FantasyDraft will rescue the consumer balances of the stricken and bankrupt Fantasy Aces internet site, 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 associated with industry.‘ The vast majority of Fantasy Aces customers will be paid in cash, while larger balances are going to be topped up with FantasyCash.
FantasyDraft was on the verge of acquiring the website last month before 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 quickly revealed the truth that is messy 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‘ contained just $2,419. As the ongoing company listed assets of $1.8 million, that may be liquidated to pay creditors, it also stated 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 devoted to doing things in the correct manner, we feel that individuals have to do our component to safeguard the lifeblood for the industry, you, the players,‘ wrote Steve Krombolz, CEO and Co-Founder of FantasyDraft.
‚So, we Weiterlesen