Silverstein Properties responded to Swiss Res declaratory relief action on Wednesday with a renewed demand for payment in order to begin the reconstruction of the World Trade Center.
Larry Silverstein strongly disagrees with Swiss Res position that the attacks of Sept. 11 constituted a "single occurrence", and has asserted that, as two planes were involved, there were two loss events and both should be fully reimbursed. The difference of opinion is worth $3.56 billion, and Silverstein in essence asked the worlds second largest reinsurer to "show me the money." His companys response asked for immediate payment of Swiss Res 22 percent share of the loss of one building, around $800 million, while the court determines if a second loss event occurred.
