The 2015 sale of the Atlanta Hawks NBA franchise by a consortium headed by Bruce Levenson to Forbes listed billionaire technology expert Tony Ressler appeared to pass off without incident; that is, until recently filed court papers filed in Fulton County revealed the former ownership group of the Atlanta Hawks Basketball & Entertainment consortium is still awaiting a resolution to an insurance policy claim made with AIG. Levenson’s group made an insurance claim in the days before their June 2015 sale of the Hawks was announced over the mutual termination of the $12 million six year contract of former Hawks General Manager Danny Ferry.
A review of the court papers revealed Bruce Levenson’s group began negotiating over a constructive dismissal claim over the unpublished financial settlement they came to over Danny Ferry’s mutual termination as early as April 2015 with AIG. Despite AIG reportedly agreeing to the claim and beginning negotiations over a financial settlement because of the actions undertaken by Ferry in the buildup to the sale of the Hawks franchise no contact has been reported from the insurance giant since Levenson sold the iconic basketball team. UCG founder Bruce Levenson and his fellow former Hawks owners are suing AIG for breach of contract and bad insurance faith as they hope to recoup a portion of the financial settlement they came to with Ferry in 2015.
After spending more than a decade in charge of the Hawks franchise, Bruce Levenson has not taken an easy route to retirement after completing the sale of the NBA team; instead, he has embarked on a range of philanthropic enterprises that have included acting as the co-chair of a Kennedy Center for the Arts ball in aid of the Anti-Defamation League. Alongside wife Karen, Bruce Levenson has become a major supporter of causes including the Jewish Youth Philanthropy Institute and the Seeds of Peace group.