Bruce Levenson is the former principal member of Atlanta Hawks Basketball and Entertainment. The group owned the Atlanta Hawks of the National Basketball Association before approving the sale of the team to Tony Ressler. Levenson and his business partners faced several challenges in transitioning the ownership of the team to the new management group. The previous owners were seeking a significant price for the basketball organization. There was also internal matters that took attention away from the business that needed to be conducted.
Danny Ferry was the general manager of the team during this period of time. Ferry was relieved of his duties and accused the team of wrongful termination. Time Magazine reveals the actions of the former general manager forced Levenson and his business partners to get involved with a legal settlement in order to resolve the matter. An agreement was eventually reached and the owners were able to move forward with the process of selling the team.
Levenson entered the legal process with Danny Ferry believing that his expenses were covered by an insurance policy held with AIG. AIG did not participate in any of the negotiations involving the team’s former general manager. The insurance company also did not acknowledge that the insurance policy was triggered by any of the actions related to the process. Levenson decided to sue AIG. He claimed breach of contract and insisted that the insurance company acted in bad faith. Bruce Levenson and AHBE are seeking to recoup money spent on the legal expenses that were exhausted in the difficult case with the former general manager. According to Wikipedia, the payout costs the former ownership group a significant amount.
The lawsuit took place outside of the business dealings of selling the team. Tony Ressler and the new ownership group are not implicated in any of the legal accusations brought by the previous owners.
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Bruce Leverson graduated from American University School of Law. He is a successful businessman and a philanthropist. He was the previous owner of the NBA team and a co-owner of Atlanta Hawks LLC that manages and runs the Philips Arena and Atlanta Hawks basketball team. Since 2012 he has been the director of Tech Target Inc. As a philanthropist he assisted youngsters who did not afford enough money to pursue higher learning education.
Bruce Leverson and his co- partner Ed Peskowitz co-founded United Communication Group that contains specialized business information. Currently it is one of the biggest private business companies, it offers two million customers in various business area, qualified information such as technology, energy, healthcare and financial services.
The former manager Danny Ferry, ownership set of NBA franchise, Atlanta Hawks and Entertainment filed a complaint contrary to New Hampshire Insurance Company for breached of contract containing the statement made by Danny Ferry. The insurance company protected damages associated with the work which is carried out but failed to bound extra activities including illegal termination of the agreement. The insurance company is blaming the transfer of Atlanta organization for breaching a six-year contract.
Complaint entitles for fifty percent fine for unpaid damage also for lawyer charges. According to ESPN, the complaint does not contain the modern Hawks ownership set that is controlled by the main holder Tony Ressler. Representatives of the modern Hawks ownership are alert about the lawsuit, but the major parties involved do not have a link to the Atlanta Hawks group. Therefore, they will not make any additional remark about the matter.
Bruce Levenson is an American-born businessman, who has had investments and management in many different successful businesses. He earned the majority of his wealth through his founding and ownership of the United Communications Group, a multi-million dollar company that specializes in research, analytics, and delivery of financial news and information. The company also developed the Gas Buddy website and application, which helps consumers find the lowest local gasoline prices.
While Levenson may be best known for his professional career and successes, he has also been very involved in trying to make his community a better place to live. Levenson has been instrumental in the raising of millions of dollars for various charities. He has also taken on leadership roles for a number of different charities, helping guide the organization to better their efforts. Some of the organizations that Levenson has given money and time to include the Hoops Dreams Foundation and the I Have a Dream Foundation.
Levenson and his partners started the United Communications Group in 1977. Prior to that, Levenson attended Washington University in St. Louis, Missouri and later attended American University for law school. While he was in school, he started his journalism career part time while working for the Washington Star.
While Levenson has had a very successful career, he is probably best known for his ownership of the Atlanta Hawks, a professional basketball team in the NBA. Forbes billionaire Bruce Levenson purchased the Hawks in 2004 from Turner Broadcasting Group and oversaw the team for over ten years, in which time the Hawks became a regular playoff contender. His original purchase of the Hawks initially included the Philips Arena stadium and also the Atlanta Thrashers of the National Hockey League. However, the Thrashers were spun off and sold to a private investment group in 2011.
While Levenson was a very successful owner, he ultimately decided that it would be best to sell the franchise. In 2014, he hired several investment bankers to help value and market the team to the open market. He ultimately was able to sell the team to a group led by billionaire Tony Ressler in June 2015. The purchase price of $850 million market a significant profit and return on investment for Levenson and his ownership group