The Aftermath of Atlanta Hawk’s Sale

The American businessman Bruce Levenson is the UCG chairman, philanthropist (https://www.benzinga.com/news/17/03/9165680/university-of-marylands-non-profit-initiative-is-changing-higher-education) a mostly known as the co-owner of an NBA team. Bruce Levenson hired banks to sell the Atlanta Hawks, the NBA team. The banks were off with at least 15% considering the price they could get for the NBA team. The Goldman Sachs experts and the inner sports circle that was hired by Levenson, he wanted them to sell the Atlanta Hawks. Goldman Sachs managed to persuade Levenson that they would offer the Atlanta Hawks and the Arena managing rights for an estimated $1 billion. The Goldman Sachs figures estimation were wrong, Forbes listed billionaire Tony Ressler won the auction with $850 million bid.

Bruce Levenson was part of the former ownership (Atlanta Hawks Basketball and Entertainment LLC) of Atlanta Hawks that filed suit against New Hampshire insurance company for violation of the contract that involving Danny Ferry claims. The lawsuit was filed on September 13 in Fulton’s County Superior Court against AIG insurance for breach of contract. According to AHBE, the employment practices, which include issues but not restrained to “Wrong Termination” and “place of work wrongdoings”, were insured. According to the court’s documents AIG had prior knowledge that the claims stated by MR. Ferry should have been covered, this was because notice it had received from AHBE.

According to the court document the AIG failed to prove that the claims had not been covered and had no basis to show that the claims had not be made. AIG had the responsibility to pay and acknowledge that MR. Ferry’s claims have caused the AIG policy, moreover, these claims were within the covered policy thus, AIG forsook to make payment of the covered loss without providing sufficient reason.