Former Atlanta Hawks Owner Goes to Court Over Ferry Deal

Recently, the Atlanta Journal and Constitution reported that the the former ownership grouprs of the National Basketball Association Atlanta Hawks headed by Bruce Levenson has filed a lawsuit against the New Hampshire Insurance Corporation, also Known As AIG. Levenson and Atlanta Hawks Basketball and Entertainment LLC ended the employment of general manager Danny Ferry in April, 2015. Ferry was midway through a six-year contract. FHe and AHBE settled the contract for an undisclosed amount. Shortly afterward, Leven sold the Hawks franchise. He and AHBE had purchased insurance covering losses due to certain decisions affecting employees.

According to the lawsuit, AIG refused to acknowledge or pay the claim for the Ferry settlement. Levenson maintains that AHBE is covered and that the coverage. The lawsuit is for breach of contract and insurance bad faith. The new owners of the Hawks, a group headed by Tony Ressler, is not party to the lawsuit.

Bruce Levenson started his career by publishing “Oil Express,” which was an information newsletter about the oil sector. Initially, Levvenson worked out of his apartment in 1977. He and his partner, Ed Peskowitz, built their business into United Communications Group. It is now one of the largest privately held business-oriented data information and analysis firms in the world. UCG furnishes information about a number of industries. These include healthcare, energy and banking.

Forbes billionaire Bruce Levenson formed AHBE to buy the Atlanta Hawks in 2004 from the Turner Broadcasting Company. From 2004 until 2015 he served on the NBA Board of Governors. Levenson is also known as a philanthropist. He supports a number of charitable and nonprofit organizations, including the I Have a Dream Foundation and the United States Holocaust Museum. Levenson and his family split their time between homes located in Atlanta and Maryland.