The Silverstein-WTC Case

posted by ewing2001 on Wednesday October 29, @08:58PM

WTC Leaseholder Near Deal on Buyout Offer

Newsday -October 29, 2003

World Trade Center leaseholder Larry Silverstein and the Port Authority appear to be close to making a buyout offer to the mortgage company that loaned Silverstein the money to lease the complex, lawyers said yesterday.

GMAC Commercial Mortgage Corp., which loaned Silverstein $563 million in 2001, sued last month, charging that he was spending insurance proceeds without setting money aside for the investors.

Following a hearing yesterday in state Supreme Court in Manhattan, lawyer Herbert Wachtell, representing Silverstein, indicated that the buyout offer is expected to be worked out by tomorrow afternoon, when another court hearing is scheduled. If GMAC accepts the buyout offer, the lawsuit would be settled.

Sources close to the case indicated that the buyout amount - which will work out to slightly more than the original $563 million - will come from insurance proceeds, not public funds.

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Mrs. Thompson's (LMCC) meeting with Larry Silverstein on Sep11th

NY Times (Mirror 9/11Review) - September 11, 2002

...8:00
North Tower, 107th Floor, Windows on the World, 2 hours 28 minutes to collapse

"Good morning, Ms. Thompson."

Doris Eng's greeting was particularly sunny, like the day, as Liz Thompson arrived for breakfast atop the tallest building in the city, Ms. Thompson remembers thinking. Perhaps Ms. Eng had matched her mood to the glorious weather, the rich blue September sky that filled every window. Or perhaps it was the company.

Familiar faces occupied many of the tables in Wild Blue, the intimate aerie to Windows that Ms. Eng helped manage, according to two people who ate there that morning. As much as any one place, that single room captured the sweep of humanity who worked and played at the trade center.

Ms. Thompson, executive director of the Lower Manhattan Cultural Council, was eating with Geoffrey Wharton, an executive with Silverstein Properties, which had just leased the towers. At the next table sat Michael Nestor, the deputy inspector general of the Port Authority of New York and New Jersey, and one of his investigators, Richard Tierney.

At a third table were six stockbrokers, several of whom came every Tuesday. Ms. Eng had a treat for one of them, Emeric Harvey. The night before, one of the restaurant's managers, Jules Roinnel, gave Ms. Eng two impossibly-hard-to-get tickets to "The Producers." Mr. Roinnel says he asked Ms. Eng to give them to Mr. Harvey.

Sitting by himself at a window table overlooking the Statue of Liberty was a relative newcomer, Neil D. Levin, the executive director of the Port Authority. He had never joined them for breakfast before. But his secretary requested a table days earlier and now he sat waiting for a banker friend, said Mr. Levin's wife, Christy Ferer.

Every other minute or so, a waiter, Jan Maciejewski, swept through the room, refilling coffee cups and taking orders, Mr. Nestor recalls. Mr. Maciejewski was one of several restaurant workers on the 107th floor. Most of the 72 Windows employees were on the 106th floor, where Risk Waters Group was holding a conference on information technology.

Already 87 people had arrived, including top executives from Merrill Lynch and UBS Warburg, according to the conference sponsors. Many were enjoying coffee and sliced smoked salmon in the restaurant's ballroom. Some exhibitors were already tending to their booths, set up in the Horizon Suite just across the hallway.

A picture taken that morning showed two exhibitors, Peter Alderman and William Kelly, salesmen for Bloomberg L.P., chatting with a colleague beside a table filled with a multi-screened computer display. Stuart Lee and Garth Feeney, two vice presidents of Data Synapse, ran displays of their company's software.

Down in the lobby, 107 floors below, an assistant to Mr. Levin waited for his breakfast guest. But when the guest arrived, he and Mr. Levin's aide luckily boarded the wrong elevator, Ms. Ferer would learn, and so they had to return to the lobby to wait for another one.

Upstairs, Mr. Levin read his newspaper, Mr. Nestor recalled. He and Mr. Tierney were a little curious to see whom Mr. Levin, their boss, was meeting for breakfast. But Mr. Nestor had a meeting downstairs, so they headed for the elevators, stopping at Mr. Levin's table to say goodbye. Behind them came Ms. Thompson and Mr. Wharton. Mr. Nestor held the elevator, so they hopped in quickly, Ms. Thompson recalled.

Then the doors closed and the last people ever to leave Windows on the World began their descent. It was 8:44 a.m.

8:46 North Tower, 91st Floor, American Bureau of Shipping, 1 hour 42 minutes to collapse

The impact came at 8:46:26 a.m.

From Nerdcities' WTC-Analysis

911review.org/Nerdcities-Backup

"...On the 23rd July, 2001, just seven weeks prior to the World Trade Center disaster, the Port Authority of New York and New Jersey signed a deal with a consortium led by Larry Silverstein for a 99 year lease of the World Trade Center complex. The leased buildings included WTCs One, Two, Four, Five and 400,000 square feet of retail space. The Marriott Hotel (WTC 3), U.S. Customs building (WTC 6) and Silverstein's own 47-story office building (WTC 7) were already under lease. Silverstein is seeking $7.2 billion from insurers for the destruction of the center. One would estimate that the chances of the insurers paying out anything at all, are close to zero...".

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