Fraudulent Sale of the Atlanta Hawks

Goldman Sachs and the Inner Circle, a group of peers who collaborate on business decisions, expected the Atlanta Hawks combined with the use of Philip’s Arena to sell for $1 billion. CNBC predicted the Hawks would sell for $900 million to $1 billion. The highest bid at auction and the final sale price for the team was $730 million (http://www.forbes.com/sites/mikeozanian/2015/04/23/bankers-for-levenson-oversold-atlanta-hawks-by-27/) leaving Bruce Levenson, Partner in The Atlanta Hawks Basketball and Entertainment LLC, filing suit for breach of contract.

“Wrongful terminations” and “workplace torts” resulted from the $25 million deficit. Bruce Levenson expected the Atlanta Hawks insurance company to pay for “losses related to employment practices,” but the insurance company denies a claim was ever filed. AIG insurance defends its position stating that the Atlanta Hawks‘ losses are beyond the scope of their policy. The Atlanta Hawks are seeking restitution for their losses, a 50% penalty, attorney’s fees, and costs.

Attorney Bruce Levenson is on the board of directors of United Communications Group, Atlanta Spirit, LLC, and TechTarget.com. Levenson earned his juris doctorate from American University, and he acts as a director of TechTarget, Inc. He contributes to many philanthropic endeavors, read more about this on PR News.

Levenson profited on the sale of the Atlanta Hawks if the New Hampshire Insurance Company pays employees wrongfully terminated. The lawsuit demands the limit of the liability policy and claims failure to represent the Atlanta Hawks in negotiations is a breach of contract.

Source: Wikipedia.org

New Hampshire Insurance Company Faces a Lawsuit for Breach of Contract from AHBE

On September 14, 2016, The Atlanta Journal-Constitution (AJC.com) revealed a lawsuit filed by The Atlanta Hawks Basketball and Entertainment LLC against the New Hampshire Insurance Company. The Atlanta Hawks Basketball and Entertainment LLC (AHBE) filed the lawsuit citing a breach of contract regarding the settlement of claims by Danny Ferry, the former general manager. However, the lawsuit excluded the current ownership group of the Atlanta Hawks LLC.

AHBE filed the lawsuit in the Superior Court of Fulton County on September 13. Claims by AHBE revealed that it had been insured under a policy that covered losses associated with employment practices, which were inclusive, but not limited to various acts of workplace torts and wrongful termination. The current owners of the Atlanta Hawks LLC acknowledged awareness of the complaint. They also added that the former principal parties no longer have attachments with the Atlanta Hawks organization.

Bruce Levenson

Bruce Levenson is prominently known as a Forbes billionaire and the former co-owner of the Atlanta Hawks LLC, which were previously known as the Atlanta Spirit LLC. Last year, he hired the Inner Circle Sports and Goldman Sachs to sell both the Hawks team as well as the Philips Arena’s operating rights. Before co-owing an NBA franchise, he co-founded the United Communications Group in 1977 together with Ed Peskowitz. Through their company, they published a newsletter called Oil Express, which explored the emerging trends in the oil sector. Later on, UCG became a business information company with special interests in various areas such as mortgage banking, data, technology and many other areas.

Over the years, Levenson has displayed a generous spirit by supporting many philanthropic organizations like the Community Foundation of Washington DC. He also supports Jewish causes through various organizations like the Jewish Youth Philanthropy Institute, Birthright Israel, and Hewish Federation. Together with his wife, they spearheaded the creation of the University of Maryland-based Center for Philanthropy and Nonprofit Leadership.