World Trade Center arbitration initiated | Practical Law

World Trade Center arbitration initiated | Practical Law

Daniel J. Leffell (Partner), Marc Falcone (Partner) and Jeffrey D. Kleinman (Associate), Paul, Weiss, Rifkind, Wharton & Garrison LLP

World Trade Center arbitration initiated

Practical Law Legal Update 9-387-4947 (Approx. 2 pages)

World Trade Center arbitration initiated

Published on 13 Aug 2009USA
Daniel J. Leffell (Partner), Marc Falcone (Partner) and Jeffrey D. Kleinman (Associate), Paul, Weiss, Rifkind, Wharton & Garrison LLP
Larry Silverstein, the private developer in charge of rebuilding the World Trade Center (WTC), has initiated arbitration proceedings with the Port Authority of New York and New Jersey to settle disputes in connection with the WTC's long-delayed construction.
Larry Silverstein, the private developer in charge of rebuilding the World Trade Center (WTC), has initiated arbitration proceedings with the Port Authority of New York and New Jersey to settle disputes in connection with the WTC's long-delayed construction. In a letter sent on 6 July 2009 to stakeholders, Mr. Silverstein wrote that he believed that arbitration was the "last and best hope for providing a fair and equitable outcome that everyone can with live with, and - most important - for finally getting the World Trade Center rebuilt."