The ownership group Atlanta Hawks Basketball and Entertainment LLC (AHBE) is suing an insurance company in regards to a settlement with Danny Ferry, the former General Manager. AHBE claims that while they were the ownership group of the Atlanta NBA team they were insured by AIG. Their policy coverage warranted their business for losses in relation to certain employment practices such as wrongful termination or workplace torts. AHBE allegedly gave notice to AIG that Ferry had made a claim that fell under their policy coverage, but AIG denies having received any notice.
An concealed financial agreement was met between AHBE and Ferry just days before a new ownership group took over the NBA franchise. AHBE feels that a breach of contract by AIG has occurred by their failure to recognize the notification and pay for the claim that, they understood, fell under their paid policy coverage. AHBE primary controlling partner was Bruce Levenson, the former co-owner of the Atlanta Hawks Team and Philips Arena.
Levenson had decided to sell his share of the Atlanta Hawks franchise back in 2014, and had hired Inner Circle Sports and Goldman Sachs to work the deal. The firms had overpriced the evaluation of the team which led to several potential buyers stepping away early, and Levenson was left with a much lower sale than he had anticipated. Levenson was certainly not put out by the deal, being a long time business man he remains resilient and continuously pushes forward in his career.
Levenson is the co-founder and partner of United Communications Group, a company he help start back in 1977. He has been the director for TechTarget Inc. and TechTarget.com, a successful IT company, since 2015. He has also been an important part of the Electronic Publishers Association and the Newsletter, serving on their Board of Directors. He is also an active philanthropist reveals PR Newswire.