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Originally Posted by mikey_the_redneck
What has been re-built? Those towers were out dated, and were required by law to do more than 1 billion dollars worth of asbestos removal.
Like I said, I only found it suspicious that he added terrorism insurance just prior to the attacks.
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Yeah but those facts are incorrect as well. Silverstein did not own the Twin towers in fact he didn't even begin leasing them until a few months before they were destroyed. Thus that's when he bought the insurance policy and get this:
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In its court papers, Swiss Re shows how Silverstein first tried to buy just $1.5 billion in property damage and business-interruption coverage. When his lenders objected, he discussed buying a $5 billion policy. Ultimately, he settled on the $3.5 billion figure, which was less than the likely cost of rebuilding. His lenders, led by GMAC, a unit of General Motors (nyse: GM - news - people ), which financed nearly the entire cost of the lease, agreed.
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http://www.forbes.com/2003/09/11/cx_...lverstein.html
He tried to insure it for much less but his lenders disagreed with it. Also, they might have wanted terrorism insurance because it had been hit by terrorists before? Whoever had control before also probably had terrorism insurance as well.