Unlikely to default
It is unlikely that a large company like Westfield would default on the loan, say people familiar with the financing of the lease.
Even if Silverstein ultimately wins the money he wants, any effort to rebuild inevitably comes back to the Port Authority and the governments of the states of New York and New Jersey and of New York City.
They may not be interested supporting Silverstein's ambitious desire to replace all of the trade center's 3,000,000m2 of office space and 150,000m2 of retail space just now because of the slowing economy and potential tenants' concern about further terrorist attacks. If he duplicated the twin towers' size -- whether in two 110-story towers or a combination of shorter buildings -- many people involved in ongoing negotiations worry privately that no one would rent the space. Such decisions are still a way off. Swiss Re's lawsuit would have to be resolved long before any rebuilding can begin.
For now, the fate of the case rests with US District Court Judge Denny Chin, who was randomly assigned to the case when it was filed last month. Chin, a 1994 Clinton appointee, is both soft-spoken and demanding, and lawyers who have been before him said he is willing to defy powerful interests in reaching his decisions.
But the case could be settled before it is decided by Chin, and it would not be surprising if the parties reached a deal requiring the insurers to pay a figure between US$3.6 billion and US$7.2 billion. The prospect of such a settlement does not seem to deter Silverstein from fulfilling his latest ambition.
"I have my health, my life, my family, my people less the four who died, and the ability to say, `Let's regroup and show these terrorists what we'll do, what we need to do,'" Silverstein said. "Life is for the living."
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