SILVERSTEIN HAS SPENT $1.3BN OF INSURANCE MONEY DUE ON WTC

World Trade Center leaseholder Larry Silverstein has already spent $1.3bn of the insurance money due as compensation for the destruction of the Twin Towers, the Wall Street Journal has reported. About $100m has gone to the law firm representing Mr Silverstein in his court case against insurers over whether the destruction consisted of one insurable event or two. At least $623.7m in business-interruption cover has been paid, but half of this has been used to pay rent to the Port Authority of New York and interest to GMAC Commercial Mortgage, Mr Silverstein’s main lender. The newspaper said that about $700m of the $1.3bn that has been spent could be replaced by obtaining new financing or reselling leasing rights to the retail part of the towers.