost, they were shut down for a short period of time, which, like Larry, means they lost money in the attacks.

And according to then Virginia governor Jim Gilmore, ZIM made the announcement they were leaving the WTC for Virginia back in April.  So it isn't like they just "up and left suddenly".  Also of note, they were apparently one of the last steamship companies with their headquarters still in Manhattan.  They ultimately left the WTC to save on costs, and moved to Virginia, which is where most of their ships stop at Virginia since 1985, so the most makes logical and financial sense for them.

Sources:

List of tenants of the North Tower: https://en.wikipedia.org/wiki/List_of_tenants_in_One_World_Trade_Center

Information on the Zim move:  http://s3.amazonaws.com/911timeline/2001/journalofcommerce101801.html