After eleven years of co-partnership of the Atlanta Hawks, Bruce Levenson decided to make a strategic business decision to sell the franchise and rights to Billionaire Anthony Ressler. According to Forbes.com, he received an estimated $850 million for the buyout sale, which includes the basketball team and operations of Phillips Arena. What he is doing since departing from a team that made it to the finals seven consecutive years, is conducting business as usual.
Levenson and interested parties of the former Atlanta Hawks Basketball and Entertainment Group filed a lawsuit against an insurance company. According to Atlanta Journal Constitution, the suit alleges AIG breached a contract to settle claims by Danny Ferry, prior general manager of the Hawks team. Under the insurance policy, the limited liability company claims they were covered for workplace torts and wrongful termination.
While Bruce Levenson is awaiting the court case, he continues to serve on the Board and as an Advisor at United Communications Group Holding Limited Partners (http://www.ucg.com/AboutUs/Ownership.aspx). He co-founded the international company in 1977 and advises the executives and management teams. As a businessman and entrepreneur, his expertise encompasses merger & acquisition, planning, regulatory compliance, and business development.
Bruce Levenson and his partners are seeking a non-disclosed settlement amount in the class action lawsuit. Documents were filed in Fulton County’s Superior Court on September 13th stating the insurance company was given notice the beginning of April 2015. It noted that claims were declared by Danny Ferry believed to be covered in the policy.
The lawsuit has nothing to do with the present ownership of the Atlanta Hawks team. It involves a breach of contract to cover losses of a wrongful termination when Levenson was co-partner of the NBA franchise. The actual court date hasn’t been released nor scheduled by the Superior Court in Fulton County.