New Hampshire Insurance Company has been sued by the Atlanta Hawks Basketball Entertainment LLC (AHBE) for breach of contract. This lawsuit is as a result of the settlement claims that had been made by Danny Ferry who was the former general manager. The lawsuit was filed on 13th September 2016 in the Superior Court of Fulton County. AHBE claims that it was under coverage for losses in regards to employment practices but not limited to “Workplace Torts” and “Wrongful termination.”
A six-year relationship worth $18 million came to an end after a buyout agreement was reached on June 22, 2015, between Ferry and Hawks. The sale was finally made to the Ressler-led group two days after. The current owners of the Hawks’ spokesman assured that they were aware of the complaint, but the principal owners do not have ties to the Atlanta Hawks.
The amount of the claim remains confidential hence they are enough to play along to the claim of AHBE. According to the lawsuit, the insurance company, AIG, did not acknowledge the claim as it was made and refused to participate in the defense or accept the coverage during talks between Ferry’s counsel and the Hawks. The insurance refused to pay losses in the settlement.
Bruce Levenson was among the former owners of Atlanta Hawks Basketball team as well as the Philips Arena. The banker in charge of the sale convinced Bruce that he could get about $1 billion for them. However, the team and arena only managed to fetch $730 million and was sold to Tony Resler who won the bid.
Bruce Levenson is an American philanthropist, businessman, and former NBA team owner. According to ESPN, he was one of the owners of Atlanta Hawks LLC which not only owns but also runs the Atlanta Hawks basketball team and the Philips Arena. Mr. Levenson has been on the NBA Board of Governors since 2004. In 1977, Mr. Levenson co-founded United Communication Group (UCG). He is currently on the Board of Directors at TechTarget which is an IT company.