Posted by omeditors | Posted in Team Ownership | Posted on 21-10-2016
After an abrupt departure from the franchise, the former Hawks owner group, Atlanta Hawks Basketball and Entertainment LLC (AHBE,) is suing their former insurance carrier, the New Hampshire Insurance Company. The lawsuit was filed this Septemeber in the Superior Court of Fulton County. The ABHE claims the New Hampshire Insurance Company allegedly breached their previous contract after failing to respond to wrongful termination and workplace tort claims filed by former AHBE members.
The leadership of ABHE includes the Hawks former general manager, Danny Ferry, as well as the former controlling partner, Bruce Levenson. ABHE’s contract was suspended in the summer of 2015 when they reached a buy-out agreement with the Tony Ressler led ownership group. Despite ABHE’s push, the insurance company has neither accepted their claims nor defended their refusal.
Prior to selling his portion of the Atlanta franchise, UCG (http://www.ucg.com/AboutUs/Ownership.aspx) founder Levenson was a dedicated change-maker for the team. He focused on revamping the Philips arena and was elated by the team’s growth. Bruce Leveson has been a longtime resident of Atlanta. For him, involvement with the team was both business and pleasure.
When it came time to sell off his portion of the team, Leveson hired Goldman Sachs and Inner Circle Sports. It was their hope and mutual projection that the team would sell for upwards of one billion dollars. However according to Forbes, the team sold for millions less, at $730 million.