Search
 

Silverstein Pushes Two-Planes, Two-Claims Argument

NEW YORK CITY-World Trade Center leaseholder Larry Silverstein told an industry crowd yesterday that victory in his legal battle with reinsurer Swiss Re over the World Trade Center bombings is all but assured. "Will there be a shortage of capital to rebuild? It would appear not," the developer informed a packed house at the Waldorf Astoria.

By Glen Thompson | Updated on November 07, 2001

NEW YORK CITY-Larry Silverstein held court at the Waldorf Astoria hotel yesterday as his legal team put the final touches on its answer to reinsurer Swiss Re’s lawsuit seeking to limit the World Trade Center developer’s payout.

Silverstein hit hard and often on his now-ubiquitous two-planes, two-claims argument during a roundtable luncheon on the future of mega-transactions. The discussion was part of New York University Real Estate Institute’s annual real estate investment conference.

“The first thing you have to learn in real estate is to distinguish between one event and two events. That’s fundamental,” Silverstein quipped, referring to his oft-repeated contention that the trade center towers were destroyed in two separate acts. Often flippant in his remarks, the developer also spoke passionately about the need to redevelop the trade center site for the well-being of the city and the nation.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.