NewsMine — 9-11 — insurance-scam — Viewing Item

Silverstein wanted to close deal quick before attacks Original Source Link: (May no longer be active)    http://asia.news.yahoo.com/040323/ap/d81g926g0.html http://asia.news.yahoo.com/040323/ap/d81g926g0.html Business - AP Wednesday March 24, 3:33 AM WTC Leaseholder Testifies on Insurance World Trade Center leaseholder Larry Silverstein testified Tuesday that he knew little about the insurance policies he secured before signing a 99-year lease in the weeks before the Sept. 11 terrorist attack destroyed his buildings. He told a jury in U.S. District Court in Manhattan that he knew the insurance was important enough to the July 2001 closing of the lease that he ordered his staff: "Get it done. Get it done because we need it to close." But he said he left the wording of the insurance contracts to his staff. A day or so after the Sept. 11, 2001, attacks, Silverstein said, he was advised to hire lawyers to handle problems arising over the insurance contracts. Silverstein, the first witness called by lawyers for his company, testified for less than a half hour at an insurance trial meant to determine which insurance forms governed policies provided by various companies. A related upcoming trial may be held to determine whether the attack on the trade center by two separate hijacked planes represented one attack or two for insurance purposes. Silverstein has insisted it represents two attacks and has said he is entitled to $7 billion in insurance proceeds, enough to cover his share of the cost of rebuilding the trade center complex. The insurance companies, though, argue that Silverstein underinsured his buildings and is entitled to $3.5 billion. Silverstein's testimony was severely restricted Tuesday by a judge angered at public statements Silverstein made when he erroneously thought a gag order on participants in the trial had been lifted. Outside court, Silverstein rebuffed attempts by reporters to question him. "I'm not going to comment on anything," he snapped before boarding an elevator.

Developer in insurance showdown Judge decided attack is two events { December 6 2004 } Leaseholder fights over insurance claim { February 7 2004 } Silverstein signed lease for buildings weeks before attacks Silverstein wanted to close deal quick before attacks Files Listed: 5

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