| Subject: Re: Developer sues Cantor for back rent |
Author:
Marie
|
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Date Posted: 07:19:01 09/20/03 Sat
In reply to:
crush orange
's message, "Developer sues Cantor for back rent" on 22:39:58 05/27/03 Tue
Die Qual der Wahl
>Developer sues Cantor for back rent
>By Christopher Grimes and Adrian Michaels in New York
>Published: May 28 2003 0:36 | Last Updated: May 28
>2003 0:36
>
>
>Larry Silverstein, (pictured) the real estate
>developer who holds the lease on the World Trade
>Center, has filed suit against Cantor Fitzgerald for
>rent owed for August 1-September 10, 2001.
>
>
>Cantor, which lost 658 employees in the September 11
>terrorist attacks, owes over $1m in back rent,
>according to Mr Silverstein's lawsuit.
>
>Mr Silverstein continues to pay rent to the Port
>Authority of New York and New Jersey to maintain the
>World Trade Center lease. All the other major tenants
>have paid rent for the period prior to the terrorist
>attacks on the Twin Towers, Mr Silverstein claims.
>
>"We have commitments from all the other major tenants;
>this is the only tenant who has failed to address this
>matter," a spokesman for Mr Silverstein said.
>"Unfortunately we had to file this lawsuit."
>
>Mr Silverstein's financial situation has been the
>subject of legal battles and speculation for months.
>His company took control of the WTC for $3.2bn shortly
>before the attacks and has since been battling to
>double the losses of over 20 insurers to more than
>$7bn. Mr Silverstein argues that because two aircraft
>hit separate buildings, he can make two claims and
>recover twice his $3.6bn coverage.
>
>In September a judge in New York granted judgment in
>favour of the arguments of three of the insurers that
>the terrorist attacks constituted one "occurrence".
>
>Mr Silverstein plans to appeal that decision July 22
>in a US court.
>
>Meanwhile there is a separate insurance dispute over
>the rebuilding by Mr Silverstein of another part of
>the WTC complex, World Trade Seven.
>
>Cantor Fitzgerald was criticised for being slow to pay
>benefits to relatives of employees killed in the
>tragedy. Only days after the attacks, the firm stopped
>sending paychecks to missing employees. There were
>also questions about payment of year-end bonuses.
>
>But Howard Lutnick, chairman, later offered more
>generous financial plans for the families, including a
>plan to donate 25 per cent of the firm's profits to a
>fund for families.
>
>As the leaseholder of the World Trade Center site, Mr
>Silverstein is also a major figure in the
>redevelopment of Lower Manhattan.
>
>He has differed with city and state officials on the
>direction of the redevelopment, including New York
>City mayor Michael Bloomberg.
>
>Mr Bloomberg yesterday unveiled a $25m plan to build
>new parks and open spaces near the site of World Trade
>Center in Lower Manhattan. Work is to begin on 13
>sites, with 8 parks to be completed within the next
>year. A design competition for a memorial is under
>way, with selection expected later in the year.
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