The insurance company that used to insure Atlanta Hawks has been sued. The company has been sued over failure to cover some of the liabilities it had stipulated that it would cover in their premium terms. The former owner of the Atlanta Hawks has been joined to the lawsuit in which the prosecution is seeking to be compensated.
The prosecution side states that there are risks related to the work place and employment practices that the law firm was supposed to be insured against. These included issues such a wrongful termination, discrimination at the work place and other wrong employment practices. However, these were not covered during the time when the company was changing ownership, hence the lawsuit. The current ownership of the company said that they knew about the lawsuit, but did not wish to be involved in the proceedings. They also declined to give any information about the case.
Up until 2015, the company was owned and headed by Bruce Levenson. He had bought it off in 2011 and when he made the sale, according to Time.com it was big news especially because of the profit margin that the sale generated for him. Other notable investments that Bruce has taken part in include his first company, which he is still co-president in UGC Corporation. The company was started more than three decades ago when Bruce and his partner, Ed Peskowitz were just college students. See, http://www.forbes.com/sites/mikeozanian/2015/04/23/bankers-for-levenson-oversold-atlanta-hawks-by-27/.
There was a lot of speculation about the manner in which the sale of the Hawks team was done. Initially, there were people who felt that the team Bruce had chosen to make the sale had set the asking price so high that buyers were discouraged, but comparing to the amount he had gotten the team for, the selling price was completely on point. The company said that they were hopeful for a fast settlement to the case.