ï»¿FantasyDraft Bails Out Fantasy Aces, Will Spend Player Balances
FantasyDraft will rescue the customer balances of the stricken and bankrupt Fantasy Aces site, its CEO announced on Monday in the RotoGrinders DFS forum.
FantasyDraft CEO Steve Krombolz stated his company is stepping in so that they can save the ‘lifeblood for the industry.’ The majority that is vast of Aces clients will be paid in money, while bigger balances will be 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 revealed the messy truth behind Fantasy Aces’ situation: the company 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. While the company listed assets of $1.8 million, which will be liquidated to pay creditors, in addition said it had liabilities of $2.96 million.
In quick, Fantasy Aces could not pay its customers.
99.6 Percent to Get Cash
‘As members associated with DFS community devoted to doing things in the correct manner, 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 get involved. Today, we have en Continue reading