Insurance Lawsuits Settled

Not that this will change any of the claims that the CT crowd make.

The Port Authority of New York and New Jersey, which owns the land at ground zero and built the trade center, will get about $870 million from yesterday’s settlement, which is to go toward the cost of erecting the $3 billion Freedom Tower, the tallest and most symbolic skyscraper planned for ground zero, as well as the retail space at the complex.

Mr. Silverstein will get the remaining $1.13 billion for three large office towers to be built along Church Street, between Vesey and Liberty Streets.

As part of the deal, the Port Authority and Mr. Silverstein had to relinquish their claim that the companies owed more than $500 million in interest resulting from delays in making the payments. The insurers, in turn, abandoned their claim that they did not owe the money until the project was completed, in 2012.

I'm sure that somebody will still tell us that Silverstein made a bunch of money somehow on this transaction.