A Lawsuit Becomes Necessary for Former Hawks’ Owner Towards AIG

A breach of contract lawsuit has been filed by the Atlanta Hawks Basketball and Entertainment, LLC. The group is comprised of the prior ownership of the National Basketball Association franchise. The Breach of Contract Suit has been filed against the American International Group. The breach of contract is relative to that of an unsatisfactory claims settlement. The claims of loss were made by General Manager of the LLC, Danny Ferry.

The acronym, relative to the sports team’s ownership group is AHBE. The group included partner Bruce Levenson. The lawsuit, is not relative to the current ownership group of the franchise, whose owner is Tony Ressler.

The suit was filed in Fulton County’s Superior Court on September 13th. The insurance company also goes by the acronym of AIG. The suit is considered a Civil Action. The suit, once again, involves Breach of Contract as well as a claim of Bad Faith as it pertains to Insurance. The ownership group, whose acronym, once again, is AHBE, has made the claim that it was covered under an insurance agreement, relative to particular losses, involving practices of employment.

The insurance, summarily, covered losses, however not fully limited to those losses, to that of wrongful termination and torts, inside the working environment. AHBE provided notice of the suit, to the insurer, on April 2nd of 2015. The notice was provided to the insurance facilitator by way of legal documentation.

The claims are said to be asserted by Ferry. He believed that Wrongful Termination and Torts Respective of the Working Environment were covered or part of losses covered, as part of the insurance agreement.

The ownership of the franchise and Ferry settled on a non-disclosed agreement with regard to a purchase-buyout on June 22nd of 2015. The buyout agreement, formally ended the rapport built by the two parties which was initiated, prior, by way of a 6 year, eighteen-million-dollar agreement in 2012. The sale approval, of the significant franchise to the group led by Ressler came about 2 days afterward. See, http://www.forbes.com/sites/mikeozanian/2015/04/23/bankers-for-levenson-oversold-atlanta-hawks-by-27/.

An individual, acting on behalf of the Hawks stated, in so many words, that the organization was well aware of the legal complaint. The parties, who were principally involved, no longer have any connection to the sports franchise. The spokesperson, summarily, added that no further comment would be forthcoming.

The amount of the claim remains non-disclosed. The suit, however, provides information that the limits of liability of the insurance agreement are enough to address the claim.

According to Time.com, the suit generally provides information that the insurer has been non-responsive as to acknowledgement of the legal claim. The insurance company, known as AIG, is constant in its refusal to defend itself against the legal claim, when participating in talks with the legal representatives of Ferry. Further, AIG, does not, either, accept or acknowledge coverage of the two areas of concern.

The suit states, in so many words, regardless, that Mr. Ferry’s claims were relative to coverage of the AIG agreement, and the fact that the claims were part of the agreement or coverage provided by the insurance agreement. The insurance company has not paid for the covered losses. It has, further, done so without any true reasoning and thus has acted in Bad Faith. The insurance company has no logical reason to state that Mr. Ferry’s claims were not covered, or that Mr. Ferry made the claim without relative merit.

James J. Leonard of the firm, Barnes & Thornburg, LLP—the firm representing AHBE—mentioned the legal complaint was self-explanatory. Upon providing the preceding information, the AHBE legal counsel offered no further comment.

The lawsuit, too, seeks an additional fifty percent penalty with regard to the loss that remains unpaid, as well as attorney fees and other costs. An email correspondence, to the insurer, requesting comment as to the matter, was not responded acknowledged—in a timely manner.

Notes Relative to Bruce Levenson:

Tony Ressler won a bid at auction taking the ownership of the Hawks’ sports team off the hands of Bruce Levinson for an agreeable $730 million. Initially, Levenson hired Goldman Sachs and Inner Circle Sports to sell the franchise to Philips Arena. The organization of Goldman Sachs persuaded Levenson that it could get more deal-wise.

The preceding interaction is how billionaire Tony Ressler entered the picture. The deal was favorable for Levenson—financially.

Bruce Levenson is a well-known North American businessperson. He is a former NBA Team Owner. He is also very much involved in the activities associated with philanthropy – see PR News article. He shared ownership of the Atlanta Hawks, LLC, which owns and provides operational support of the Atlanta Basketball Team as well as Philips Arena. Bruce was born in 1949 in Washington D.C. He is married with three off-spring.

 

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