Former Ownership of the Hawks Sues Insurer

The New Hampshire Insurance Company is being sued by the former owner of the Atlanta Hawks. The lawsuit has been filed on grounds of breach of contract which is alleged to have happened during the settlement of some of the claims made by the company’s former manager. Included in the suit was the former owner of the Basketball Team, UCG founderBruce Levenson. Bruce sold the company back in 2015 after being in the leadership position for close to four year, reports Forbes. However, the current leadership of the team was aware about the suit and did not want to get involved.

The lawsuit had been filed in the superior court in the Fulton County in September last year. The claim that was made included breach of contract and bad faith insurance. The former management team at the hawks explained that when the insurance cover was taken and the company started paying their premiums, they had been promised that they would be covered for all malpractices connected to employment laws. Their understanding was that this covered issues such as work place torts and even wrongful termination. The company gave notice to the insurer about the claims they were making against Ferry but there was no reaction about it.

These issues started unraveling when Bruce decided to sell the company in the June of 2015. The six year contract that AHBE had had with the insurer was terminated when Tony Ressler took up ownership. The current group that is managing the team was reached for a comment on the matter but they declines to offer any information and maintained that they were not part of the entire issue.

The lawyers that are participating in the lawsuit claim that AIG has been taken to court because they refuse to address the claims that obviously fall within the terms that were described by the contract. They hope a speedy resolution will be found soon.

Bruce Levenson Looks To Bring Atlanta Hawks Ownership Issues To A Close

In June 2015 the owners of the Atlanta Hawks, led by Bruce Levenson, reported they had agreed to sell the NBA franchise to a consortium headed by Forbes listed billionaire technology executive Tony Ressler. Bruce Levenson and his fellow members of the Atlanta Hawks Basketball & Entertainment LLC consortium completed the sale of the franchise, yet are still looking to bring to a close all the aspects of their ownership of the one time winner of the NBA Championship.

Bruce Levenson and his consortium purchased the franchise in 2004 with the Hawks rooted at the foot of the NBA standings, over the course of the following decade Levenson led the franchise to the number one seed position at the close of the 2014-2015 regular season. Upon announcing their decision on Fto sell the Hawks franchise Bruce Levenson began working with Goldman Sachs and Inner Circle Sports to broker a deal to sell the basketball team and the right to operate Phillips Arena.

The time spent at the Atlanta Hawks by Bruce Levenson was not only successful in sporting and business terms, but also included a series of successful philanthropic endeavors, including work with the Hoop Dreams charity and Make A Wish Foundation. Bruce Levenson also made sure the Hawks had a national and international presence when he led members of the playing and support staff on a visit to the U.S. Holocaust Museum in Washington D.C. in 2014.

The termination of the contract of Danny Ferry forms the basis of the claim being made against AIG for breach of contract and insurance bad faith. Bruce Levenson’s legal team are hoping to complete a financial settlement with AIG in court that will include a 50 percent penalty after the insurance company refused to acknowledge the claim had even been made on the policy held by the Atlanta Hawks Basketball & Entertainment LLC consortium.