FantasyDraft will rescue the client balances for the stricken and Fantasy that is bankrupt Aces, its CEO announced on Monday on the RotoGrinders DFS forum.
FantasyDraft CEO Steve Krombolz said 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 will likely be topped up with FantasyCash.
FantasyDraft was regarding the verge of acquiring your website last month before 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 quickly revealed the messy truth behind Fantasy Aces’ situation: the organization had unsuccessful to segregate player funds from its operational costs and owed its customers $1.3 million.
An account placed in the filings as ‘Players Account’ contained just $2,419. Whilst the ongoing business listed assets of $1.8 million, that may be liquidated to pay creditors, it stated it had liabilities of $2.96 million.
In short, Fantasy Aces could not pay its customers.
99.6 Percent to Get Money
‘As members regarding the DFS community devoted to doing things the correct way, we feel that we need to do our component to safeguard the lifeblood regarding the industry, you, the players,’ wrote Steve Krombolz, CEO and Co-Founder of FantasyDraft.
‘So, we now have decided to ge Continue reading “FantasyDraft Bails Out Fantasy Aces, Will Spend Player Balances”