
FantasyDraft will rescue the consumer balances of the stricken and bankrupt Fantasy Aces 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 associated with the industry.’ The majority that is vast of Aces customers will be paid in cash, while bigger balances is going to be topped up with FantasyCash.
FantasyDraft was regarding the verge of acquiring the site last month before it pulled out of the deal citing ‘issues identified during our research.’ It was a move that quickly propelled Fantasy Aces towards chapter 5 bankruptcy.
Bankruptcy filings quickly unveiled the messy truth behind Fantasy Aces’ situation: the company had unsuccessful to segregate player funds from the operational costs and owed its customers $1.3 million.
An account listed in the filings as ‘Players Account’ included just $2,419. Although the business listed assets of $1.8 million, that will be liquidated to pay creditors, it said it had liabilities of $2.96 million.
In brief, Fantasy Aces could not pay its customers.
99.6 Percent to Get Cash
‘As members of the DFS community focused on doing things the correct 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 have determined to obtain involved. Today, (mais…)
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