AIG, the former insurance provider for the Atlanta Hawks’ previous ownership has come under fire recently. When Bruce Levenson and Atlanta Hawks Basketball & Entertainment (AHBE) sold the team a little over a year ago (http://www.forbes.com/sites/mikeozanian/2015/04/23/bankers-for-levenson-oversold-atlanta-hawks-by-27/), they had cause to file a claim with AIG relating to losses suffered during such a transaction. Specifically Time Magazine says that Levenson and AHBE want to be compensated for buying out former General Manager Danny Ferry’s contract, an action that was covered in their policy. AIG however, believes differently and so far refuses to acknowledge the claim filed is valid. AHBE and Levenson are taking AIG to court and are seeking not only compensation for Ferry’s buyout, but want payments covering court costs and attorney fees as well.
Bruce Levenson owned the Hawks in partnership with AHBE for 11 years, when he bought the majority shares of the team in 2004, a deal that included the arena and even the purchase of the NHL’s Atlanta Thrashers. But prior to buying the Hawks, Levenson had established a career as a successful businessman in the journalism. He had originally studied law at American University, but after graduating from there he and his friend Ed Peskowitz started a media outlet based out of home. That company became Unified Communications Group, a company that published newsletters for various industries including energy, healthcare, mortgage and housing, and technology. UCG is also the owner of Gas Buddy, an app for drivers looking for lower fuel prices.
Levenson has also dedicated much of his time to philanthropy in the Washington DC area, chairing organizations such as Hoop Dreams, and the I Have a Dream Foundation. He’s highly supportive of Jewish political think tank organizations such as BBYO, and the SEED Foundation. He’s contributed greatly to the Holocaust Memorial Museum, sponsoring their Bringing the Lessons Home project. Read more about Bruce’s philanthropic activities on prnewswire.com.