The Atlanta Hawks Entertainment, the former owners of the NBA franchise have decided to file a litigation against the New Hampshire Insurance Company. The Atlanta Hawks Entertainment management believed that the insurance company breached the contract concerning the settlement of claims by Danny Ferry, the Former General Manager of the team.
AHBE, under the leadership of Bruce Levenson, was the institution managing the Hawks, and they were also in charge of the operating rights of the Philips Arena. The litigation, however, will not affect the new ownership of the team that is led by Tony Ressler.
According to a recent report from ESPN, the case was filed in the Fulton County Superior Court this year in September. The case was considered to be civil because the breach of contract by the insurance company was done in bad faith. Bruce Levenson believes that his institution was insured under the coverage policy for some special losses concerning Workplace Torts, employee practices, and wrongful determination. Bruce Levenson had given a notice to the AIG earlier in the year.
Bruce Levenson decided to sell the Hawks team, and he reached a buyout agreement in June 2015. The sale agreement ended the six-year-old relationship between the two institutions. The Ressler led team gave out seven hundred and thirty dollars for the team and the operating rights to the Philips Arena.
This was not the price predicted by the banking institutions that were in charge of the sale. Experts say that the price set was too high, and the bankers left a lot of money on the table for setting so high standards.
The new management of the team is already aware of the situation. However, the spokesman of the team says that they currently have no relationship with the former ownership, so the matter should not affect the performance of the team. For more info, visit brucelevenson.com.