Category Archives: NBA Team Ownership

Former Hawks Ownership Group Sues AIG

Insurance giant AIG, is being used in Fulton County, Georgia, Court by the former ownership group of the NBA basketball team, the Atalanta Hawks. The group, called Atlanta Hawks Basketball and Entertainment LLC. makes serious allegations against the insurance company. Some of the complaints filed in the lawsuit include the fact that AIG did not pay the ownership group for losses it had incurred that were supposed to be covered under the group’s insurance policy with AIG.

The lawsuit alleges that AIG knew that they would have to pay and the policy covered the losses that Atlanta Hawks Basketball and Entertainment LLC. suffered when Danny Ferry was terminated from the Hawks. Court documents show that the group has accused AIG of breaching their contract and bad faith insurance practice. The allegations are serious and stem from the fact, that Danny Ferry was bought out of his contract by the Hawks Group so that they could sell ownership to a group led by current majority stake holder Don Ressler.

Barnes & Thornburg LLP is the law firm handling the case for Bruce Levenson and other members of the Atlanta Hawks Basketball and Entertainment LLC. Attorney James J. Leonard of Barnes & Thornburg LLP said that the lawsuit is pretty clear in its intention. He had no further comment on it when pressed by reporters. Interestingly, the law firm has filed an additional 50% penalty in restitution for the group’s losses, attorney fees and legal costs. AIG meanwhile, continues to remain aloof and not respond.

Bruce Levenson, one of the major figures involved in the lawsuit, used to be the primary owner of the basketball team, Atlanta Hawks. He eventually sold the team (http://www.forbes.com/sites/mikeozanian/2015/04/23/bankers-for-levenson-oversold-atlanta-hawks-by-27/) after terminating manager Danny Ferry’s contract. Bruce is a businessman who’s company UCG provides data analysis to financial, technological, healthcare, energy and banking firms.

According to Time magazine, Mr. Levenson is an alumni of Washington University in Saint Louis, Missouri and also graduated from law school at American University in Washington D.C. Bruce supports numerous Washington D.C. area charities and Jewish organizations such as the Jewish Organization and BBYO. PR News reveals that he was also instrumental in getting the Holocaust Memorial Museum constructed in Washington D.C.