Insuring the Hawks or Not?

In today’s world there is insurance for just about everything including wrongful termination just in case you fire someone for improper reasons. The continuing saga of the former Atlanta Hawks ownership group, headed by Bruce Levenson, and former GM Danny Ferry now includes an insurance company, AIG and a lawsuit. Basically, the AHBE which was owned by Levenson (http://www.forbes.com/sites/mikeozanian/2015/04/23/bankers-for-levenson-oversold-atlanta-hawks-by-27/), is claiming that the insurance policy they had purchased from AIG should pay for the settlement that Ferry received after the Time he left the Hawks organization. We are talking about a lot of money, although the exact sum was not disclosed, so this case is not likely to end quickly.

Bruce Levenson, 67, and his partner, Ed Peskowitz, founded United Communications Group (UCG) in 1977. UCG continues to specialize in oil industry data information including an awesome little mobile application that helps drivers find the best gas prices called GasBuddy. Publishing was profitable, indeed, so Bruce Levenson got to indulge in many an American’s fantasy – owning a professional sports franchise. Levenson headed the group of investors that purchased the Atlanta Hawks from Turner Broadcasting in 2004.

Levenson, as majority owner of the Atlanta Hawks Basketball and Entertainment, LLC (AHBE) owned the Hawks and the rights to Philips Arena for approximately 11 years. The team recorded winning seasons in 5 of those 11 years and had an overall record of 372 wins versus 432 losses. The Hawks hired Danny Ferry in June 2012 as President of Basketball Operations and General Manager thus beginning the odyssey that is now being litigated in the Superior Court of Fulton County, GA. How this all turns out, waits to be seen. Information on this article can be sourced from Wikipedia.