Turning The Page

Bruce Levenson endured many ups and downs during his times with the Atlanta Hawks. He was the principal partner of the team’s ownership group. The Atlanta Hawks were looking to sell and hoped to get a fair price for the investment they had made in the franchise. However, there would be administrative issues that needed to be untangled within the organization. The team was involved in a dispute with its general manager at the time. The GM was accusing the team of wrongful termination and sought to arrive at a healthy settlement before leaving the franchise. Levenson would eventually negotiate a way out of the circumstance and broker the sale of the Atlanta Hawks to Tony Ressler. See forbes.com article for more info.

Legal matters had only begun as far as UCG founder Bruce Levenson was concerned. The case brought by Danny Ferry, who was the team’s former general manager, triggered an insurance policy that the Atlanta Hawks Basketball and Entertainment Group had with AIG. AHBE entered into the legal proceedings with Ferry believing that there expenses would be covered by the policy they had with their insurance company. The former ownership group claims that a AIG was never involved in any aspect of the proceedings. They also assert that the insurance company has refused to acknowledge that the policy was activated due to the negotiation process. Levenson, http://brucelevenson.com/, contends that AIG acted in bad faith. The nature of AHBA’s negotiating position was predicated on the fact that they were insured throughout the process. The team ended up settling with the former GM and paid out millions of dollars.

There has been no response from the insurance company. The current ownership group led by Tony Ressler has not been implicated in any level of the proceedings involving the lawsuit. Levenson is looking to recoup money that was spent throughout the complicated transaction that led to the multimillion-dollar settlement.

 

 

 

 

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