When Eric Dinallo started his job in January as New York insurance superintendent, he discovered to his dismay that there were still at least $2 billion in outstanding claims related to the World Trade Center's destruction by terrorists on Sept. 11, 2001.
A fierce legal battle was being waged before a number of committees, mediators and both federal and state courts, with hundreds of attorneys bitterly arguing the claim disputes between Silverstein Properties and seven insurers.
"It was not a good overhang for anyone," he said, pointing out that the situation was making both the insurance and real estate industries look bad in the eyes of many.
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