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Message
re: Part of the new Hard Rock Hotel collapses (NOLA) 3 dead, Cranes Down-ish
Posted on 10/16/19 at 9:44 am to doubleb
Posted on 10/16/19 at 9:44 am to doubleb
quote:
That’s why I believe they are really not relevant to the legal discussion.
Agreed.
This is being referred to as the "Hard Rock Collapse" because everyone knows this hotel was destined to be a Hard Rock Hotel (there are signs along the fence).
I've seen hotel projects be built where the "flag" isn't publicly known until the build is almost complete.
0
Posted on 10/16/19 at 9:47 am to BigPerm30
quote:
I don’t think the operators were thinking of protocol when they were getting out of that thing as quickly as possible. I still can’t imagine what was running through their heads as the building was collapsing around them.
"OH frick frick frick frick shite"
Posted on 10/16/19 at 9:49 am to Covingtontiger77
quote:
If they can’t shore the rubble and the cranes are going to come down anyway. At what point do they just do an implosion on the rest of the carcass?
If this was being built on the northshore off 190 somewhere, they would already be bringing in the explosives.
Problem is, you have soft land and you have a bunch of old, soft material buildings all around it. There is potential that the energy created by an implosion could seriously damage some of those old buildings in the area.
A few years ago a building near I-10 about a mile away (closer to Metairie) was imploded, and there was a ton of concern about that one. The implosion worked out fine. However, you didn't have old, soft buildings right around there.
Posted on 10/16/19 at 9:50 am to Chad504boy
quote:
A bond is not a form of payment for liability situations. Bonds get confusing but i'm trying to think this through how you guys think a bond helps anything of substance regarding all of the liability situations going on here.
A bond would enable the owner to finish the building per the contract documents, but it has nothing to do with liability for the accident.
Posted on 10/16/19 at 10:02 am to LSUFanHouston
Counterweights on the smaller crane is 40 tons. That's a lot of energy coming down from over 250'.
This is a clusterfrick of epic proportions.
This is a clusterfrick of epic proportions.
Posted on 10/16/19 at 10:03 am to BigPerm30
quote:
Builders Risk and Performance bond will likely cover most of this. Hell, the GL carriers will throw up a pretty decent sum of money if they can get a release and out of the litigation. These insurance companies know how expensive these types of litigation are. I can’t imagine there’s not enough insurance to cover the direct losses. The business interruption issues are going to be a whole different animal.
I would be shocked if there is enough insurance here because you are talking about over 150 million in damages as of today If the Saenger or another building is hit then the numbers go north from there. As it is already this just bankrupted the new New Orleans Hostel building & the Saenger could also be forced into bankruptcy so those people are going to be lining up to get paid too not to mention all of the hundred or more businesses and people who are shut down because of this or can’t go home.
No bond or insurance is going to cover all those losses.
I would be shocked if some of these companies who worked on this project don’t start filing BK by the end of the month.
This post was edited on 10/16/19 at 10:05 am
Posted on 10/16/19 at 10:06 am to MrLSU
Nearby buildings have their own insurance and if they are covered then they should be OK.
Posted on 10/16/19 at 10:12 am to doubleb
quote:
and if they are covered t
are they? tis is the question.
Posted on 10/16/19 at 10:14 am to LSUFanHouston
This question may be off topic but I'm curious as to what was on this site before the repurpose for the new hotel.
Posted on 10/16/19 at 10:17 am to doubleb
quote:
Nearby buildings have their own insurance and if they are covered then they should be OK.
It’s funny reading posts by people that have no clue.
Let me explain:
Business interruption insurance- in most if not all policy forms- is only triggered if the claimant Suffers direct physical damage to their building by a covered peril which prohibits it from being used while under repair.
In this case, there is no information that i have seen wherein the Saenger or any other building has suffered any direct physical damage to its structure. Thus, at this juncture they would be SOL from claiming BI on their policy.
Can they file a suit against the parties involved for their loss of income losses? absolutely. But get in line.
Oh and there is more than likely not anywhere close to any insurance limits that will compensate all of the parties involved.
This post was edited on 10/16/19 at 10:24 am
Posted on 10/16/19 at 10:19 am to fightin tigers
The 18th floor framing sizes are all placeholders.
W10x19 carrying 3" composite deck for 26 tributary feet?
Disgusting.
W10x19 carrying 3" composite deck for 26 tributary feet?
Disgusting.
Posted on 10/16/19 at 10:20 am to REG861
quote:
The Kailas company/family
We are finally getting to the root of the problem here...
Full disclosure: yes I got stiffed by Gowry many many years ago. It was for a small job of only a few hundred dollars. That said, stiffed is still stiffed.
Posted on 10/16/19 at 10:25 am to MrLSU
quote:
because you are talking about over 150 million in damages as of today If the Saenger or another building is hit then the numbers go north from there. As it is already this just bankrupted the new New Orleans Hostel building & the Saenger could also be forced into bankruptcy
$30M - $10M to each of the deceased family
$10M spread amoung the injured workers
$20M damages to surrounding business...
And I'm loling at "bankrupted the new New Orleans Hostel"... you could buy every hostel on the ENTIRE PLANET for about $2M tops.
Posted on 10/16/19 at 10:26 am to doubleb
quote:
Nearby buildings have their own insurance and if they are covered then they should be OK.
You think so huh? How long do you think their business interruption insurance (if they have it) will carry these companies thru? The brand new HI New Orleans International Hostel's is sitting on a brand new $32 million dollar loan. The General Manager said on the news last night that the hostel is all but headed for bankruptcy. I'm telling you now there isn't enough insurance to cover all of the business losses due to this catastrophic collapse.
We haven't even discussed the City of New Orleans damage claims against everyone because of the damage it is suffering because of this collapse irrespective of the permitting office scandal and whether that was a factor or not.
Posted on 10/16/19 at 10:31 am to MrLSU
Pic taken the morning of the collapse taken by a friend who luckily survived. He was on a break like a lot of others.
Posted on 10/16/19 at 10:32 am to Covingtontiger77
quote:
In this case, there is no information that i have seen wherein the Saenger or any other building has suffered any direct physical damage to its structure.
quote:LINK
Cantrell said the theatre, which sits in a zone that is blocked off to traffic and is located across from the Hard Rock hotel that collapsed, suffered damage to its roof.
Posted on 10/16/19 at 10:33 am to Meauxjeaux
quote:
$30M - $10M to each of the deceased family $10M spread amoung the injured workers $20M damages to surrounding business...
Just out of curiosity, how much in insurance limits do you people think all of the parties combined carried?
I can assure it’s NO WHERE NEAR what has been listed above.
The Kailas family formed a separate LLC for this project. One intent of this was to shield its other assets from being exposed should something happen- although this was surely never contemplated. All that is in this LLC is the debt of this building, the note to promise to pay the loan back, some GL policy limits, and perhaps a builders risk policy for the building. The other developers and builder were also members of the LLC- shielding their outside businesses and personal assets from liability.
The workers’ families will get WC death benefits. They will file suit and probably get an award. However, how do you get blood from a turnip exactly.
Nope this thing is fubar.
The bank is going to be left owning a piece of land on Canal St.
The parties will go on with their lives.
End of story- good night.
Posted on 10/16/19 at 10:33 am to Covingtontiger77
The Saenger HAS received damage to its roof. If i'm not mistaken, something has gone through the roof.
Posted on 10/16/19 at 10:36 am to Picayuner
quote:
The Saenger HAS received damage to its roof
That’s good for them! Otherwise F UCKED at this point.
Posted on 10/16/19 at 10:37 am to Covingtontiger77
quote:
In this case, there is no information that i have seen wherein the Saenger or any other building has suffered any direct physical damage to its structure. Thus, at this juncture they would be SOL from claiming BI on their policy.
The Saenger did suffer direct physical damage to the structure from the collapse so they would be eligible but remember how long will that insurance last because they underwent a $52 million dollar renovation in 2012. Who owns the Saenger Theatre--the City of New Orleans owns the business through the Canal Street Development Corporation but the lease the building. Someone has to pay the lenders each month for the loans that were taken out to renovate the theatre.
Saenger + HI New Orleans International Hostel = $84 million in loans which are now at risk. At least the Saenger can get BI.
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