Former Atlanta Hawks Owners Take On Insurance Company

Bruce Levenson is making a legal claim against the insurance company he used back when he was an owner of the Atlanta Hawks. Levenson did business with a company called New Hampshire Insurance Company, also known as AIG. He has filed against them in court due to a breach of contract regarding the former Atlanta Hawks’ coach Danny Ferry.

Back in 2015, Levenson was entertaining an offer to sell the Atlanta Hawks. He employed Inner Circle Sports as well as Goldman Sachs to the all the necessary market research and to advise him financially on the deal. Part of the deal was the rights to the Philips Arena, and also the permission to choose a new coach for the team. This regrettably meant that Danny Ferry, the current coach, would have to go. Ferry was on a 6 year contract where he was promised compensation of $18 million. Since he was being terminated early Levenson and his company provided a generous package to compensate Ferry for his losses and the deal to sell the Atlanta Hawk’s went through. It is currently owned by Tony Ressler. Unfortunately, the New Hampshire Insurance Company who was supposed to cover Danny Ferry’s settlement package did not release funds to cover the matter. The insurance company had an obligation to immediately release funds as soon as it was notified of the deal going through and that stipulations in the policy on workplace torts, and wrongful termination had been triggered.

AIG did not give a response to Levenson (check out brucelevenson.com) and company when requests for a reply were sent and thus Levenson has now filed in court against AIG to recover the damages. AIG is being charged with breach of contract, and negligence which could justify an additional penalty of 50% being charged against it in this matter plus legal fees to the suing party.

Sources:

Wikipedia.org

http://www.prnewswire.com/news-releases/undergrads-and-graduate-students-mastering-philanthropy-300038081.html

Leave a Reply

Your email address will not be published. Required fields are marked *