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Clayton L. Mathile

Fred DeLuca

Peter Buck
Subway
Net Worth: $1.8 billion

S. Daniel Abraham

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A few months after Ted's escape and eventual return to prison, Preston Bailey, the noted New York event designer, was assigned the task of stage-managing Lily's triumphant return to Manhattan society. Just as with the double-header parties at La Leopolda to celebrate the end of Edmond's troubles with American Express, Lily was determined to throw herself an unforgettable return to high society in Manhattan.

It's not that she had ever really left. Even during the drama of Edmond's death, the lawsuits, and Ted's trial and escape, Lily still managed a regular presence at parties on both sides of the Atlantic. With her new super wealth, she bought herself a lavish home in London---one of the most staggeringly beautiful houses in London," gushed Women's Wear Daily, and continued to maintain homes in New York, Paris and the south of France.

In May 2000, five months after Edmond's death, she flew to New York to attend a special United Nations gala in honor of Edmond's work for Israel. In August, she donated a fountain and garden in Edmond's name for Somerset House in London. The spectacular Edmond J. Safra Court, which was the first major public fountain to be commissioned in London since the ones in Trafalgar Square in 1845, has fifty-five jets of water that rise out of the granite-covered ground. The number five was Edmond's favorite number; he believed that it warded off evil spirits.

A month later, Lily was spotted in "the chicest of black dresses" at a benefit for the American Ballet Theatre at the Metropolitan Opera House in Manhattan. That summer, she was back in London attending a gala at Buckingham Palace, where she was seated to the right of the Prince of Wales, the host of the evening. She also attended her friend Lynn Wyatt's tropical paradise-themed birthday party in the south of France. There were also the flurry of dinner parties she threw for friends in London and New York and at La Leopolda during the summer season on the Riviera.

A month before Ted's trial began in Monaco, Lily was among 115 guests at a fortieth-birthday party for Elton John's partner, David Furnish. It was a black-tie affair, with champagne and white truffle risotto, in both London and Venice (Elton chartered a plane for the London-to-Venice trip). The guests were decidedly more rock-and-roll royalty than the kind Lily was now used to. It's rather difficult to imagine the gilded Lily on the dance floor alongside guests like Donatella Versace, Elizabeth Hurley, Sting, and Isabella Blow. Lily's friend Lynn Wyatt appears to have been right at home, though---"dirty-dancing" with video artist David LaChapelle, "in dangerous déshabillé as his shirt hung open, his suspenders dangled at his knees and his trousers slipped down his hips."

After the conclusion of Ted Maher's trial in Monaco in December 2002, Lily's public relations consultants appeared to work overtime to reestablish her important role in society. Triumphant after Ted's conviction, Lily flew to New York to dedicate the synagogue on the Upper East Side that Eli Attia had begun in the 1980s. Following the nasty legal battle with Attia, the beaux-arts-style synagogue, with massive doors of carved brass, was completed by the French architect Thierry Despont. Attia's early work on the house of worship on East Sixty-third Street, off Fifth Avenue, was conveniently forgotten. The Sephardic community for whom it was built was also conveniently forgotten at the dedication even as Lily organized a dinner for three hundred people at the University Club of New York on Fifth Avenue.

Instead of inviting the important members of the New York Sephardic community that her husband had generously supported over a lifetime, the sacred occasion seemed to become just another New York society event. At a later party for the synagogue, it was Lily's golden dress and her "17th century heavy gold necklace recovered from a Spanish ship" that took precedence over the dedication of the Edmond J. Safra synagogue. After the University Club fête, Lily's friends threw other parties to commemorate the grand occasion. One party was held at Swifty's and was hosted by the Iraqi-born financier Ezra Zilkha and his wife, Cecile. Later, Lily was the guest of honor at another lavish party hosted by Joan Rivers at her palatial apartment, which was exquisitely decorated with white lilies, snapdragons and roses for the occasion. "There were Buccellati's silver sparrows at each place setting and silver vases filled with bunches of tiny white roses." Lily arrived wearing "an iridescent claret-colored taffeta coat over claret brocade pants with little satin slippers to match," by Oscar de la Renta.

"Lily is a lovely, courageous woman, who in the last several years has gone through hell since the mysterious death of her husband in a fire in their Monte Carlo apartment and later at the trial during which she handled herself impeccably and emerged in triumph like the lady she is," said her friend Aileen Mehle in her Women's Wear Daily column a few weeks after the conclusion of Ted's trial in Monaco.

The "lovely, courageous" Lily also celebrated her legal triumph with the purchase of a new Paris apartment on the exclusive avenue Gabriel, a duplex with marvelous views of the Eiffel Tower from every room-the same apartment that Blaine Trump's family lived in when Blaine was a student in Paris. Again, her friends at Women's Wear Daily felt compelled to defend her honor: "These days and nights, she is a happy woman, out lunching and dining with her friends, wearing marvelous clothes, and emerging from the three-year nightmare and the ugly, false and unfounded speculation that followed her in print after the death of her husband, Edmond, in their Monte Carlo apartment, a victim of a fire set by one of his nurses, the now-imprisoned Ted Maher."

Indeed, after years of tension following the bizarre death of her husband, Lily was ready to reassume her place as a leading hostess in New York. Because she believed in doing nothing by half measures, Lily hired Preston Bailey, the most sought-after event planner in Manhattan, to create an evening that would impress even the high-society luminaries who had seen it all.

Bailey is a striking figure on the New York social scene, with his muscular physique and his shaved head-smooth and polished like a billiard ball. He is a former model from Panama who embarked on his career as haute society's foremost event planner when he designed the 1998 wedding of Joan Rivers's daughter Melissa at the Plaza hotel. Bailey turned one of the ballrooms of the hotel into a Czarist winter garden from Doctor Zhivago, featuring 30,000 white flowers and 100 trees painted white.

For Lily, he would transform one of her empty Fifth Avenue apartments overlooking Central Park (she owned two) into a French country garden. "We agreed that a lush garden setting would be the perfect antidote to the endless weeks of rain we'd been having, so I set about conjuring an atmosphere that would recall the French countryside," wrote Bailey in an article for Elle Décor that devoted one of its glossy pages to the decoration of Lily's party room. "Still, nothing short of a magical evening would wow the guests."

Two weeks before the party, Bailey set about transforming the foyer and forty-seven-foot-long living room in the apartment into a French garden. In the dining room, he attached a grid covered in lemon leaves to the ceiling and hung rose petals sewn together to look like garlands of wisteria in white and lavender. He lined sections of the walls with screens imprinted with photographs of vast landscapes. "I then wove thousands of blossoms into the screens to further blur the boundaries of the area-used weathered green trellis lit from behind to convey dappled sunlight." The effect was similar to dining under a huge wisteria tree.

For the centerpieces, Bailey used white peonies flown in from Holland, cymbidium orchids, lavender, sweet pea, blue hyacinths, and Australian dendrobium orchids. "At each window there were trellis arbors draped with celadon and pink Fatima orchid 'curtains' outlining the park views."

The sixty guests, who included former British prime minister Lady Margaret Thatcher, Brian and Mila Mulroney, Michael Bloomberg, Diane Sawyer, Nancy Kissinger, the Erteguns, Joan Rivers, Princess Firyal of Jordan, Carolina and Reinaldo Herrera, Robert Higdon, and Lynn and Oscar Wyatt (who flew in from their home in Texas), assembled for drinks at Lily's other apartment on a higher floor. For dinner, they took the elevator to the other apartment. "When the elevator opened 60 jaws dropped at the sight of a fabulous 'conservatory' fragrant with the smell of all those flowers," gushed Mehle.

"It was a scene of great beauty and those 60 who have been everywhere and done everything could hardly believe their eyes." As Bailey himself noted, "I waited in the foyer-it was a harbinger of the lavish things to come, with elephant's ear branches, trellis, and light patterns bathing the walls and floors-for everyone to arrive. I was handsomely rewarded with audible gasps, most definitely a few dropped jaws and I'm not exaggerating, a few soft shrieks of delight."

After dinner, the guests "lounged on wrought iron garden furniture under 10-foot topiary trees built of birch branches and hanging with pears, lemons and limes."

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• Geoff Wedlock, chairman
• Don Lewis, managing director and chief executive officer
• John Carr-Gregg, company secretary
• Ken Talbot, non-executive director
• John Jones, non-executive director
• Craig Oliver, non-executive director
• Jeff Duff, representative of Dynamiq, consultant to Sundance Resources

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Arkady "Badri" Patarkatsishvili

Edmond J. Safra

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The 2010 hurricane season officially started on June 1, and homeowners, businesses and insurers alike are bracing for what could be enormous losses. The reason for rising concern, apart from it being that time of year again: Weather Services International predicts that this season, which runs to Nov. 30, will be the most active since 2005's record-breaker.

That's when $62 billion in insured catastrophe loses occurred, including $41 billion related to Hurricane Katrina and $10 billion from Hurricane Wilma, according to the Insurance Information Institute. Last year's damages were relatively light, with total insured catastrophe losses totaling only $10.6 billion, largely because no hurricanes made a landfall.

The Department of Atmospheric Science at Colorado State University increased its seasonal forecast from the original one announced in early April. It's predicting 10 hurricanes (top winds of 74 mph or higher), with five being major storms (categories 3, 4 or 5 that have top winds of at least 111 mph). Experts are predicting 18 named storms, too. The figures are staggering because there were only 5.9 hurricanes per year on average from 1950 through 2000, with 2.3 per year being major.

Hot Water

The forecast increase reflects the influence of El Niño conditions in the Pacific, in addition to the anomalously warm sea surface temperatures in both the tropical and North Atlantic, which are running at record high levels. Water temperatures are up by as much as four degrees Fahrenheit above average in some locations.

"This season could be one of the more active on record," says Jane Lubchenco of the U.S. Commerce Department's National Oceanic and Atmospheric Administration.

While exposure to windstorms and high property values combine to make Florida the state with the greatest potential for property losses, New York is second, according to risk modeling company AIR Worldwide. The value of residential and commercial coastal property in the state is estimated to be $2.4 trillion, according to AIR Worldwide. That figure is only slightly lower than that of Florida, which has approximately $2.5 trillion of commercial and residential coastal property.

Connecticut, Maine and Massachusetts are other East Coast states where insured coastal property exceeds 50% of total insured property values. Even a weak hurricane could easily produce $1 billion or more in damages if it makes landfall almost anywhere in the U.S., according to the Insurance Information Institute.

Not All Insurers Are Equal

"But despite dire predictions about the intensity of the 2010 hurricane season, in terms of the number of storms and the strength of storms, policyholders in every state who are exposed to hurricane risk should feel comfortable that private insurers have the resources to pay losses on whatever Mother Nature may have in store," says Robert J. Hartwig, president and economist at the Insurance Information Institute.

Private insurers, such as Allstate (ALL) and MetLife (MET), and reinsurers such as Swiss Re (SWCEY), have large reserves that enable them to pay claims quickly. The same might not be true for policyholders who hold state-issued insurance policies, however.

According to Hartwig, hundreds of thousands of property owners hold policies with state-run insurers, particularly in Florida. "Those insurers depend heavily on post-event debt financing and have to borrow to cover losses related to larger storms," he says. So, a spate of very large storms causing enormous losses could create funding gaps in some states.

Another potential problem: "If there is a deterioration or instability in the credit markets like there was in 2008, we would see the bonding capacity of state-run insurers plummet," says Hartwig. "This would mean the state-run insurer could potentially run out of money to pay claims and would be forced to devise other means, such as taxes, assessments or diversion of revenues from other budgets. It could be devastating if that were to happen."

Unknowable Effects in the Gulf

In 2010, any discussion of hurricanes now has to include the BP oil spill in the Gulf of Mexico. While it's already an environmental catastrophe, the oily water isn't likely to play any noticeable role in tropical cyclone intensity or frequency, according to Philip J. Klotzbach of Colorado State. But a hurricane or tropical storm could have an impact on the spill, depending on the storm's course.

"If the storm tracks to the west of the oil, there is the potential that the counter-clockwise circulation of the hurricane could drive some of the oil further toward the U.S. Gulf Coast," says Klotzbach. "Alternatively, a storm tracking to the east of the oil could push the oil further offshore. But little is understood about the interaction of tropical cyclones and oil."

Far more is understood, however, about the interaction of landfalling hurricanes and property damage. If the meteorologists' predictions for this season hold up, insurance claims will be rising with the winds.

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Continue reading Hermes Opens Store Just for Men

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Like many other luxury resorts around the world, Amelia Island Plantation is feeling the effects of the recession. Last week, the 1,350-acre luxury enclave overlooking the Atlantic Ocean in northeast Florida filed a voluntary petition for Chapter 11 bankruptcy protection.

The resort is very dependent on its group business, which has dropped precipitously over the past year, according to Richard Goldman, its chief marketing officer. "More than half of our business is from corporate groups that hold conferences here," says Goldman. "The AIG effect has basically scared off folks -- even businesses that could afford to have meetings -- who are afraid to hold conferences at resorts." The "AIG effect" refers to businesses that have toned down lavish corporate events after the insurance giant was widely criticized for holding a conference at a luxury resort days after it received a cash infusion from Congress in 2008.

Continue reading Paradise lost: Florida resort files for bankruptcy

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