Silverstein retreat looms at WTC; Jury cuts payouts, financial pinch likely for developer's plan.(News)

Crain's New York Business, May, 2004 by Haughney, Christine

Byline: christine haughney Larry Silverstein will be under intense financial pressure to reduce his role in rebuilding the entire World Trade Center site now that a jury has decided that most insurers owe him just half the amount he was seeking. Real estate experts say the decision, which reduced Mr.

Silverstein's potential insurance payouts to no more than $5.5 billion, will force him to the bargaining table. The developer was counting on the courts to rule that the attack on the World Trade Center was two events, which would have entitled him to $7 billion. Without the additional funds, he would need to rely on debt to complete his projects, but banks aren't likely to lend for commercial office buildings that don't have a major tenant. Need for anchor...

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