The Atlanta Hawks Basketball and Entertainment, LLC has filed a lawsuit against New Hampshire Insurance Company. This is due to breach of the contract that involves the settlement of claims made by the former general manager, Danny Ferry.
The lawsuit was filed in the Superior Court of Fulton County on September 13. AHBE claims to have been insured against losses related to employment practices. This was not limited to particular ‘Wrongful termination’ and ‘Workplace torts.’ Ferry and the Hawks’ ownership came to a secret buyout agreement on June 22, 2015. That ended the relationship that had begun with a six-year contract worth $18 million in 2012. The lawsuit declares that AIG has refused to acknowledge that a claim was made. It claims a breach of contract due to failure to pay for covered losses in the said settlement. It also seeks an additional 50% penalty of the unpaid loss, attorney’s fees, and other costs.
Bruce Levenson is the former owner of Atlanta Hawks. He co-founded UCG, http://www.ucg.com/AboutUs/Ownership.aspx, with Mr. Ed Peskowitz. He also served on the Board of Directors of the Newsletter and Electronic Publishers Association. He has also been the president of the “I Have a Dream Foundation”. Bruce Levenson is involved in many philanthropic endeavors.
The bankers he hired to sell Atlanta Hawks were off by at least 27% on the price they could get for the NBA team. He hired Goldman Sachs and Inner Circle to sell the Hawks and operating rights to Phillips Arena. Bruce led the Washington-Based group that announced it would sell its 50.1 % stake and the interested groups met in Atlanta.
Antony Ressler agreed to buy the Hawks from Levenson, Michael Gearon Jr., and other investors for a Forbes reported $850 million. His partners include former NBA player Grant Hill and Jesse Itzler, the co-founder of Marquis Jet.