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Posted by TMS2000 on

The Aftermath of the Sale of Atlanta Hawks

Bruce Levenson is known for many activities amongst them is his participation in philanthropic initiatives. For example, at one time, Levenson has served as a Washington-based organization called I have a Dream Foundation, an organization whose aim according to PR News is to help low-income children pursue higher education. The U.S Holocaust Museum a Museum who’s the primary goal is to provide the Home program that educates the local city students the outcome of the Holocaust. Despite participating in major philanthropic Bruce Levenson is mostly known as the former co-owner of the Atlanta Hawks LLC that owns and runs the Atlanta Hawks basketball team and the Philips Arena.

In the year 2015, Bruce Levenson sold his controlling shares of the Atlanta Hawks LLC. The sale price was estimated to be $850 million. The sale was led by a team that had been contracted by Mr. Levenson, he hired Inner Circle Sports and Goldman Sachs evaluation experts. Their responsibility included selling both operating rights arena and the Hawks.

After the sale the former owners of the Atlanta Hawks LLC, Bruce Levenson included filed a lawsuit against an insurance company based in New Hampshire, the complaint was against an insurance company that had breached a contract.

The case against AIG the insurance company was insurance bad faith and a civil action for breach of contract. The former Atlanta Hawks owners claimed that the policy the losses that are linked to the employment practices that includes workplace torts and wrongful termination amongst others were insured by the policy for coverage.

The court’s document indicated amount claimed in confidential. According to the lawsuit, the AIG had declined to recognize that a claim was made and failed to acknowledge that the policy had been triggered. It also states that the AIG refused to take part in the defense of the claims. In addition, the AIG had no good reason to refute that the claim had not been made either covered.