Friday, November 16, 2012

9/11 ???

The owners of the demolished World Trade Center in lower Manhattan acquired the buildings just two months ago under a 99-year lease allowing them to walk away from their investment in the event of "an act of terrorism." The owners, Silverstein Properties and Westfield America - a shopping mall specialist - purchased the buildings from the Port Authority of New York and New Jersey for $3.2bn in July and completed the financing just two weeks ago ... It is understood that the buildings are insured for more than $3bn, enough to cover rebuilding costs.
(The Financial Times Limited, September 14, 2001)

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