Bruce Levenson Takes on AIG
The former owners of Atlanta Hawks Basketball and Entertainment LLC, have filed a lawsuit against the New Hampshire Insurance Company. The former owners are claiming breach of contract of the settlement made by Danny Ferry, the former general manager of the insurance company.
The former ownership group (AHBE) is led by the controlling partner, Bruce Levenson. This lawsuit only involves the former owners, not the current owners led by Tony Ressler. According to AHBE, they came to an agreement with Danny Ferry about a triggered policy in 2014. Since then, the insurance company, described as AIG, has refused to payout.
The lawsuit was filed on September 13, and it is a civil lawsuit claiming breach of contract and insurance bad faith. According to AHBE’s testimony, their policy offered coverage of certain losses pertaining to employment practices. These practices could include, but did not singularly specify, acts of “wrongful termination” and “workplace torts.”
In a report by Time, to further prove their side of the story, AHBE provided the court with documents showing that they notified AIG of their agreed upon settlement with Danny Ferry on April 2, 2015. That June, Ferry and AHBE reached an undisclosed buyout agreement.
Despite all the evidence against them, AIG maintains that no policy had been triggered. They continue to state that no policy was triggered and no claim was made. AIG also refuses to participate in the defense of its claims or accept coverage. It’s becoming increasingly clear that AIG refusal to participate will be its downfall.
As for the leader of the former ownership group, Bruce Levenson, his career path is just opening up. He’s the co-founder of United Communications Group. He’s also a philanthropist and supports many organizations. He’s even on the Board of Directors at TechTarget.