Larry Silverstein has received a lot of attention since 9/11, and his involvement has been well-documented. Four members of his staff were killed in the attacks, but as stated in the aforementioned Haaretz article, "he himself was saved only because a meeting he had scheduled that morning with officials of the Port Authority on the 88th floor of [WTC 1] was canceled at the last minute". He went to a doctor's appointment instead, and later stated "I had said to my wife, sweetheart, cancel my doctor's appointment. I have so much to do at the Trade Center.. She got very upset and told me I had to go. As it turns out, that saved my life." Lucky Larry Silverstein.
The ruling means World Trade Center
leaseholder Larry Silverstein can
collect up to $4.6-billion from
nine insurers.
By Associated Press
Published December 7, 2004
----------------------------------
NEW YORK -
A federal jury ruled Monday that the Sept. 11 attack on the World Trade Center was two occurrences for insurance purposes, meaning leaseholder Larry Silverstein stands to collect up to $4.6-billion.
The verdict in U.S. District Court in Manhattan was the latest twist in Silverstein's efforts to double his $3.5-billion insurance policy on the trade center complex.
Silverstein lost a first trial on the issue this year, but a separate jury said Monday Silverstein is entitled
to collect a double payout for nine insurers who covered him for $1.1-billion.
The verdict means Silverstein could ultimately collect $4.6-billion, lawyers in the case said.
Silverstein still must go to a three-person appraisal panel to collect the money.
The insurers are expected to appeal the decision.
Silverstein said he was thrilled with the verdict and cast it as a victory for all New Yorkers because it secures more money to rebuild the trade center complex.
"I strongly felt, and the jury agreed, that the destruction of the twin towers by two separate airplanes at two separate times was two separate occurrences and that these insurers have an obligation to pay their fair share to help make Lower Manhattan whole again," he said.
Regardless of the insurance payout, Silverstein and redevelopment officials have promised to rebuild the trade center complex in the next decade,
including 10-million square feet of office space,
a memorial and cultural buildings.
The insurance companies involved were Travelers Indemnity Co., Industrial Risk Insurers,
Royal Indemnity Co.,
Allianz Insurance Co., Tokio Marine and Fire Insurance Co., Twin City Fire Insurance Co., Tig Insurance Co., Westfield WTC LLC and Zurich American Insurance Co.
http://www.sptimes.com/2004/12/07/Business/Jury__Sept_11_was_two.shtml
Guess who owns the Sears Tower? Silverstein of course....
