Arbitration panel rules against WTC developer

01/28/2010 | Bloomberg · Wall Street Journal, The

A three-person arbitration panel ruled against World Trade Center developer Larry Silverstein's request for hundreds of millions of dollars in rent abatements and said the Port Authority of New York and New Jersey will not have to pay as much as $2.75 billion to Silverstein for alleged breach of contract. Arbitrators gave the two sides 45 days to come up with new deadlines to proceed with development, which has been delayed for years by security concerns, disagreements among government, private developers, families affected by the 2001 terrorist attacks, and insurance litigation.

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Bloomberg · Wall Street Journal, The

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