FantasyDraft will rescue the client balances associated with the stricken and bankrupt Fantasy Aces internet site, its CEO announced on Monday on the RotoGrinders DFS forum.
FantasyDraft CEO Steve Krombolz stated their company is stepping in so that they can save the ‘lifeblood regarding the industry.’ The majority that is vast of Aces customers will be paid in cash, while bigger balances are topped up with FantasyCash.
FantasyDraft was in the verge of acquiring the website month that is last it pulled out of the deal citing ‘issues identified during our homework.’ It in fact was a move that quickly propelled Fantasy Aces towards chapter 5 bankruptcy.
Bankruptcy filings soon unveiled the truth that is messy Fantasy Aces’ situation: the business had failed to segregate player funds from its operational costs and owed its customers $1.3 million.
An account listed in the filings as ‘Players Account’ contained just $2,419. Even though 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 short, Fantasy Aces could not pay its customers.
99.6 Percent to Get Cash
‘As members associated with the DFS community focused on doing things the right way, we feel you, the players,’ wrote Steve Krombolz, CEO and Co-Founder of FantasyDraft that we need to do our part to protect the lifeblood of the industry.
‘So, we now have determined to o (more…)