Search
 

GlobeSt.com EXCLUSIVE: Trial Date Slips by as Major WTC Insurers Protest Appeal

NEW YORK CITY-Papers filed last week by the major World Trade Center insurers spell out the problems with a pending appeal by master leaseholder Larry Silverstein. Meanwhile, his attorneys accuse the opposition of disinterest in rebuilding Lower Manhattan.

By John Salustri | Updated on November 14, 2002

NEW YORK CITY-This past Tuesday was the date originally set for the start of the long-awaited World Trade Center terrorism insurance trial. But that date has come and gone with lawyers for both sides locked in debate over how to proceed–and both sides pointing fingers at the other for gumming up the process.

Papers obtained by GlobeSt.com reveal that attorneys for World Trade Center master leaseholder Larry Silverstein filed for an “expedited appeal” on Oct. 30. That appeal was based on the earlier court rulingin favor of the so-called “one-occurrence” claim by various WTC insurers. That ruling came from Federal District Judge John Martin. It has been Silverstein’s claim that the Sept. 11, 2001 destruction of the World Trade Center was actually two separate events, a claim that, if ultimately accepted by the courts, would double his insurance check–from roughly $3.5 billion to $7 billion.

But attorneys for Swiss Re and other Silverstein insurers last week filed their opposition to the appeal, based on a number of issues. Not the least of these issues is that the original ruling focused on three insurers who, according to Swiss Re law firm Simpson Thatcher & Bartlett, “collectively account for just 3% of the total program.” In its argument, Simpson Thatcher argues that “allowing a piecemeal appeal . . . would prejudice all non-moving insurers–which comprise [the bulk] of Silverstein’s coverage.”

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

© 2025 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 © 2025 ALM Global, LLC. All Rights Reserved.