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.