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 ...
Which started first?
Oy vey!
Posted my #14 before I read your post.
We think alike.
Around my area they’ve been replacing steel guard rails and installing sound barriers supported by large steel beams - I wonder where all that stimulus-funded steel is coming from.
Exactly what I said when I first heard this. America was once the steel maker of the world and now? Between government/EPA regs and union plant busting these important industries have left. Heaven forbid if we ever had to gear up for a major war; we'd be screwed!
No ticky no washy.
Greedy capitalists expect The Port Authority For The Peoples Republic Of New York too pay for their products?
They should be honored to have the contract and just provide the steel for free.
/s
I searched for Pacsteel and all I could come up with was this;
http://www.freerepublic.com/focus/f-chat/2916693/posts
isn’t that funny that the only quick referances I could find were here. Great pics BTW.
Sorry referances should be references.
Maybe one should pay ones bills?
It appears that ADF feels that once it delivers this last bit of steel that they will have no more leverage over the PA to make any more progress payments -- and they may be right.
I wish they would pay the bill. This is embarrassing.
I take it from the incendiary language the Post wants us to be outraged over this. Should we grab torches and mob the Canadian consulate?
they don’t pay the bills and yet they sue the company not willing to ship product until they are paid? Only in America.
The big difference is that Walmart would have had it built and opened a year or more ago...
Part of the CDS system was to determine whether to accept the suppliers discount in return for prompt payment based on the cost of borrowing money. Another part of the system overnighted the payment checks to a location with the post office with the longest mailing time before the supplier would receive them. The individual checks were drawn against the banks which had the longest clearing time. This was done to receive the longest ‘float’ on the money deposited in the banks.
The system relied upon a system by Phoenix-Hecht (PH)which studied both mailing time and clearing time for banks and post offices. By mailing out the checks on the date due, IH could legally claim that they were in full legal compliance with their contracts even though it may take a week or more for the supplier to actually receive the cash.
The PH system was intended to identify the post offices with the quickest mailing times and the banks with the quickest clearing times but IH used the system for the extreme opposite reasons.
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