Tag Archives: World Trade Center

New York judge blocks 9/11 insurance claims against airlines

A New York judge has decided that the World Trade Center owners cannot demand more insurance money for the Sept. 11 attacks.

Judge Alvin Hellerstein ruled Thursday after listening to witnesses for the owners of the trade center and airlines linked to the jets used in the attacks.
The trial was held to decide whether the owners of the trade center complex can collect more than the nearly $5 billion they’ve already received toward reconstruction.

Lawyers for the airlines argue the claims against them duplicate claims that insurance companies have already been paid the complex’s owners.

But developer Larry Silverstein and the trade center companies insist that aviation companies owe at least $3.5 billion for letting hijackers board planes that destroyed three skyscrapers.

The complex developers’ lawyers say they’ll appeal.

…read more

Source: FULL ARTICLE at Fox US News

NY judge blocks Sept. 11 claims against airlines

The owners of the World Trade Center cannot demand billions of dollars more in insurance money for the Sept. 11 attacks, a federal judge decided Thursday.

Judge Alvin Hellerstein ruled after listening to witnesses for the trade center owners and for the airlines linked to the planes that were hijacked in the attacks. The trial was arranged to decide whether the owners of the trade center complex can collect more than the nearly $5 billion they’ve already received toward reconstruction.

Lawyers for the airlines argued that the claims made against them duplicate claims that have already been paid by insurance companies.

But Developer Larry Silverstein and World Trade Center Properties insisted through their lawyers that the aviation companies owed at least $3.5 billion for letting hijackers board planes that destroyed three skyscrapers on Sept. 11, 2001: the prominent twin towers, and 7 World Trade Center, a 47-story building that caught fire after debris from one of the jet crashes pierced its facade. It collapsed hours later.

Hellerstein had said before the trial began Monday that he would announce his ruling at its conclusion. There was no jury.

Attorney Roger Podesta, speaking for companies including United Airlines Inc., US Airways Inc., American Airlines Inc. and its parent company, AMR Corp., had argued that making aviation companies pay would amount to double compensation.

He said an $8.5 billion total recovery would be more than 2 1/2 times the fair value of the buildings that fell.

But attorney Richard Williamson, representing World Trade Center Properties, said damages from the attacks had totaled at least $7.2 billion.

The trade center owners say it has cost more than $7 billion to replace the twin towers and more than $1 billion to replace the third trade center building that fell.

In court papers, both sides had accused the other of unfairly characterizing their claims.

The developers’ lawyers said they would appeal.

…read more

Source: FULL ARTICLE at Fox US News

World Trade Center owners seek billions from airlines

A federal judge began listening to testimony Monday that will help him decide whether the owners of the World Trade Center buildings destroyed in the Sept. 11 attacks can pursue billions of dollars in damages from aviation companies linked to the hijacked planes.

U.S. District Judge Alvin K. Hellerstein in Manhattan plans to announce his decision from the bench as soon as several witnesses conclude testifying in the trial expected to last about three days.

The buildings’ owners, World Trade Center Properties, have already received nearly $5 billion in insurance proceeds.

Lawyers for the owners argued during opening statements that the money they already have received does not preclude them from separately pursuing damages against aviation companies.

Attorney Roger Podesta, speaking for companies including United Airlines Inc., US Airways Inc., American Airlines Inc. and its parent company, AMR Corp., said the $3.5 billion being sought for destruction of the twin towers and a third skyscraper would amount to double compensation.

He said an $8.5 billion total recovery would be more than 2 1/2 times the fair value of the buildings that fell.

Attorney Richard Williamson, representing World Trade Center Properties, said accounting and construction experts had assessed damages of at least $7.2 billion from the Sept. 11, 2001 attacks.

“This did not just come out of a hat.” he said of the damage figures. “You can’t just say, ‘I have economic loss.'”

The trade center owners say it has cost more than $7 billion to replace the twin towers and more than $1 billion to replace the third trade center building that fell.

The trial’s first witness was Michael S. Beach, a claims expert hired by the aviation companies who spent hours explaining to the court how the loss was calculated.

In court papers, both sides have accused the other of unfairly characterizing their claims.

…read more

Source: FULL ARTICLE at Fox US News

Conn. man who lost wife, daughter on 9/11 dies

A Connecticut man who lost his wife and their 4-year-old daughter in the 9/11 terrorist attacks has died of cancer. David McCourt was 71.

Thomas L. Neilan & Sons Funeral Home in New London says McCourt died Thursday of metastatic melanoma.

McCourt’s wife, Ruth, and their daughter, Juliana, were aboard United Flight 175 from Boston to Los Angeles to meet a friend of Ruth’s at Disneyland. Their plane struck the south tower of the World Trade Center.

The friend was aboard the other plane that hit the north tower.

Ruth McCourt’s brother was working in one of the World Trade Center towers that day but escaped.

David McCourt helped found B.R.A.V.E. Juliana, a program of HELP USA, to teach nonviolence and conflict resolution to children.

He later retired to Florida.

…read more

Source: FULL ARTICLE at Fox US News

Judge to mull if airlines owe WTC owners over 9/11

A judge who has presided over most of the litigation stemming from the Sept. 11 attacks will decide whether the owners of the World Trade Center can try to make aviation companies pay billions of dollars in damages.

U.S. District Judge Alvin K. Hellerstein said he will announce his decision immediately after hearing several witnesses and listening to arguments in a nonjury trial starting Monday and expected to last three days.

The trial will decide whether World Trade Center Properties and its affiliates can receive more than the $4.9 billion in insurance proceeds they have already recovered since the 9/11 attacks by terrorists who hijacked commercial airliners and flew them into the 110-story twin towers. The attacks led to the destruction of the towers as well as a third trade center building.

If the judge should decide that the World Trade Center owners were entitled to additional money, a liability trial might occur. The defendants include American Airlines Inc., AMR Corp., United Airlines Inc., US Airways Inc., Colgan Air Inc., Boeing Co. and the Massachusetts Port Authority, among others.

The airlines and other aviation-related companies were sued with the reasoning that they were negligent, allowing terrorists to board airplanes and overtake their crews before plunging the planes into the trade center complex, destroying three buildings.

Hellerstein has already said the maximum the trade center owners could recover from aviation defendants would be $3.5 billion. The trade center owners say it has cost more than $7 billion to replace the twin towers and more than $1 billion to replace the third trade center building that fell.

In court papers, both sides have accused the other of unfairly characterizing their claims, with the aviation defendants saying the trade center owners were being “absurd” and the complex’s owners labeling some of the aviation defendants’ arguments as “nonsense.”

The aviation defendants say Hellerstein should conclude that the trade center owners are entitled to no award because they’ve already been reimbursed by insurance companies for the same damage they are trying to force aviation defendants to pay for as well. They also note that the replacement buildings are more modern and fancy than the original buildings.

Of the 7 World Trade Center building — the first to be rebuilt after the attacks — the lawyers wrote that the trade center owners “built a new, state of the art …read more

Source: FULL ARTICLE at Fox US News

One World Trade Center to have final pieces of spire installed

One World Trade Center already is New York‘s tallest building.

And when the last pieces of its spire rise to the roof — weather permitting — the 104-floor skyscraper that replaces the fallen twin towers will be just feet from becoming the highest in the Western Hemisphere.

The Port Authority of New York and New Jersey says the spire pieces plus a steel beacon will then be lifted at a later date from the rooftop to cap the building at 1,776 feet.

Installation of the 800-ton, 408-foot spire began in December, after 18 pieces were shipped from Canada and New Jersey.

The spire will serve as a world-class broadcast antenna.

With the beacon at its peak to ward off aircraft, the spire will provide public transmission services for television and radio broadcast channels that were destroyed on Sept. 11, 2001, along with the trade center towers.

Overlooking the Statue of Liberty and Ellis Island, the high-rise is scheduled to open for business in 2014.

The tower is at the northwest corner of the site, which is well on its way to reconstruction with the 72-story 4 World Trade Center and other buildings.

Monday’s celebration of the reconstructed trade center comes days after a grisly reminder of the terror attack that took nearly 3,000 lives: the discovery of a rusted piece of airplane landing gear wedged between a nearby mosque and an apartment building — believed to be from one of the hijacked planes that ravaged lower Manhattan.

As officials prepared to erect the spire, the office of the city’s chief medical examiner was working in the hidden alley where debris may still contain human remains.

The new tower’s crowning spire is a joint venture between the ADF Group Inc. engineering firm in Terrebonne, Quebec, and New York-based DCM Erectors Inc., a steel contractor.

The world’s tallest building, topping 2,700 feet, is in Dubai.

Source: FULL ARTICLE at Fox US News

New York officials seek human remains amid debris from Boeing jet

The medical examiner’s office plans to search for Sept. 11 human remains in an alley behind a mosque near the World Trade Center where landing gear from the type of Boeing jet used in the attacks was suddenly discovered.

The chief medical examiner’s spokeswoman, Ellen Borakove, said the area first will be tested as part of a standard health and safety evaluation for possible toxicity. She said sifting for human remains is to begin Tuesday morning.

Police said Saturday that detectives had been in contact with officials at Chicago-based Boeing Co. who confirmed the wreckage was from a Boeing 767. Police have said the landing gear had a clearly visible Boeing identification number.

The American Airlines and United Airlines planes hijacked by Islamic extremists in 2001 were Boeing 767s. Boeing spokesman John Dern said he could not confirm whether the ID matched the American Airlines plane or the United Airlines plane.

Workers discovered the landing gear part on Wednesday between a luxury loft rental building and a mosque that in 2010 prompted virulent national debate about Islam and freedom of speech because it’s just blocks from ground zero.

On Saturday, yellow police tape blocked access to a metal door that leads to the hidden alley behind the planned Islamic community center, known as Park51.

Retired fire department Deputy Chief Jim Riches, who lost his son in the terrorist attacks, visited the site on Saturday. He said the latest news left him feeling “upset.”

“The finding of this landing gear,” he said, “just goes to show that we need federal people in here to do a comprehensive, full search of lower Manhattan to make sure that we don’t get any more surprises,” as happened in 2007 when body parts were discovered in nearby sewers and manhole covers.

Of the nearly 3,000 victims, Riches noted, about 1,000 families have never recovered any remains.

The New York Police Department has declared the alley a crime scene where nothing may be disturbed until the medical examiner’s office completes its work. It’s unclear how long that may take, Borakove said.

The piece of wreckage was discovered by surveyors inspecting the planned Islamic community center on behalf of the building’s owner, police said.

The twisted metal part — jammed in an 18-inch-wide, trash-laden passageway between the buildings — has cables and levers on it and is about 5 feet high, 17 inches wide and 4 feet long, police Commissioner Raymond Kelly said Friday.

“It’s a manifestation of a horrific terrorist act a block and a half away from where we stand,” he said after visiting the alley.

The commissioner noted that a piece of rope intertwined with the part looks like a broken pulley that may have come down from the roof of the Islamic community center.

When plans for the center became public in 2010, opponents said they didn’t want a mosque so close to where Islamic extremists attacked, but supporters said the center would promote harmony between Muslims and followers of other faiths.

The building includes a Muslim prayer space that has been open for three years. After protests

Source: FULL ARTICLE at Fox US News

Part found near World Trade Center from Boeing jet

A rusted piece of airplane landing gear discovered wedged between two New York City buildings has been confirmed as coming from the type of Boeing jet used to destroy the nearby World Trade Center on Sept. 11.

The American Airlines and United Airlines planes hijacked by Islamic extremists in 2001 were Boeing 767s.

Police said Saturday detectives have been in contact with officials at Chicago-based Boeing Co. who confirm the wreckage is from that kind of plane.

Workers discovered the landing gear part Wednesday wedged between a luxury apartment building and a mosque that in 2010 prompted virulent national debate about Islam and freedom of speech because it’s just blocks from ground zero.

Source: FULL ARTICLE at Fox US News

NYC officials seek human remains amid plane debris

Police say the alley near the World Trade Center where landing gear believed to be from a Sept. 11 hijacked plane was found remains a crime scene until medical examiners finish looking for human remains.

On Saturday, police were guarding the alley, which was secured as a crime scene two blocks from the trade center site. Police say it will be protected until the search is completed.

Workers this week discovered a rusted piece of landing gear wedged between a luxury apartment building and a mosque that had prompted virulent national debate about Islam and freedom of speech.

Police spokesman Paul Browne says the twisted metal part includes a Boeing identification number.

The two planes hijacked by terrorists in 2001 were made by Boeing.

Source: FULL ARTICLE at Fox US News

Rice: Terrorist acts test presidential leadership

Former Secretary of State Condoleezza Rice says terrorist attacks like the one that rocked the Boston Marathon present presidents with a leadership dilemma.

While presidents typically wants to comfort the nation, Rice says, it can be difficult for them to do this while saying or doing nothing that would compromise a crime investigation.

Rice tells “CBS This Morning” President Barack Obama “wants to reassure the American people that the government is on the trail.” But she also says he “has to be very careful not to give out information prematurely here and they have to be sure they aren’t tipping off the people who are responsible.”

Rice was President George W. Bush’s national security adviser when terrorists attacked the World Trade Center and Pentagon on Sept. 11, 2001.

From: http://feeds.foxnews.com/~r/foxnews/national/~3/j_mmNM9Kpoo/

Report: US resorted to torture after 9/11 terror

A nonpartisan commission’s review of America’s anti-terrorism response after the 9/11 attacks finds “it is indisputable that the United States engaged in the practice of torture” and the Bush White House bears responsibility.

The report by the Constitution Project is a review of the President George W. Bush administration’s approach to the problems of holding detainees, interrogation and counter-intelligence after the Sept. 11, 2001 terror attacks on the World Trade Center and the Pentagon.

The report says brutality has occurred in war before, “But there is no evidence there had ever before been the kind of considered and detailed discussions that occurred after September 11, directly involving a president and his top advisers on the wisdom, propriety and legality of inflicting pain and torment on some detainees in our custody.”

From: http://feeds.foxnews.com/~r/foxnews/national/~3/MiDdNOwegJ8/

9/11 memorial reservation fee draws criticism from some victims' families

The National September 11 Memorial & Museum’s decision to charge visitors who reserve passes online or over the phone a $2 service fee has some victims’ family members crying foul.

The New York Post reports the fee went into effect last month although there is no charge for admission to the memorial on the World Trade Center site. There’s also no fee for same-day passes distributed on a first-come, first-served basis.

Family members of some 9/11 victims believe the fee violates the memorial’s mission. Jim Riches, the father of a firefighter who died there told the newspaper he found the fee “disgusting.”

“The memorial should be free for everybody to pay their respects. You wouldn’t charge money to get into a cemetery,” Riches told the Post.

Sally Regenhard, whose firefighter son died in the 9/11 attacks told the paper Americans shouldn’t be charged a fee to pay respects to victims.

“They made…a vow that no one would ever be charged for going to the memorial, but money is the bottom line here,” she said.

Memorial President Joe Daniels told The Post the fee is necessary to help support its operations.

“Like other similar institutions, in order to help support the operational needs of the 9/11 Memorial, we have implemented a service fee, solely for advance reservations,” Daniels told the paper.

The memorial’s website says the reservation system is temporary until certain construction projects are finished.

The Associated Press contributed to this report.

Click here for more from NYPost.com.

From: http://feeds.foxnews.com/~r/foxnews/national/~3/fuOyTx3aO5k/

BOK Financial: 9 Critical Numbers

By John Maxfield, The Motley Fool

Filed under:

Given that you clicked on this article, it seems safe to assume you either own stock in BOK Financial or are considering buying shares in the near future. If so, then you’ve come to the right place. The table below reveals the nine most critical numbers that investors need to know about BOK (which stands for “Bank of Oklahoma”) before deciding whether to buy, sell, or hold its stock.

But before getting to that, a brief introduction is in order. BOK traces its roots back to 1910, when it was founded as the Exchange National Bank of Tulsa by a group of four men, including Harry F. Sinclair, the noted oil industrialist. While the bank is still headquartered in Tulsa — in BOK Tower, a smaller scale replica of the World Trade Center towers — it has since changed its name and transformed into a bank holding company, with a portfolio of lenders located primarily throughout the plains states and Texas. It owns the Bank of Arizona, Bank of Arkansas, Bank of Kansas City, Bank of Oklahoma, and Bank of Texas, among others. And as of the end of last year, it had $28 billion in assets on its balance sheet.

As you can see in the table above, BOK exhibits a number of core strengths. Its nonperforming loans ratio is below the sample of 100+ banks examined for this series. Thanks to robust income from mortgage and brokerage activities, it generates roughly half of its revenue from noninterest sources. And its efficiency ratio is well below the other banks in the sample set. The most obvious area of opportunity is its net interest margin, which comes in below the sample’s average, though well within the first standard deviation. Taken together, these factors go a long way toward explaining its double-digit return on equity.

It’s also worth taking a look at this chart, created by SNL Financial and linked to on BOK‘s website. What it shows is BOK‘s ability to almost invariably grow both its net income and earnings per share every year — the two exceptions to this are 2008 and 2009, though it made money in both, unlike many larger regional and money-center banks. Indeed, since 1991, its earnings-per-share compound annual growth rate is 13.5%; an impressive accomplishment given the intervening financial crisis.

Discover the “only big bank built to last”
Many investors are scared about investing in big banking stocks after the crash, but the sector has one notable standout. In a sea of mismanaged and dangerous peers, it rises above as “The Only Big Bank Built to Last.” You can uncover the top pick that Warren Buffett loves in The Motley Fool’s new report. It’s free, so click here to access it now.

The article BOK Financial: 9 Critical Numbers originally appeared on Fool.com.

From: http://www.dailyfinance.com/2013/04/11/bok-financial-9-critical-numbers/

Budget woes could delay NY trial for bin Laden kin

A judge said he found it “stunning” to hear Monday that federal budget woes could delay the start of a terrorism trial for Osama bin Laden’s son-in-law.

U.S. District Judge Lewis A. Kaplan’s comment came as he set deadlines for lawyers to submit pre-trial arguments regarding Sulaiman Abu Ghaith, who pleaded not guilty last month to charges that he conspired to kill Americans in his role as al-Qaida’s top propagandist after Sept. 11.

The charismatic al-Qaida spokesman was shown in early October 2001, sitting with bin Laden and current al-Qaida leader Ayman al-Zawahri in what became a heavily watched propaganda video. Prosecutors say he had called on every Muslim to join the fight against the United States, declaring that “jihad is a duty.”

Ghaith, who was brought to the U.S. last month, was handcuffed as he was led into a courtroom Monday. The handcuffs were taken off before he listened through headphones to an Arabic translator.

Kaplan said he was considering starting the trial as early as September, drawing protests from defense lawyers who said the 5.1 percent across-the-board federal budget cuts known as sequestration required all public defenders to be furloughed for more than five weeks by the fall.

“It is extremely troublesome to contemplate the possibility of a case of this nature being delayed because of sequestration. Let me say only that,” the judge said, pausing before adding: “Stunning.”

The judge left open the possibility that the trial may not begin until next year.

Defense lawyers said they expected to ask the judge to toss out a 22-page statement Abu Ghaith provided after his Feb. 28 arrest in Jordan.

They also said they were likely to seek a change of venue. The federal courthouse in lower Manhattan is located just blocks from the World Trade Center complex.

Efforts to change the location where a trial is held or to challenge post-arrest statements have been unsuccessful in previous terrorism trials in Manhattan.

The single notable exception occurred when the Obama administration announced it was going to conduct a civil trial in New York for Khalid Sheik Mohammad, who has claimed responsibility for the 9/11 attacks, and four others, only to return the cases to military tribunal proceedings amidst an …read more

Source: FULL ARTICLE at Fox US News

Does Apple's New Headquarters Spell Doom For Apple?

By Tim Worstall, Contributor According to the standard rules of thumb used by the British financial press the problems that Apple is having over its new headquarters building should spell trouble, possibly even doom, for the firm. There are many different formulations of the basic principle but this story from Businessweek would make many commenters reach for their version of it: He had that right. Since 2011, the budget for Apple’s Campus 2 has ballooned from less than $3 billion to nearly $5 billion, according to five people close to the project who were not authorized to speak on the record. If their consensus estimate is accurate, Apple’s expansion would eclipse the $3.9 billion being spent on the new World Trade Center complex in New York, and the new office space would run more than $1,500 per square foot—three times the cost of many top-of-the-line downtown corporate towers. Compared to Apple’s profits or cash reserves of course this number is very small. But it is indeed standard in the UK financial press to make comments about firms that move into new buildings. For example, Don Sull at the London Bsiness School has always used the presence of fountains in reception as a signal to sell. If they’re spending money on that then where else are they wasting cash? Other formulations of much the same idea include, back in the dotcom boom days, if the receptionist had a flat screen monitor rather than a CRT. John Harvey Jones, ex-head of ICI, has long used a very similar judgement call. Christopher Fildes, perhaps the doyen of English financial journalism, used to make much the same point as Don Sull. Indeed, it’s difficult now to work out which one of them was quoting the other. …read more

Source: FULL ARTICLE at Forbes Latest

More possible human remains found in WTC debris

The New York City medical examiner’s office says more possible pieces of human remains have been found during the sifting of newly uncovered debris from the site of the September 2001 terrorist attacks.

The office says 21 potential human remains were recovered Wednesday. That brings the total found during the current effort to 39.

About 60 truckloads of debris that could contain tiny human bone fragments have been unearthed by construction crews working on the new World Trade Center tower in recent years. City officials say investigators will spend 10 weeks trying to find remains in that debris. The city’s last such effort ended in 2010.

Some 2,750 people died at the World Trade Center in the Sept. 11 attacks, but remains of only 1,634 people have been identified.

…read more

Source: FULL ARTICLE at Fox US News

Possible human remains found in debris from World Trade Center site

The New York City medical examiner’s office says two potential pieces of human remains have been found during the sifting of newly uncovered debris from the World Trade Center site.

The office says the discovery was made Monday.

About 60 truckloads of debris that could contain tiny human bone fragments have been unearthed by construction crews working on the new World Trade Center tower in recent years. That material is being transported to a park.

City officials say investigators will spend 10 weeks attempting to find remains. The city’s last such effort ended in 2010.

Some 2,750 people died at the World Trade Center in the Sept. 11 attacks, but remains of only 1,634 people have been identified.

…read more
Source: FULL ARTICLE at Fox US News

Investigators to begin new sifting of Sept. 11 debris in hopes of identifying remains

Jim Riches pulled his son’s mangled body out of the rubble at the World Trade Center, but the phone calls still filtered in years afterward. The city kept finding more pieces of his son.

“They’ll call you and they’ll tell you, `We found a shin bone,”‘ Riches said. “Or: `We found an arm bone.’ We held them all together and then we put them in the cemetery.”

Those are the phone calls both dreaded and hoped for among the families of Sept. 11 victims. And as investigators began sifting through newly uncovered debris from the World Trade Center on Monday for the first time in three years, those anxieties were renewed more than a decade after the attacks. But there was also hope that more victims might yet be identified after tens of millions have been spent on the painstaking identification process.

“We would like to see the other 40 percent of the families who have never recovered anything to at least someday have a piece of their loved one,” Riches said. “That they can go to a cemetery and pray.”

About 60 truckloads of debris that could contain tiny fragments of bone or tissue were unearthed by construction crews that have been working on the new World Trade Center in recent years. That material is now being transported to a park built on top of the former Fresh Kills landfill on Staten Island, where investigators will attempt to identify any possible remains during the next 10 weeks, the city said.

The city’s last sifting effort ended in 2010. This time, crews were able to dig up parts of the trade center site that were previously inaccessible to workers, the city said.

Some 2,750 people died at the World Trade Center in the 2001 terrorist attacks, but only 1,634 people have been identified.

“We have been monitoring the World Trade Center site over time and monitoring the construction,” said Ellen Borakove, a spokeswoman for the medical examiner’s office. “And if they see any material that could possibly contain human remains, we collect that material.”

About 9,000 human remains recovered from the ruins of the World Trade Center remain unidentified because they are too degraded to match victims by DNA identification. The remains are stored at an undisclosed location monitored by the medical examiner’s office and will eventually be transferred to a subterranean chamber at the National September 11 Memorial & Museum.

Some victims’ families expressed impatience that the city has only just uncovered more debris.

“Quite frankly, they should’ve excavated this and searched it 12 years ago,” said Diane Horning, whose son, Matthew, died in the attacks. “Instead, they built service roads and construction roads and were more worried about the building and the tourism than they were about the human remains.”

The city’s efforts to identify Sept. 11 victims have long been fraught with controversy.

In April 2005, the city’s chief medical examiner, Charles Hirsch, told families his office would be suspending identification efforts because it had exhausted the limits of DNA technology.

But just a year later, the discovery of human …read more
Source: FULL ARTICLE at Fox US News