Former Atlanta Hawks Basketball franchise holding company, AHBE owned by Bruce Levenson filed a lawsuit against AIG for breach of insurance contract. The contract was meant to cover losses related to employment practices such as wrongful termination and workplace torts.
The lawsuit states that AIG is liable to pay for the claims. It also claims that AIG has not only refused to settle the claims, but they have failed to acknowledge the insurance claims sent to them as well as failing to offer any response towards AHBE.
In light of this situation, the current Hawks Basketball Franchise owners were quick to distance themselves from the ongoing litigation. “We are aware of the lawsuit. However, the two conflicting parties have no ties with the current ownership and therefore no further comment on this matter.” A spokesman said.
Tony Ressler, A Forbes billionaire investment fund manager together with Grant Hill, former NBA star and Co-Founder of Marquis Jet, Jesse Itzler are believed to be the new owners of the basketball franchise. The total fee involved in the acquisition is believed to be around $730 million, the highest bid for the franchise. Bruce had expected the franchise to sell for at least $1 billion after hiring Goldman Sachs and Inner Circle Sports to carry out a valuation of the franchise and manage the negotiations.
About Bruce Levenson
Bruce is a businessman and a philanthropist. He is the former owner of the Hawks Basketball franchise and a Co-Founder of United Communications Group (UCG). Bruce is also a board member of Tech Target, a publicly traded IT company. As a philanthropist, Bruce has been involved with many nonprofit organizations such as the Community Foundation, the Hoop Dreams Foundation, SEED Foundation, and Seeds of Peace. He has served as president of I Have a Dream Foundation, helping disadvantaged kids pursue Higher Education.
Read more: https://en.wikipedia.org/wiki/Bruce_Levenson