In a recent article that was published at PR Newswire.com, former NBA ownership of the Atlanta Hawks, known as Atlanta Hawks Basketball and Entertainment LLC (AHBE) was suing an insurance company for negligence. The lawsuit specifically was AHBE against New Hampshire insurance company, also known as AIG. This lawsuit, detailed in the article, explained how AHBE was filing a lawsuit against this particular insurance company for breaching a contract as well as insurance bad faith. Before further discussing this article, it is important to be familiar with Bruce Levenson, who was the former owner of the Atlanta Hawks.
Beyond his prior involvement with the Atlanta Hawks, Bruce Levenson is also known for co-founding and being partner at United Communications Group. Before finding success in business, he attended Washington University for his BA and then American University for his JD. His business acumen is evident by how well he ran the Atlanta Hawks organization. He eventually made a profit of 850 million after selling the team, turning his interest elsewhere. See, http://www.forbes.com/sites/mikeozanian/2015/04/23/bankers-for-levenson-oversold-atlanta-hawks-by-27/.
Levenson’s involvement with AHBE shows how he is pertinent in the article. The article unveils how he and other members of AHBE were mistreated by the AIG company. In a section of the article it points out how AHBE had filed a notice to AIG in April of 2015 about the misconduct of certain practices. AIG, however, failed to respond. Especially with previous Atlanta Hawks owner, Danny Ferry getting terminated for his misconduct, AHBE believed that their coverage under AIG prevented them from taking financial losses. The article notes that AIG has refused to acknowledge any sort of policy that requires them to pay for AHBE’s financial loss under misconduct and termination. This article overall shows the divide between two businesses that involves the respectable and highly regarded, Bruce Levenson.