WTC Insurers Agree to Pay, Only Five-Plus Years Later
A mere five years and eight months after September 11, 2001, the World Trade Center’s insurers have finally agreed to pay out Larry Silverstein’s claims. (And you thought the check from when your apartment was robbed took a long time to arrive!) Governor Spitzer announced a settlement yesterday between Silverstein and the seven insurance companies that tried to stiff him. So after all this wrangling, how huge is the gap between the amount Silverstein originally sought and the compromise sum? A measly $130 million — less than 3 percent of the total $4.6 billion the developer will receive. To think that this was one of the main issues slowing down the reconstruction at ground zero is, in instant retrospect, revolting. But both Silverstein and Spitzer put on gentlemanly performances yesterday; Silverstein offered a “very, very deep thank-you.” Another thank-you is probably being muttered by the Port Authority, which will help itself to a chunk of the settlement as a part of its earlier deal with Silverstein. And perhaps by the rest of New York, which might one day actually see something built on the site.
WTC Insure War Is Over [NYP]