Bruce Levenson and the Atlanta Hawks Basketball and Entertainment LLC File Suit

Bruce Levenson and the prior owners of the Atlanta Hawks have filed a law suit in Superior Court against the insurance giant AIG. The suit claims that AIG, also known as New Hampshire Insurance Company, committed a breach of contract and failure to pay a claim in insurance bad faith.

The current owner and CEO of the Atlanta Hawks Tony Ressler had no comment on this action by the prior owners as they are no longer associated with one another.

AIG reps have stated that no notice of a claim was filed and that notice was not given to trigger the policy. The amount of the claim made by previous General Manager Danny Ferry is not known at this time due to the records for that have been sealed and are confidential at this time.

Bruce Levenson and two other investors, if you recall, sold the Hawks for roughly $850 Million Dollars to Ressler. Mr. Levenson was the principal with majority control as part owner of the Atlanta Hawks and the Atlanta Thrashers NHL Hockey Team, as well as the operating rights to the Philips Arena. Mr. Levenson sold the Atlanta Thrashers for $170 Million Dollars in 2011 at which point the Thrashers moved to Canada.

The suit filed against AIG aka New Hampshire Insurance Company claims that the insurance company has the means to pay the claim and has not denied any obligation to pay the claim as of current court documents show. Bruce Levenson and company are also seeking a fifty percent award increase from the suit against AIG for penalties as well as the standard attorney fees and court costs associated with this law suit from which AIG has denied payment of a claim filed by previous General manager Danny Ferry.

Sources:

Wikipedia.org

Official Bruce Levenson Website

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

http://www.ajc.com/sports/basketball/former-hawks-ownership-sues-insurance-company-over-ferry-settlement/ZM3cMU2m7pID3gLMPGuVQI/

http://www.espn.com/nba/story/_/id/12742256/antony-ressler-nearing-850m-deal-buy-atlanta-hawks

http://www.usatoday.com/story/sports/nba/hawks/2015/04/22/hawks-sold-to-grant-hill-tony-ressler-jese-itzler-steven-starker-group/26189333/

 

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