Monday, October 13th, 2003 — Despite the earnest efforts of New Yorks governor George Pataki to find a quick solution to the dispute between Silverstein Properties and Swiss Re over the amount to be paid for the destruction of the World Trade Center, both sides seem determined to plow ahead with their litigation, in the courts and in the press.
As perhaps everyone now knows, the dispute centers on whether the destruction of the twin towers constituted one event (Swiss Res position), or two separate events (Silversteins position). Approximately $3.5 billion rests on the answer, which a jury is now slated to determine in a trial scheduled to begin late this year at the earliest. The governor is concerned that the protracted dispute will delay the start of reconstruction of the WTC site, but given the invective between the two sides, its hard to imagine that any compromise can be achieved.