Category Archives: Insurance Company

New Hampshire Insurance Company Sued For Bad Faith

The former owners of Atlanta Hawks and Entertainment LLC, Michael Gearon, Bruce Levenson and Danny Ferry, have filed a lawsuit against New Hampshire Insurance Company for acting in bad faith.
The disgruntled investors were also seeking additional compensation from the firm to settle attorney fees and as a penalty for the acts of bad faith. The lawsuit was filed in Fulton County’s superior court.

The investors claim that the insurance company had given them policy coverage for losses resulting from employment practices like wrongful termination. However, it declined an application filed by Gearon, Ferry, and Levenson on April 2015.

The current Hawks Ownership spokesperson confirmed that the lawsuit does not involve them and that the parties participating in the trial are not related to Atlanta Hawks.

The AHBE’s former management team accuses the insurance company of denying that the claims had been settled or the policy had been triggered in discussion with Ferry’s counsel. The party also accuses the insurance company of failing to cater for losses that had been covered by their plan.

James J. Leonard, an attorney representing AHBE, asserted that the claims were realistic. He confirmed that the insurance company lacked a reasonable grounds to claim that the losses were not covered under the policy plan.

The lawsuit comes after Bruce Levenson, and Michael Gearon sold the Hawks at an estimated price of $850 million to Grant Hill, Jesse Itzler, and Antony Ressler’s group. Levenson had hired Goldman Sachs and Inner Circle to sell the team on behalf of the Hawk’s investors.

The price paid for the club is believed to be higher than its true value but Antony Ressler said that the Hawks’ position in the NBA platform made the deal worth taking. He asserted that the rate was reached at after considering national and local media deals and NBA’s plan to raise team valuations. For more information on Mr. Levenson, visit the website and his Wiki page.