Could there be an end to media stories pertaining to the Bruce Levenson era at the NBA basketball club, Atlanta Hawks? Only time will tell judging from recent reports that a New Hampshire Insurance Company breached a contract involving a settlement of claims made by Danny Ferry, former general manager of the club. Before addressing the topic, let’s take a brief look at the man, Bruce Levenson.
Bruce Levenson is no mean figure when it comes to American sport and business. He was the controlling owner of Atlanta Hawks for several years. before he relinquished control to the Ressler’s group. His group had an intimidating 50.1 percent stake in the NBA basketball club.
The UCG founder Bruce Levenson was in no way shortchanged with the sale of the club. The new owners had to pay more the $425, the Forbes estimated value of Hawks few years ago. The reasons are not far-fetched. Firstly, the sale of the Clippers and Bucks outfits alter market forces. Secondly, the NBA acquisition of new lucrative television deals sky rocketed the value of all franchise.
Here are the wordings of the lawsuit filed against the insurance firm AIG by the former Hawks ownership group (AHBE): “Despite an obligation to pay and the acknowledgement that certain of Mr. Ferry’s claims triggered the AIG Policy, as well as the fact that these claims clearly fell within the policy coverage, AIG has failed and refused to pay the covered loss without significant justification and in bad faith. AIG had no reasonable basis to contend that a claim had been made and that such claim was not covered.”