Former Hawks Basketball Team Owners Sue Their Insurance Company

November 29th, 2016

Bruce Levenson is a member of The Atlanta Hawks Basketball and Entertainment LLC, the former team owners of the Hawks basketball team which still made news in April 2015 after months of being on bid. Bruce’s estimate value for the team was $1 billion. The sale was estimated to end in June.

Under negotiation management of Goldman Sachs and Inner Sports, Antony Ressler agreed to buy the Atlanta Hawks at $850 million in cash, well above the 425$ million Forbes had ranked the Hawks with on June 24th. See, http://www.forbes.com/sites/mikeozanian/2015/04/23/bankers-for-levenson-oversold-atlanta-hawks-by-27/.

In a report by Time.com, the team was forced to go into market due to some social remarks disagreements that were made public.

The investigation followed a similar unsettling remark by Ferry about freelancing agent Luol Deng.Luol made the remarks on a conference call with the management.

Emerging reports state that the former ownership group, Atlanta Hawks Basketball and Entertainment (AHBE), led by Bruce Levenson filed a lawsuit against New Hampshire Insurance Company for a breach of contract. The lawsuit was enforced by Ferry.

AHBE has reported that it was insured against “Workplace Offenses” and “Wrongful Cessation”.

The former ownership group filed the concern with the insurance company on April 2 2015.

Disclosed information indicates that the lawsuit claimed the insurance company rejected knowledge of the claim or policy violation. It also indicated that the company refused to compensate for damages incurred during the settlement.

The complaint detailed that the policies were the clearly triggered and (AIG), the insurance company denied the claims without providing substantial reasons.

James J. Leonard, the attorney representing AHBE, explained that attempted contact with AIG had failed.

The insurance company is expected to pay an extra 50% fine for damages on the attorney’s expenses.

The new team owners under Antony Ressler have not commented on the matter, stating that they are not involved. For more info, visit prnewswire.com.

 

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