Page 17 from the book
WAKING UP FROM OUR NIGHTMARE
THE 9/11/01 CRIMES IN NEW YORK CITY
by Don Paul and Jim Hoffman

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the profitable collapses
Standing just north of the WTC complex, Building 7 was one of the larger buildings in Manhattan.

A question arises from the obvious demolition of WTC 7: Why destroy such a valuable piece of real estate?

We know that WTC7's developer and lease-holder, Silverstein Properties, and WTC7's mortgage-holders, the Blackstone Group, Banc of America Securities, and General Motors Acceptance Corporation, received a Court-awarded amount of $861 million dollars from Industrial Risk Insurers in February 2002. We know that about $386 million had been invested in WTC7 before its destruction. The Court-award meant that Silverstein Properties and the mortgage-holders would share in about $475 million of profit. [8]

Silverstein Properties is headed by Larry Silverstein, a large contributor to Democrat and Republican office-holders. Silverstein Properties became the primary owner of the WTC Twin Towers less than two months before 9/11/01 (Westfield Malls was Silverstein Properties' minority-partner). Buying from the New York Port Authority, Silverstein Properties invested only $15 million toward a total purchase-price of $3.2 billion for a 99-year lease on holdings worth an estimated $8 billion. The low-rise office buildings WTC 4, 5, and 6, and 400,000 square feet of retail space were included with the Twin Towers in this deal. Silverstein Properties immediately took out extensive insurance policies on its new holdings.

One clause in Silverstein Properties' insurance policies for the new WTC holdings soon proved instrumental. Quoting the British Financial Times of September 14, 2001, the American Reporter wrote that ‘ the lease has an all-important escape clause: If the buildings are struck by “an act of terrorism”, the new owners' obligations under the lease are void. As a result, the new owners are not required to make any payments under their lease, but they will be able to collect on the loss of the buildings that collapsed or were otherwise destroyed and damaged in the attacks. ’ [9] Silverstein Properties is still contesting the amount of pay-out due for destruction of the Twin Towers—$3.55 billion for one ‘occurrence’ or $7.1 billion for two ‘occurrences’. The “terrorism” clause in his lease has given Larry Silverstein leverage in negotiating his new deal for the site. [10]

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(c) Don Paul and Jim Hoffman