Back in 2015, the Atlanta Hawks was sold by Bruce Levenson and some of his associates to Tony Ressler who now owns the team. It was a large financial deal totaling $730 million according to Forbes. Yet it was far short of the $1 billion Levenson and friends expected to make in the auction of the team. The figure of $1 billion comes from market intelligence and financial advice from Goldman Sachs and Inner Circle Sports. As part of the deal rights to use the Philips Arena were also included. To make matters worse for Bruce the insurance company that he had worked with to insure his team and all of the Atlanta Hawk’s staff has refused to make payments in regards to an employment dispute.
New Hampshire Insurance Company was the official insurance provider to the Atlanta Hawks during the time the team was sold. As part of the deal for the sale, the team’s current coach Danny Ferry had to be let go and he was given a compensation package for early termination. The insurance policy that covered Danny Ferry had clauses that were supposed to be triggered in the event of employee termination and as a result the company was supposed to pay part of Danny ferry’s package. However, they failed to do so.
Bruce Levenson has taken the insurance company to court to collect the money he is owed. His lawyers filed against them in Fulton County’s Superior Court stipulating that the insurance policy covered “wrongful termination” of an employee and thus they are obligated to pay damages when an employee is let go. The insurance company was negligent in its duty. When Levenson notified them of their obligation they ignored the matter and that is why sadly this issue has to be resolved in court. The judge in the case is also being asked to award extra damages for the negligence.