The former ownership consortium of NBA team Atlanta Hawks, has sued an insurance company for breaching a business contract. The Atlanta Hawks Basketball and Entertainment LLC (AHBE) filed a complaint against New Hampshire Insurance Company for allegedly breaching a contract pertaining to clams made by Danny Ferry, its former General Manager. The lawsuit also roped in Bruce Levenson, a controlling partner of AHBE.
The legal proceedings were filed at Fulton County’s Superior Court. AHBE is accusing the insurance company of intentionally and maliciously breaching a contract signed by the two parties. The Hawks and Ferry agreed on an undisclosed buyout agreement, which effectively ended a six-year contract valued at 18 million dollars. When the contract was terminated, the insurance company was to pay off the remainder of Ferry’s contract. However, New Hampshire Insurance Company failed to do so.
AHBE claims that despite having an obligation to pay for the remainder of the contract, the insurer totally refused to pay for the losses. It did this without any substantial justification, and in bad faith. Besides recovering the unpaid funds, the consortium is seeking a 50 percent penalty due to the losses that it accrued as a result of the breach of contract.
About Bruce Levenson
Mr. Levenson is a former owner of Atlanta Hawks, which is one of the most prolific sporting franchises in the United States. He helped establish it as a force to reckon with in the sporting world. Bruce is synonymous with United Communications Group, which he co-founded in 1977 with Ed Peskowitz. The success that this company helped Bruce to establish himself as a decisive corporate leader.
According to Time Magazine, before making forays into entrepreneurship, Mr. Levenson was a renowned writer for Observer Publishing and the Washington Star. Besides his role as a partner at UGC, Bruce is a director of Tech Target Inc. In the past, he has held board membership positions at the Electronic Publishers Association, and The Newsletter.
Mr. Levenson’s personal website: http://brucelevenson.com/