owner of WTC sue airlines due to nine eleven tragedy

Source : 

https://therealdeal.com/2015/09/18/airlines-may-yet-have-to-pay-silverstein-3-5b-for-wtc/

Airlines may have to pay Silverstein $3.5B for WTC after all

Second Circuit reverses previous action limiting possible compensation to $2.8B

September 18, 2015 10:39AM

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A rendering of 2 World Trade Center and Larry Silverstein (Inset)

A rendering of the new World Trade Center (inset: Larry Silverstein)

The 14th anniversary of Sept. 11 is just behind us, but much still lies ahead in Larry Silverstein’s legal fight for compensation.A three-judge Second Circuit Court panel reversed a previous judgement that would have limited Silverstein’s possible reward to $2.8 billion, rather than the $3.5 billion he sought in his action against U.S. Airways.

The panel ruled that a lower court had miscalculated the decline in the World Trade Center’s value, and had used the wrong interest rate, the federal funds rate rather than the state rate. The court also refused to revive Silverstein’s claims against United Airlines, which co-operated the security checkpoint through which the 9/11 terrorists passed, Courthouse News reported.

Silverstein purchased the leases on the World Trade Center just six weeks before the attacks. He’s already received $4.6 billion in compensation from insurance companies, back in 2007.

Last week, The Real Deal looked at the extent to which the Financial District has recovered from the disaster. [Courthouse News] – Ariel Stulberg

source:

http://www.dailymail.co.uk/news/article-2365931/Larry-Silverstein-World-Trade-Center-owner-trying-sue-airlines-billions-9-11-attacks.html

Owner of World Trade Center is trying to sue airlines for BILLIONS for 9/11 attacks... even though he was already paid $5billion in insurance

Larry Silverstein, the owner of the World Trade Center, is seeking $3.5billion from United Airlines, US Airways and American Airlines. Silverstein argues that the 9-11 attacks cost his property group more than $7billion

The new One World Trade Center alone cost $3.9billion

By Daily Mail Reporter and Associated Press

PUBLISHED: 17:24 GMT, 16 July 2013 | UPDATED: 17:25 GMT, 16 July 2013

The owner of the World Trade Center is arguing in federal court that the airlines who planes were flown into the Twin Towers on September 11, 2001 should pay him billions in compensation.

Larry Silverstein is attempting to collect $3.5billion from United Airlines, US Airways and American Airlines - on top of nearly $5billion he has already received from his insurance company.

U.S. District Judge Alvin K. Hellerstein in Manhattan is listening to arguments on both sides before he will rule on whether Silverstein's World Trade Center Properties can file a lawsuit against the airlines.

He is expected to rule from the bench as soon as several witnesses conclude testifying in the trial expected to last about three days. Arguments began on Monday.

Lawyers for the owners argued during opening statements that the money they already have received does not preclude them from separately pursuing damages against aviation companies.

Attorney Roger Podesta, who represents the airlines, said the $3.5 billion being sought for destruction of the twin towers and a third skyscraper would amount to double compensation.

He said an $8.5 billion total recovery would be more than 2 1/2 times the fair value of the buildings that fell.

Attorney Richard Williamson, representing World Trade Center Properties, said accounting and construction experts had assessed damages of at least $7.2 billion from the September 11, 2001 attacks.

One World Trade Center, which topped out earlier this year and became the tallest building in the western hemisphere, cost an estimated $3.9billion.

It is slated to open in early 2014.

'This did not just come out of a hat.' he said of the damage figures. 'You can't just say, "I have economic loss."'

The trade center owners say it has cost more than $7 billion to replace the twin towers and more than $1 billion to replace the third trade center building that fell.

The trial's first witness was Michael S. Beach, a claims expert hired by the aviation companies who spent hours explaining to the court how the loss was calculated.

In court papers, both sides have accused the other of unfairly characterizing their claims.

Should Hellerstein decide the claims do not correspond with each other, Silverstein would then have to prove liability in a separate trial.

Hellerstein, a Bronx native and U.S. Army veteran nominated to the bench by President Bill Clinton, has presided over a sprawling portfolio of 9/11-related cases.

In January, Hellerstein will hear a trial pitting Cantor Fitzgerald, which lost 658 employees in the attacks, against American Airlines. The financial services firm sued the airline over lost business and the destruction of its offices in the World Trade Center.