Atlanta Hawks, LLC recently filed a lawsuit for a breach of contract against New Hampshire Insurance Company (also known as AIG). Atlanta Hawks was sold in 2015 to a group led by billionaire Anthony Ressler for $850million. Its former owners were AHBE group, led by Mr. Bruce Levenson, a successful entrepreneur based in the U.S. Mr. Levenson graduated from Washington University with a Bachelor of Arts degree and soon afterwards began his journalism career as a writer at the Washington Star. He later worked with Observer Publishing as a writer.
Mr. Levenson co-founded United Communications Group (UCG) with Mr. Ed Peskowitz in 1977. He is still a partner at the company. He joined the board of directors at Tech Target, Inc. in February 2015. His appointment was due to his expertise in the business field and his excellent leadership skills. He has also served on the board of directors of the Newsletter and Electronic Publishers Association. Bruce Levenson is also an acclaimed philanthropist and served as the president of the ‘I Have a Dream Foundation’, Washington chapter.
The claims against AIG
The lawsuit, which was filed in September 2016, was for failure on AIG’s part to pay Atlanta Hawks for covered losses. According to ESPN, it involves AHBE and not the current Atlanta Hawks ownership. AHBE claims that it had taken out a policy which covered them against certain losses. Atlanta Hawks’ former general manager, Danny Ferry, made the claims in 2015. Court documents reveal that some of the claims made were for losses that were covered under the policy yet AIG has refused to honor its obligation to AHBE with no justification for its failure.The amount of the claim is confidential. The lawsuit is also claiming an additional 50 percent penalty for the unpaid losses and for other inconveniences caused.
The former Atlanta Hawks Basketball and Entertainment, where Bruce Levenson used to control some shares, is said to have filed a case against New Hampshire Insurance Company for not honoring the terms of an agreement that they made. The deal stated that the insurance company should settle the claims made by the firm’s former general manager Danny Ferry.
Bruce Levenson is a businessman based in America who initially owned NBA team. He is said to have been one of the principal owners of Atlanta Hawks LLC that was previously named Atlanta Spirit LLC, which controls the Atlanta Hawks basketball team and Philips Arena. Mr. Levenson has also held a position of head of the board of governors of NBA since the year 2004. He also founded United Communication Group, and he is currently a member of the board of directors of an IT industry media company, which is known as Tech Target.
The case was brought up on the 13th day of September at the Superior Court of Fulton Country. The company clearly stated the reasons for bringing up the case as the insurance company not entirely covering their employees against losses associated with employment such as ending employee’s working contract and any problems the employee faces while in the course of duty.
Hawks was later sold after Ferry and Hawks’ ownership had a takeover agreement on 22 June 2015 to Tony Ressler who also leads Ares Management. Hawks was valued by ESPN to go for $ 425 million, but since Clippers and Bucks was sold it caused the market to improve. The company was bought at roughly $850 million. However, the present day Hawks ownership group headed by Tony Ressler isn’t involved in the lawsuit because the parties that were participating in the lawsuit have no relationship with the present day Hawks.
According to the report, the market experienced an increase in the number of transactions announced and made. In 2015, forty two deals were closed. Professionals in the industry noted that the transactions were high when compared to those of 2014. Additionally, the transaction volume had increased by twenty seven percent in 2015 when compared to the previous year.
Unexpectedly, the assets for the hedge fund industry were reported to be in season and high. That is despite of the hedge fund sectors performing poorly in 2015. Many anticipated the assets to be low but things turned out contrary to their expectations. However, hedge fund firms performed poorly, which forced the companies to raise their portion in alternative asset management. According to the report, investors were hoping to make profits to cater for the increasing liabilities. Small businesses were in pursuit of operating capital. For this reason, it means most of them were running short of the normal portfolio capacity.
Madison Street Capital has the best interest of its clients. Having been in business for some time now, the firm provides its customers with integrated and full service assistance. The solutions provided by Madison Street Capital are meant to benefit people as well as organizations in the long term. Since commencing operations, the company has had one main goal. That is to ensure that its clients are satisfied. It is the reason why it has maintained its status as the top firm. Madison Street Capital’s team of experts that are highly experienced have also ensured that the firm performs exceptionally.
About Madison Street Capital
Madison Street Capital was formed in 2011. The privately held firm situated in Chicago was incorporated in Illinois. It mainly deals with investment banking services. That includes financial advisory services, financial opinions, expertise on mergers and acquisitions, and valuation services. Madison Street Capital offers its services with the highest level of professional standards. Besides its investment banking services, Madison Street Capital also supports philanthropic efforts through organizations like the United Way. The organization helps in offering emergency assistance. That is by providing food and shelter as well as aiding in long term recovery initiatives in education and health in areas affected by disasters.
The New Brunswick Development Corporation (DEVCO) is the nonprofit private real estate developer that the City of New Brunswick has been hoping to be the catalyst for revitalization of its urban areas. Devco turned a rundown block of the city into a very special community. Unfortunately, because of an economic downturn since it was built, the $20 million loan from the Casino Reinvestment Development Authority is 5 years late and $7 million behind in payments.
The Middlesex County Improvement Authority obtained the loan in 2005 to pay for the construction of a New Brunswick hotel called The Heldrich. Devco developed the property, complete with a conference center, but has had a difficult time topping an occupancy rate of only 63 percent. Christopher Paladino is the attorney who heads both the Atlantic City Development Corp and Devco, has stated that the CRDA will be repaid, but it might be in a “couple more years.” He was instrumental in originally arranging the loan.
Devco has managed $1.6 billion in New Brunswick investments. Even during these days of economic and sociopolitical challenges, Devco’s unique manner of redeveloping the city is still working well. They are expert in creating good private and public partnerships, developing important strategic alliances, and new ways to finance many diverse and award-winning projects. Must of the information came from this Press of Atlantic City article.