FantasyDraft will rescue the client balances associated with the stricken and Fantasy that is bankrupt Aces, its CEO announced on Monday regarding the RotoGrinders DFS forum.
FantasyDraft CEO Steve Krombolz said his company is stepping in so that they can save the ‘lifeblood of this industry.’ The majority that is vast of Aces clients will be paid in cash, while larger balances is going to be topped up with FantasyCash.
FantasyDraft was regarding the verge of acquiring the site month that is last it pulled out of the deal citing ‘issues identified during our due diligence.’ It 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 organization had failed 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. Even though the ongoing company listed assets of $1.8 million, which will be liquidated to pay creditors, it said it had liabilities of $2.96 million.
In quick, Fantasy Aces could not pay its customers.
99.6 Percent to Get Money
‘As members associated with the DFS community committed 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’ve decided g Continue reading