Browse Category: Bad Investments

Danny Ferry Insuracne Claim Taken To Court By Bruce Levenson

Danny Ferry may have held the position of General Manager at the Atlanta Hawks during one of the most successful periods in the history of the franchise, but the termination of his six year $18 million contract has caused major insurance problems for the former owners of the team. Bruce Levenson and the other members of the Atlanta Hawks Basketball & Entertainment LLC consortium have been looking to bring an insurance claim made against the termination of the former Cleveland Cavaliers player’s contract to a close for over a year.

Levenson has been working with lawyers from the Barnes & Thorburg law firm to bring a court case against insurance giant AIG over their failure to acknowledge or pay the settlement required by the insurance policy. Legal papers filed by Bruce Levenson’s lawyers show meetings held as early as April 2015 saw representatives from AIG acknowledge comments from Danny Ferry had triggered clauses in the insurance policy and should result in a financial settlement; eventually Ferry’s contract was terminated in June 2015 days before the sale of the franchise was announced to ESPN and other press.

Since selling the NBA franchise  ( to billionaire Tony Ressler, Bruce Levenson has been working with a number of charitable groups to extend his own range of philanthropic activities. As joint chair of the Concert Against Hate alongside wife Karen, Bruce Levenson has been looking to continue to make an impact working against bigotry around the world. Previously, Bruce had joined together with a number of well known business leaders of the Jewish faith to call for peace in the Middle East; according to PR Newswire, Levenson also works with the Jewish Youth Philanthropy Institute and a number of other Jewish based groups to help young people live better lives around the world.