Category Archives: Insurance Company

Former Atlanta Hawks Stakeholders Sue Their Insurance Company

Published / by Casey / 1 Comment on Former Atlanta Hawks Stakeholders Sue Their Insurance Company

As the former head of Atlanta Hawks, and UCG Founder, Bruce Levenson, is among the leading professionals who expected a payment for their insurance claims from New Hampshire Insurance Company. After more than a year, the former stakeholders of Atlanta Hawks are forced to file a civil lawsuit against their insurance company because both New Hampshire Insurance Company and its partner AIG did not respond to regular requests. In this case, the plaintiff is Atlanta Hawks Basketball and Entertainment LLC, the former ownership group of the NBA franchise.

When Bruce hired Danny Ferry to oversee the operations of ABHE and Atlanta Hawks, he was aware of the risks of establishing long-term employment contracts with high-profile management of the company. The contract with Ferry was high profile because it spanned a total of six years offering nearly $18 Million to its General Manager. Accordingly, Bruce Levenson also made sure that he covered ABHE through employment insurance contract with New Hampshire Insurance Company.

After only three years, in 2015, the contract with Danny Ferry was disrupted because Bruce Levenson found a seller for his company as reported by Forbes. As the new owners took charge of ABHE, the contract with Danny Ferry became void. As a result, Bruce and other stakeholders had to ask AIG for the disbursement of insurance claims. As suggested, there is no answer from the insurance company. Therefore, Atlanta Hawks Basketball and Entertainment LLC, the former ownership group of the NBA franchise (http://www.espn.com/nba/story/_/id/11493472/jason-whitlock-bruce-levenson-atlanta-hawks), has filed a lawsuit against AIG for an undisclosed amount.

The lawyers of ABHE have declined to comment claiming that the court file is self-explanatory.