Bruce Levenson may no longer be in control of the team, but his company, Atlanta Hawks Basketball and Entertainment LLC, is headed back to court to hash out what may have been a breach in insurance coverage during the Ferry settlement. See, http://www.forbes.com/sites/mikeozanian/2015/04/23/bankers-for-levenson-oversold-atlanta-hawks-by-27/.
Danny Ferry, the team’s former General Manager, parted ways with Levenson’s company, leading to a settlement between the two parties. It took place in June of 2015, cutting Ferry’s six-year contract in half for an undisclosed sum of money. That settlement, the company claims, ought to have been covered by their insurance company, as workplace termination, separation and all related torts were part of their policy. As they did not pay out Ferry’s settlement, Levenson’s company has filed a lawsuit with the Supreme Court of Fulton County, seeking damages for insurance bad faith and breach of contract.
No word as to the total amount Levenson is seeking, but the lawyers representing them feel their case is pretty solid. Citing a clear breach in policy, Levenson’s representation argues that their insurance provider was liable in the case of Ferry’s separation from the Atlanta Hawks. No word yet as to whether the former General Manager may find himself back in court as this case moves forward.
About Bruce Levenson:
Having started his career in publishing, first as a writer for the Washington Star and later with Oliver Publishing, Bruce Levenson eventually started a career in business. Partnering with Ed Peskowitz, Levenson founded the United Communications Group which he’s led as Partner for over 20 years.
According to Time.com, Levenson has continued to keep his ventures diversified, like owning the Atlanta Hawks and rising to the position of Director of Tech Target. Outside of business, Levenson has dedicated a significant portion of his life to work in philanthropy with groups like the I Have a Dream Foundation where he served as President.
Former Atlanta Hawks Basketball franchise holding company, AHBE owned by Bruce Levenson filed a lawsuit against AIG for breach of insurance contract. The contract was meant to cover losses related to employment practices such as wrongful termination and workplace torts.
The lawsuit states that AIG is liable to pay for the claims. It also claims that AIG has not only refused to settle the claims, but they have failed to acknowledge the insurance claims sent to them as well as failing to offer any response towards AHBE.
In light of this situation, the current Hawks Basketball Franchise owners were quick to distance themselves from the ongoing litigations. “We are aware of the lawsuit. However, the two conflicting parties have no ties with the current ownership and therefore no further comment on this matter.” A spokesman said.
According to ESPN, Tony Ressler, A billionaire investment fund manager together with Grant Hill, former NBA star and Co-Founder of Marquis Jet, Jesse Itzler are believed to be the new owners of the basketball franchise. The total fee involved in the acquisition is believed to be around $730 million, the highest bid for the franchise. Bruce had expected the franchise to sell for at least $1 billion after hiring Goldman Sachs and Inner Circle Sports to carry out a valuation of the franchise and manage the negotiations.
About Bruce Levenson
Bruce is a businessman and a philanthropist, see, http://www.prnewswire.com/news-releases/undergrads-and-graduate-students-mastering-philanthropy-300038081.html. He is the former owner of the Hawks Basketball franchise and a Co-Founder of United Communications Group (UCG). Bruce is also a board member of Tech Target, a publicly traded IT company. As a philanthropist, Bruce has been involved with many nonprofit organizations such as the Community Foundation, the Hoop Dreams Foundation, SEED Foundation, and Seeds of Peace. He has served as president of I Have a Dream Foundation, helping disadvantaged kids pursue Higher Education.
Source: brucelevenson.com website