World Trade Center landlord Larry Silverstein said yesterday he was “very optimistic” insurers would be forced to fork out as much as $7 billion for rebuilding, after he pressed his case for the double payout before New York’s federal appeals court.
Silverstein’s lawyer, Herbert Wachtell, told the three-judge panel it was clear “two occurrences” destroyed the World Trade Center.
“The first plane brought down the first tower. The second plane brought down the south tower,” Wachtell said. “If they are separate occurrences, time does not make a difference. Location does not make a difference.”
Wachtell pointed out to the judges that the case will help determine how much money is available to rebuild the lower Manhattan landmark.
The Lower Manhattan Development Corp. has estimated it will cost as much as $10 billion to redevelop the site, including new towers, a PATH station and memorial.
The insurers, including Swiss Reinsurance, Travelers and Royal Insurance, argue Silverstein is not entitled to any more than $3.5 billion because the Sept. 11, 2001 terror strikes represented one attack.
Travelers lawyer Harvey Kurzweil told the judges the attacks constituted a single act carried out with “military-like precision.”
Royal Insurance lawyer Michael Barr compared the attacks to “one person in the sky launching two thunderbolts.” The appeals court is deciding whether to rule for Silverstein or to let the critical issue be settled by a federal jury.
After the hearing, Silverstein said, “We’ve been waging a battle for two years to get the insurers to pay their obligations under the policy.
“I’m very pleased and very optimistic as to the outcome.”