The former ownership group of the Atlanta Hawks basketball team filed a lawsuit in state court against New Hampshire Insurance Company and AIG, who they allege refuse to play a claim associated with the Hawks’ owners buyout of GM Daniel Ferry. The suit alleges that not only does AIG refuse to pay the claim, it refuses to admit that the policy has even been triggered in this case.
The current Hawks ownership, led by Forbes billionaire Tony Ressler, are not a party to the suit. Ferry’s buyout terminated the 18-million contract that was signed six years before, the sale of the team coming days later in 2015. Bruce Levenson and the ownership group argue that their policy includes several clauses covering wrongful termination and workplace torts, which should apply to the Ferry case.
Bruce Levenson is a co-founder of and partner in United Communications Group (UCG), which was founded in 1977. Originally a newsletter for the energy industry, UCG expanded into a major information provider to the oil and gas sector. Levenson was also the controlling partner of the Atlanta Spirit Group, which owned the Atlanta Hawks and the Atlanta Thrashers hockey team.
In addition, Levenson serves on the Board of TechTarget, a spin-off of UCG, and on the board of the Newsletter and Electronic Publishers Association. He also previously consulted for private equity firm BIA Digital Partners.