FantasyDraft will rescue the client balances for 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 the industry.’ The majority that is vast of 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 your website month that is last 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 soon unveiled the messy truth behind Fantasy Aces’ situation: the organization had failed 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. Whilst 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 regarding the DFS community committed to doing things in the correct manner, we feel we should do our component to guard the lifeblood regarding the industry, you, the players,’ wrote Steve Krombolz, CEO and Co-Founder of FantasyDraft.
‘So, we’ve decided to obtain involved. Today, Continue reading FantasyDraft Bails Out Fantasy Aces, Will Pay Player Balances