In a major victory for New York real estate developer Larry Silverstein, a New York jury has decided that the 9/11 attacks on the World Trade Center Towers constituted two attacks for insurance purposes, which could result in an additional payout of as much as $1.1 billion for rebuilding commercial real estate space at Ground Zero.In a written statement, Mr. Silverstein said the verdict means that an additional one billion dollars of insurance proceeds will be available for the rebuilding. This, combined with Liberty Bond financing, "will ensure a timely and complete rebuild of the World Trade Center," he said. Mr. Silverstein added: "I strongly felt, and the jury agreed, that the destruction of the Twin Towers by two separate airplanes at two separate times was two separate occurrences, and that these insurers have an obligation to pay their fair share to help make Lower Manhattan whole again." Of the nine insurance companies affected by the decision, at least one, Germany-based Allianz, said it would appeal the jury decision.
