The document discusses a legal dispute over whether the destruction of the World Trade Center towers on 9/11 constituted one insurance event or two. The insurer, Swiss Re, argues it was one event based on the terms of the policy negotiated before 9/11. They will receive $3.5 billion. However, the owners argue it was two separate events since two planes struck the towers 16 minutes apart, entitling them to double the payout of $7 billion. The case is being heard in federal court to determine how much the insurers owe for rebuilding.
3. How much is this piece
of artwork worth ?
How do you know ?
4. How much is this piece
of artwork worth ?
How do you know ?
Does it make a difference if you know it
is by famous artist, Robert
Rauschenberg and titled Canyon ?
5. How much is this piece
of artwork worth ?
How do you know ?
Does it make a difference if you know it
is by famous artist, Robert
Rauschenberg and titled Canyon ?
Does it make a difference if you know
on display at the Metropolitan Museum
of Art?
6. Value of Robert Rauschenberg's Canyon
$70,000,000
$60,000,000
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
$0
IRS Heirs
7. Value of Robert Rauschenberg's Canyon
$70,000,000
$60,000,000
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
$0
IRS Heirs
8. Value of Robert Rauschenberg's Canyon
$70,000,000
$60,000,000
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
$0
IRS Heirs
9. Value of Robert Rauschenberg's Canyon
Heirs of the New York art dealer Ileana Sonnabend may
pay up to $29.2 million in taxes for Robert
Rauschenbergs Canyon from 1959.
The work is exemplary of Rauschenbergs Combines
where he combined both painting with non-traditional
objects and in this particular case the non-traditional
object is a stuffed bald eagle, a bird under federal
protection. Since it is a felony to sell the work, appraisers
valued the work at zero dollars but the I.R.S. has put a
$65 million price tag on the masterpiece.
From http://www.theartdossier.com/featured/bald-eagle-
rauschenbergs-canyon-tax-troubles-owners/
12. Would you categorize this as
one event or two ?
How do you know ?
Insurance company says it is
one event. $3.5 Billion dollars
to pay
13. Would you categorize this as
one event or two ?
How do you know ?
Insurance company says it is
one event. $3.5 Billion dollars
to pay
Owners say it is two
events, therefore they should
receive
$7 Billion dollars.
14. World Trade Centre
A lawyer for the World Trade Center's leading insurer argued on Monday that the destruction of
the twin towers was one event under the terms of policies negotiated just weeks earlier, not two.
"We are going to prove the case out of the mouths of the witnesses of the other side," said Barry
Ostrager, attorney for Swiss Reinsurance Co.
Ostrager said in his opening statement in Manhattan federal court that leaseholder Larry
Silverstein's risk manager, Robert Strachan, negotiated policies in July 2001 that used a broker's
form called the Wilprop form, under which the destruction of the trade center was a single event.
Swiss Re and 12 other insurers are at odds with Silverstein over the amount of money the trade
center's developers are owed, a figure that could affect the rebuilding schedule at ground zero.
Silverstein and the site's owner, the Port Authority of New York and New Jersey, have argued that
he should receive $7 billion, or twice the $3.5 billion insurance policy on the center, because the
two planes that flew into the towers 16 minutes apart on Sept. 11, 2001, represent two separate
events.
http://www.cbsnews.com/2100-224_162-614808.html
Editor's Notes
Does it make a difference if you know it is by famous artist, Robert Rauschenberg and titled Canyon ?Does it make a difference if you know on display at the Metropolitan Museum of Art?
Does it make a difference if you know it is by famous artist, Robert Rauschenberg and titled Canyon ?Does it make a difference if you know on display at the Metropolitan Museum of Art?
Does it make a difference if you know it is by famous artist, Robert Rauschenberg and titled Canyon ?Does it make a difference if you know on display at the Metropolitan Museum of Art?
Does it make a difference if you know it is by famous artist, Robert Rauschenberg and titled Canyon ?Does it make a difference if you know on display at the Metropolitan Museum of Art?
Heirs of the New York art dealer Ileana Sonnabend may pay up to $29.2 million in taxes for Robert Rauschenbergs Canyon from 1959.The work is exemplary of Rauschenbergs Combines where he combined both painting with non-traditional objects and in this particular case the non-traditional object is a stuffed bald eagle, a bird under federal protection. Since it is a felony to sell the work, appraisers valued the work at zero dollars but the I.R.S. has put a $65 million price tag on the masterpiece.From http://www.theartdossier.com/featured/bald-eagle-rauschenbergs-canyon-tax-troubles-owners/
Heirs of the New York art dealer Ileana Sonnabend may pay up to $29.2 million in taxes for Robert Rauschenbergs Canyon from 1959.The work is exemplary of Rauschenbergs Combines where he combined both painting with non-traditional objects and in this particular case the non-traditional object is a stuffed bald eagle, a bird under federal protection. Since it is a felony to sell the work, appraisers valued the work at zero dollars but the I.R.S. has put a $65 million price tag on the masterpiece.From http://www.theartdossier.com/featured/bald-eagle-rauschenbergs-canyon-tax-troubles-owners/
A lawyer for the World Trade Center's leading insurer argued on Monday that the destruction of the twin towers was one event under the terms of policies negotiated just weeks earlier, not two."We are going to prove the case out of the mouths of the witnesses of the other side," said Barry Ostrager, attorney for Swiss Reinsurance Co.Ostrager said in his opening statement in Manhattan federal court that leaseholder Larry Silverstein's risk manager, Robert Strachan, negotiated policies in July 2001 that used a broker's form called the Wilprop form, under which the destruction of the trade center was a single event.Swiss Re and 12 other insurers are at odds with Silverstein over the amount of money the trade center's developers are owed, a figure that could affect the rebuilding schedule at ground zero.Silverstein and the site's owner, the Port Authority of New York and New Jersey, have argued that he should receive $7 billion, or twice the $3.5 billion insurance policy on the center, because the two planes that flew into the towers 16 minutes apart on Sept. 11, 2001, represent two separate events.http://www.cbsnews.com/2100-224_162-614808.html
A lawyer for the World Trade Center's leading insurer argued on Monday that the destruction of the twin towers was one event under the terms of policies negotiated just weeks earlier, not two."We are going to prove the case out of the mouths of the witnesses of the other side," said Barry Ostrager, attorney for Swiss Reinsurance Co.Ostrager said in his opening statement in Manhattan federal court that leaseholder Larry Silverstein's risk manager, Robert Strachan, negotiated policies in July 2001 that used a broker's form called the Wilprop form, under which the destruction of the trade center was a single event.Swiss Re and 12 other insurers are at odds with Silverstein over the amount of money the trade center's developers are owed, a figure that could affect the rebuilding schedule at ground zero.Silverstein and the site's owner, the Port Authority of New York and New Jersey, have argued that he should receive $7 billion, or twice the $3.5 billion insurance policy on the center, because the two planes that flew into the towers 16 minutes apart on Sept. 11, 2001, represent two separate events.http://www.cbsnews.com/2100-224_162-614808.html
A lawyer for the World Trade Center's leading insurer argued on Monday that the destruction of the twin towers was one event under the terms of policies negotiated just weeks earlier, not two."We are going to prove the case out of the mouths of the witnesses of the other side," said Barry Ostrager, attorney for Swiss Reinsurance Co.Ostrager said in his opening statement in Manhattan federal court that leaseholder Larry Silverstein's risk manager, Robert Strachan, negotiated policies in July 2001 that used a broker's form called the Wilprop form, under which the destruction of the trade center was a single event.Swiss Re and 12 other insurers are at odds with Silverstein over the amount of money the trade center's developers are owed, a figure that could affect the rebuilding schedule at ground zero.Silverstein and the site's owner, the Port Authority of New York and New Jersey, have argued that he should receive $7 billion, or twice the $3.5 billion insurance policy on the center, because the two planes that flew into the towers 16 minutes apart on Sept. 11, 2001, represent two separate events.http://www.cbsnews.com/2100-224_162-614808.html