The Atlanta Hawks Basketball and Entertainment,(AHBE) LLC, has filed a lawsuit against New Hampshire Insurance Company. The former NBA franchise is accusing the insurance company of breach of contract.
The former owner of AHBE, Bruce Leveson was included in this lawsuit, however, the current owner, Tony Ressler, was not.
Claiming that it was insured for a policy for coverage for certain losses, ABHE have notice to AIG (The insurance Company) on April 2, 2015 that claims have been asserted by Ferry that believed it was covered.
The June 2015 Forbes covered buyout between Ferry and Hawks ended the 6 year relationship that began with an 18 million dollar contract. The sale of the franchise received approval two days after the buyout on June 24.
A spokesperson for the Hawks says that they are aware of the complaint and that the parties involved will no longer have connections to the Hawks Organization.
The amount of the claim is confidential, according to court documents. The lawsuit says that the the confidential limits of liability are enough to play ABHE’s claim. It also states that AIG is refusing to acknowledge the lawsuit.
Another 50 percent penalty is also being seeded to makeup for unpaid loss and attorney fees.
Bruce Levenson is the Atlanta Hawks Managing Partner. In 1977 United Communications group was founded by Levenson and Ed Peskowitz. Leveson was also one of the Shareholders of TechTarget. He worked there until 2012. Currently, Leveson and a partner founded DOT, a cookware company.
Bruce and is wife, Karen, are avid philanthropists, and have founded a group called The Center for Philanthropy and Nonprofit Leadership.