FantasyDraft will rescue the consumer balances for the stricken and bankrupt Fantasy Aces site, its CEO announced on Monday regarding the RotoGrinders DFS forum.
FantasyDraft CEO Steve Krombolz stated his company is stepping in so that they can save the ‘lifeblood regarding the 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 in the verge of acquiring your website last month before 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 quickly unveiled the truth that is messy Fantasy Aces’ situation: the company 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’ included just $2,419. While the ongoing company listed assets of $1.8 million, which will be liquidated to pay creditors, it stated it had liabilities of $2.96 million.
In quick, Fantasy Aces could not pay its customers.
99.6 Percent to Receive Money
‘As members of this DFS community focused on doing things the right 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 decided getting involved. Today, (more…)