Former Hawks Owners Sue Insurance Company

Atlanta Hawks Basketball and Entertainment LLC—the prior group owning the NBA franchise organization has proceeded to file suit against the New Hampshire Insurance Company. The suit involves breach of contract, relative to settling claims made by the prior GM, Danny Ferry. The prior Hawk’s ownership organization of AHBE also included Bruce Levenson—who was controlling partner. The suit did not include Tony Ressler—the principal owner.

The suit was filed in Superior Court of Fulton County on September 13th. The insurance company is also known by the acronym of AIG. The action is a civil action. AHBE has made the claim it was insured for coverage of particular losses with respect to employment practice inclusive, however not limited to acts of Wrongful Termination and Torts. AHBE provided notice to AIG on April 2, 2015 that claims had been asserted by Ferry—which were believed covered.

Ferry and ownership of the Hawks ended on June 22,2015. The approval of the sale reached the Ressler group on June 24th of 2015.

A spokesman for the current ownership of the Hawks mentioned that they were aware of the legal complaint. The principal parties, though, involved with the complaint, are no longer associated with the Atlanta Hawks.

The amount of the claim is undisclosed-publicly. The suit states confidential limits as to the policy’s liability are enough to address the claim of AHBE. The suit states AIG has refused acknowledgement of the claim and refused, too, acknowledgement that the policy was reinstated. AIG refused to participate in defending the claims or accept coverage during meetings between that of Ferry’s counsel of law and the Hawks.

The lawsuit further notes that despite an obligation to pay; certain claims made by Ferry triggered the coverage provided by that of the AIG policy. The claims made fell within the coverage provided by the policy.

Notes regarding Bruce Levenson:

A US businessman, Bruce Levenson is a Forbes listed billionaire, philanthropist and former team owner in the NBA. He co-owned the Atlanta Hawks LLC. The corporation manages the Philips Arena as well as the basketball team, the Atlanta Hawks.

Mr. Levenson served on the NBA Board of Governors for the Hawks from 2004. In 1977, he was one of the co-founders of the United Communications Group, or UCG. Levenson’s tenure includes director on the board of TechTarget, a publicly traded media company in the technological sector, among other notable positions.








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Global Lender Notices Trend In Using Stock As Collateral

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