Return to Transcripts main page
CNN Live At Daybreak
WTC Rent Dispute
Aired May 28, 2003 - 06:43 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little business buzz right now. The company that lost two-thirds of its employees in the World Trade Center attacks is being sued by its former landlord.
Susan Lisovicz live in New York with that.
Sounds nasty -- Susan.
SUSAN LISOVICZ, CNN FINANCIAL NEWS CORRESPONDENT: It's nasty, and of course the whole thing is so tragic. Cantor Fitzgerald is the firm most synonymous with human loss from September 11. It lost 658 employees on that day. One out of four victims from the World Trade Center attacks was a Cantor employee.
Cantor is a bond trading firm. It occupied five floors near the top of the North Tower. Of course that was destroyed ultimately. But the firm that held the lease to the World Trade Center, Silverstein Properties, says, nonetheless, it owes back rent to the tune of $1 million and is suing Cantor to get it back. It says that there were dozens of companies that also lost employees on that day and Cantor is the only one that has not paid up.
A spokeswoman for Cantor Fitzgerald has declined to comment. Cantor, of course, has pledged a quarter of its profits to its victims' families in cash payments through 2006. And its health -- and has extended health care benefits to those same families for 10 years. So just a tragic story and not sure how it's going to work out, but it's now in the court system -- Carol.
COSTELLO: How's business going for them now, though -- Susan?
LISOVICZ: Well they actually did really well. I haven't followed them recently, Carol, but they did really well. There was such an outpouring from the community and didn't lose any of its customers and they -- they've done all right. And that is something that is a victory in itself, considering the loss that Cantor suffered.
COSTELLO: Definitely so.
A quick look at the futures before you have to go.
LISOVICZ: Futures higher, and what a day we had yesterday, Carol. The markets were weak until we had a trio of economic reports from the housing market and consumer confidence. Markets took off after that. The Dow gained more than 2 percent. The Nasdaq rallied 3 percent to its highest level this year. We get more economic news today. Durable goods orders for April expected to drop 1 percent. And, Carol, keep an eye on shares of Krispy Kreme, the company posted results this morning and they topped expectations.
COSTELLO: You know, I wanted to buy stock in Krispy Kreme when it went public, but did I, no.
LISOVICZ: It took off. That -- there was a big frenzy. I remember that day quite well.
COSTELLO: Yes. Thanks, Susan, appreciate it.
LISOVICZ: My pleasure.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired May 28, 2003 - 06:43 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little business buzz right now. The company that lost two-thirds of its employees in the World Trade Center attacks is being sued by its former landlord.
Susan Lisovicz live in New York with that.
Sounds nasty -- Susan.
SUSAN LISOVICZ, CNN FINANCIAL NEWS CORRESPONDENT: It's nasty, and of course the whole thing is so tragic. Cantor Fitzgerald is the firm most synonymous with human loss from September 11. It lost 658 employees on that day. One out of four victims from the World Trade Center attacks was a Cantor employee.
Cantor is a bond trading firm. It occupied five floors near the top of the North Tower. Of course that was destroyed ultimately. But the firm that held the lease to the World Trade Center, Silverstein Properties, says, nonetheless, it owes back rent to the tune of $1 million and is suing Cantor to get it back. It says that there were dozens of companies that also lost employees on that day and Cantor is the only one that has not paid up.
A spokeswoman for Cantor Fitzgerald has declined to comment. Cantor, of course, has pledged a quarter of its profits to its victims' families in cash payments through 2006. And its health -- and has extended health care benefits to those same families for 10 years. So just a tragic story and not sure how it's going to work out, but it's now in the court system -- Carol.
COSTELLO: How's business going for them now, though -- Susan?
LISOVICZ: Well they actually did really well. I haven't followed them recently, Carol, but they did really well. There was such an outpouring from the community and didn't lose any of its customers and they -- they've done all right. And that is something that is a victory in itself, considering the loss that Cantor suffered.
COSTELLO: Definitely so.
A quick look at the futures before you have to go.
LISOVICZ: Futures higher, and what a day we had yesterday, Carol. The markets were weak until we had a trio of economic reports from the housing market and consumer confidence. Markets took off after that. The Dow gained more than 2 percent. The Nasdaq rallied 3 percent to its highest level this year. We get more economic news today. Durable goods orders for April expected to drop 1 percent. And, Carol, keep an eye on shares of Krispy Kreme, the company posted results this morning and they topped expectations.
COSTELLO: You know, I wanted to buy stock in Krispy Kreme when it went public, but did I, no.
LISOVICZ: It took off. That -- there was a big frenzy. I remember that day quite well.
COSTELLO: Yes. Thanks, Susan, appreciate it.
LISOVICZ: My pleasure.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
