There is more legal entanglement involving former Atlanta Hawks owner Bruce Levenson, and the former general manager of the team Danny Ferry. Levenson has filed suit against the insurance company known as AIG. He is claiming breach of contract and insurance bad faith. The suit does not include the basketball team’s current ownership group which is headed by Tony Ressler.
AHBE, the Atlanta Hawks previous ownership group, charges that AIG did not acknowledge a policy that was triggered during the handling of the Ferry case. Accusations of breach of contract stem from UCG founder Bruce Levenson not believing that all liabilities were covered during the negotiation process.
Levenson hired Goldman Sachs and Inner Circle to help sell the team, hoping to get a 1 billion dollar value from his investment. The team as reported by Forbes would eventually go to Tony Ressler for the price of 730 million. The present Hawks ownership group claims no involvement in the case between the former ownership team and AIG. Bruce Levenson has not looked to hold anyone currently with the team’s front office accountable for any wrongdoing.
AHBE is seeking various forms of compensation, including lawyer fees to cover the cost of litigation throughout the process. AIG has yet to comment on these allegations.