The former ownership group of the Atlanta Hawks has sued the New Hampshire Insurance Company also known as AIG for breaching a contract made by Danny Ferry, its former general manager. According to Forbes, the Atlanta Hawks was sold to a group led by Antony Ressler for $850million in June 2015. Ressler’s group included Jesse Itzler, co-founder Marquis Jet and Grant Hill, a former NBA player.
The Atlanta Hawks Basketball and Entertainment LLC, led by Bruce Levenson, filed a lawsuit against the insurance company in the Superior Court of Fulton County and gave a notice indicating that Danny Ferry had asserted settlement claims, which were covered in the insurance policy. However, the lawsuit does not involve Tony Ressler’s group in any way.
According to the former Hawks ownership group, the signed policy covered certain employment-related losses, including, but not limited to, workplace torts and wrongful termination practices. Court documents indicate that AHBE gave notice to the company on April 2, 2015, and the amount of the claim is confidential.
On June 22, 2015, former general manager, David Ferry and Hawks ownership ended their 6-year contract worth $18 million after reaching an undisclosed buyout agreement. The NBA franchise was then sold two days later. The lawsuit states that the Insurance Company has failed and refused to offer payment for the covered loss, and it had no basis of contending that no claim was made and that no such was covered in the policy. The group, therefore, seeks an extra 50 percent as a penalty for unpaid losses and attorney’s costs.
Bruce Levenson is a former NBA franchise owner and a philanthropist. He co-founded the United Communications Group, an information company with specialties in news, data, and analysis for various industries. Levenson is also an owner of the Atlanta Hawks Llc, formerly known as Atlanta Spirit LLC. Earlier in his career, he worked as a writer for Observer Publishing and the Washington Star. Levenson has served as Director for TechTarget and has been actively involved in philanthropic activities including supporting the Community Foundation of Washington, D.C.