The two issues had been lumped together until Judge John S. Martin bifurcated the case at Thursday's hearing. But the lion's share of attention garnered by the case has been centered on the one-event-versus-two argument. Silverstein has used every available opportunity to assert his claim that the bombings were two separate incidents while Swiss Re maintains that there was one attack and that Silverstein is entitled to only one payout. Since the maximum payout for a single occurrence is variously reported as somewhere between $3.5 billion and $3.8 billion, the stakes are astronomical and the rhetoric from both sides has become increasingly heated.

"The whole world saw two separate planes hit two separate buildings at two separate times," said Silverstein spokesman Howard Rubenstein in a statement following the hearing. "We are fully confident that the jury will conclude that there were two occurrences' for insurance purposes and that Swiss Re and the other insurers will not succeed in getting away with paying only one-half of what they owe."

Rubenstein was responding to post-hearing statements from Swiss Re, once again claiming the attacks comprised a single occurrence. "We are confident that a jury will determine that the World Trade Center was one insured property subjected to one coordinated attack and that its destruction resulted in one insurable loss," remarked Swiss Re Holding Corp Chairman and CEO Jacques Dubois.