FantasyDraft will rescue the customer balances of the stricken and bankrupt Fantasy Aces internet site, its CEO announced on Monday regarding the RotoGrinders DFS forum.
FantasyDraft CEO Steve Krombolz stated their company is stepping in so that they can save the ‘lifeblood of this industry.’ The majority that is vast of Aces customers will be paid in cash, while larger balances is going to be topped up with FantasyCash.
FantasyDraft was on the verge of acquiring the website month that is last it pulled out of the deal citing ‘issues identified during our homework.’ It was a move that quickly propelled Fantasy Aces towards chapter 5 bankruptcy.
Bankruptcy filings soon revealed the messy truth behind Fantasy Aces’ situation: the organization had failed to segregate player funds from the operational costs and owed its customers $1.3 million.
An account placed in the filings as ‘Players Account’ included just $2,419. Although the ongoing company listed assets of $1.8 million, that may be liquidated to pay creditors, it also said it had liabilities of $2.96 million.
In brief, Fantasy Aces could not pay its customers.
99.6 Percent to Receive Money
‘As members regarding the DFS community devoted to doing things the right way, we feel that people need to do our part to safeguard the lifeblood of this industry, you, the players,’ wrote Steve Krombolz, CEO and Co-Founder of FantasyDraft.
‘So, we’ve decided to have involved Continue reading “FantasyDraft Bails Out Fantasy Aces, Will Pay Player Balances”