Real History and the Integrity of Larry Silverstein The Index to the Traditional Enemies of Free Speech Alphabetical index (text) New York, WTC Leaseholder Silverstein Loses Insurance Battle By AMY WESTFELDT, Associated Press Writer NEW YORK – World Trade Center leaseholder Larry Silverstein suffered a court defeat Thursday that means he won’t get his $3.5 billion insurance policy paid twice over.
In a partial verdict, a federal jury found that the majority of the insurers, who hold more than billion of the policy, are bound by a form that defined the Sept. 11 terrorism as one event. It was the first of at least two trials that will ultimately decide how much insurance money will be available to rebuild ground zero. Development officials have said the amount recovered could control the pace of rebuilding.
Silverstein still could recover as much as $5.5 billion if he prevails in a future trial to decide whether — apart from the form binding many of the insurers — the destruction of the twin towers was two events for insurance purposes. The verdict came just after the jury said in a note that it had reached a decision days ago on all except Swiss Re International Business Insurance Co., the insurer with the largest stake in the policy, about $877 million.
Judge Michael Mukasey decided to accept the findings and to send the jury