Posted on 10/13/2012 4:44:51 AM PDT by SMGFan
A Canadian company is holding the steel needed to build the new World Trade Center’s antenna “hostage” for millions of dollars — jeopardizing the completion date for the tower and at least 100 iron-worker jobs, court papers charge.
The building reached 104 stories in August, but is expected to reach 1,776 feet when the antenna is done.
“When it is complete, the building known as 1 World Trade Center will be the tallest building in the Western Hemisphere and a symbol of the recovery of New York City, New York state and the United States from the terrorist attacks of 9/11,” the Manhattan Supreme Court suit says.
But, the Port Authority’s WTC Tower 1 LLC says in court papers that it can’t happen unless ADF Steel stops trying to shake them down and ships the rest of the metal they desperately need to finish the project.
(Excerpt) Read more at nypost.com ...
There’s no steel available from US plants? Perhaps they are all running at 100% capacity in these boom years and just can’t take another order.
LOL!
If they were in the hole to me for $6 mil, I wouldn't ship the dang thing, either!
Sort of like obama is holding the pipeline hostage?
Once this would not have been possible...and now we are a ‘service’ economy. What the hell is a ‘service’
economy? A sightseeing tourist attraction? Damn politicians and their union thug ignorance.
Me neither....this is the same company that has already been stiffed by the WTC builder for other projects on the same building. The builder is apparently trying to complete the building and get payments so that he can pay off bills he’s already reneged on.
The parts are unique and fabrication takes time. The Canadian company has to worry about its reputation as a reliable supplier and its sunken investment in the parts already fabricated, that cannot be used by anyone else. The Canadian company was undoubtedly the lowest qualified bidder, and it appears they have performed adequately to date. I see their reluctance to ship to a deadbeat customer without getting what they are already “owed”. The story says the PA admits that owes money on previous shipments, but the contracted stipulated that this shipment would not be held up disputes about other contracts.
This is what happens when Democrats run a region.
No steel here?
wow
We need manufactured steel from Canada. Just wow.
It’s not just that US steel is more expensive [unions, taxes] but that US steel simply isn’t there?
just damn
So the Port Authority is Six Million in arrears on other related contracts and is paying in installments and has their fabricator pissed off?
This story is as old as the construction industry. Subcontractors and suppliers are the industry's bankers and get played for fools on a regular basis by the general contractors. Throw in the occasional sleazy owner (remember Charlie Keating???) and it's a regular murderer's row, at least in a financial sense.
The solution is simple....... pay the old bill.
The situation could become worse. They can demand payment for the steel in advance plus the old bill as well. I would.
Better pay up
Whining to a New York newspaper will only exacerbate the problem
GEE! I don't know WHY these folks won't just take his word for it that they'll get paid!
LOL!
DAMNED SHAME!!
In the mid 60’s I worked at a gas station in the shadow of the Manhattan Bridge and would see all the steel, AMERICAN STEEL, coming across it on the way to the Trade Center.
Service economy my patooty!
The most important job of a CFO is to withhold payments to subs for the maximum time possible...preferably for at least a couple of bank cycles. I’ve worked for a couple of companies that did this on a regular basis.
This isn’t unusual, I also know of a batch of hydro-electric generators that are being held by the shipper for non-payment. How greeen is that?
That's where we all get rich shoveling each others' sidewalks!
If I told the Port Authority that I’ll pay their $14 tunnel toll or their $60 to park a car overnight at the airport when I get around to it, I wonder what would happen to me?
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