Attorney philanthropist Bruce Levenson filed suit against the American International Group insurance company for breach of contract after selling the Atlanta Hawks. Goldman Sachs expected Levenson to get $1 billion for the Hawks and use of the Philip’s arena. He confidently hired Goldman Sachs and Inner Circle Sports to sell the Atlanta Hawks after the NBA signed lucrative television contracts with corporate sponsors.
Attorney Bruce Levenson co-owned The Atlanta Hawks Basketball and Entertainment, LLC, and he and Ed Peskowitz co-founded United Communications Group. Since 2015, he served on the board of directors of TechTarget, Inc. Bruce Levenson serves as the president of the “I Have a Dream Foundation,” and he contributes to philanthropic foundations. He also represents the Newsletter and Electronic Publishers Association. He began his career as a writer for the Washington Star and the Observer. His Bachelor of Arts degree is from Washington University, and his Juris Doctorate is from American University. This information can be sourced from Wikipedia.
Antony Ressler purchased the Atlanta Hawks for $850 million in April 2015. The contract was final by June 2015. The sale led to the termination of Danny Ferry, the Hawks general manager, who signed a six-year contract in 2012. Levenson expected his commercial insurance to pay for Danny Ferry’s “wrongful termination,” but his New Hampshire insurance company stated that he did not file a claim upon which relief may be granted. American International Group insurance company further stated that half of Dan Ferry’s $18 million contract is beyond the limits of the Atlanta Hawks’ policy.
Levenson filed suit against AIG in the Superior Court of Fulton County for “breach of contract” and dealing in “bad faith.” Levenson asserted that the Atlanta Hawks’ insurance policy covered their employment practices, which included “wrongful termination” and “torts.” Levenson assumed liability for Danny Ferry’s termination, and he expected his insurance company to assume the loss and pay the remainder of his contract. AIG does not agree. For more info, check out brucelevenson.com.