In January 2001, Silverstein, via Silverstein Properties and Westfield America, made a $3.2 billion bid for the lease to the World Trade Center.
Silverstein's bid for the lease to the World Trade Center was accepted on July 24, 2001, seven weeks before the buildings were destroyed in the September 11, 2001 attacks.
The deal was described in a press release on July 24, 2001:
Silverstein was also given the right to rebuild the structures, should they be destroyed.
In total, Silverstein was awarded nearly $5 billion in insurance money following the destruction of the Twin Towers . He plans to use some or all of the settlement to rebuild. The World Trade Center had a total of 24 insurance policies.
In 2007, 6 years after the attacks, Silverstein and the Port Authority of New York and New Jersey filed a $1 billion lawsuit ($250 million in unpaid claims and $750 million in damages) against Royal & Sun Alliance Group Plc and its U.S. affiliate.
Silverstein had the legal right to rebuild office buildings including the Freedom Tower at the World Trade Center site
Ground was broken on the construction of the Freedom Tower on April 27, 2006. Lack of financing had prevented construction from commencing earlier.
After the September 11, 2001 terrorist attacks, the United States Congress approved $8 billion in tax-exempt Liberty Bonds to fund development in the private sector at lower-than-market interest rates.
In return, the Liberty Bond funds were allocated to Silverstein and government agencies will be anchor tenants in his three office towers. This allows construction to commence.
In March of 2007 Silverstein appeared at a rally of construction workers and public officials outside of an insurance industry conference to highlight what he describes as the failures of insurers Allianz & Royal and Sun Alliance to pay $800 million in claims related to the attacks.
IT SEEMS TO ME, YOU'RE A PRETTY LUCKY MAN!! $3.2 BILLION INVESTED, $5 BILLION IN RETURN. $250 MILLION OWED. $5,000,000,000 MINUS $250,000,000 = HMMMM?
NOT ENOUGH TO REBUILD YET? 6 YEARS LATER? PAID RIGHT AFTER ATTACKS. HMMM? WHY THE HOLE?!!!
SINCERELY,
PISSED OFF!!!
