Atlanta Hawks basketball and Entertainment LLC is among the top teams in the NBA league. The enviable success of the franchise is attributed to various factors but, top of the list is the great leadership, reports ESPN.com. Recently, the previous owners of the Atlanta Hawks and Entertainment LLC filed a lawsuit against their insurance company.
The lawsuit stated that the insurance company had breached contract entailing the settlement claims of Danny Ferry. Danny Ferry was the previous general manager of the Atlanta Hawks basketball franchise. The previous owners included the former controlling partner of the basketball franchise, Bruce Levenson.
The indictment was filed on 13th September in the superior court of Fulton County. The civil action for insurance bad faith and breach of contract was by the insurance policy that Atlanta Hawks basketball and Entertainment LLC had been covered. Moreover, AIG insurance company had been informed of the termination of ferry’s job early enough.
Despite this, AIG refused to acknowledge that the policy was triggered and the claims had been made. Mr. ferry, therefore, was seeking compensation and an additional 50 percent penalty enforced for unpaid loss and lawyer fees. The lawsuit, however, did not involve the current owners of the Atlanta Hawks.
Acquisition of Atlanta Hawks
The new owners of Atlanta Hawks, Anthony Ressler,bought the NBA franchise for 850 million dollars. Ressler won the bid despite the NBA franchise valuation at 1 billion dollars. Assessment of the company was done by the bankers of Bruce Levenson. Even though Mr. Levenson still made a significant profit from this sale, valuation of the franchise at I billion may have driven away other bidders, see brucelevenson.com. Since the acquisition of the franchise, new players have been brought into the team to boost the NBA franchise.