Atlanta Hawks Basketball and Entertainment LLC sold its NBA franchise in March, 2015. However, the ownership group, headed by controlling partner Bruce Levenson, is still dealing with legal matters related to the team.
The specific issue of concern is that Levenson and the AHBE are suing New Hampshire Insurance Corporation, also known as AIG, over alleged failure to cover losses incurred by settlement of their employment contract with former Hawks general manager Daniel Ferry. The Hawks and Ferry parted ways just before the team was sold to an ownership group headed by Forbes billionaire Tony Ressler. Ferry was midway through a six-year, $18 million contract. The suit claims that an insurance policy with AIG should cover the cost of the settlement, but that AIG has failed to acknowledge their obligation. The new owner of the Hawks is not involved in this dispute. AHBE claims insurance bad faith and breach of contract, and is seekig to recover the settlement cost of Ferry’s contract, plus a 50 percent penalty and legal expenses.
In addition to owning the Atlanta Hawks from 2004 until 2015 and serving on the NBA Board of Governors during that time, Bruce Levenson is an extremely successful entrepreneur and businessman. He began modestly by starting a business information newsletter called Oil Express in 1977. Initially he worked out of his Maryland apartment with partner Ed Psekkowitz. The company that grew out of this home business, United Communications Group, is today one of the world’s largest privately-held business data and analysis companies, see http://www.ucg.com/AboutUs/Ownership.aspx. It has business clients worldwide. UCG provides information in a variety of industries, including energy, telecommunications and mortgage banking.
Bruce Levenson is also a philanthropist. He supports a number of organizations, such as the I Have a Dream Foundation. He is a founding donor of the United States Holocaust Museum. Levenson currently resides in Atlanta and Maryland