FantasyDraft will rescue the consumer balances of the stricken and Fantasy that is bankrupt Aces, its CEO announced on Monday on the RotoGrinders DFS forum.
FantasyDraft CEO Steve Krombolz stated their company is stepping in so that they can save the ‘lifeblood of this industry.’ The majority that is vast of Aces customers will be paid in cash, while larger balances will be topped up with FantasyCash.
FantasyDraft was regarding the verge of acquiring the website month that is last it pulled out of the deal citing ‘issues identified during our research.’ It in fact 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 company had unsuccessful 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. Although the ongoing business listed assets of $1.8 million, that will be liquidated to pay creditors, in addition stated it had liabilities of $2.96 million.
In short, Fantasy Aces could not pay its customers.
99.6 Percent to Receive Money
‘As members of this 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.