FantasyDraft will rescue the customer balances associated with 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 for the industry.’ The vast majority of Fantasy Aces clients will be paid in money, while larger balances are topped up with FantasyCash.
FantasyDraft was on the verge of acquiring the site 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 truth that is messy Fantasy Aces’ situation: the company 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. Whilst the business listed assets of $1.8 million, that may 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 associated with the DFS community devoted to 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’ve determined to obtain involved. Today, we have ente more “FantasyDraft Bails Out Fantasy Aces, Will Pay Player Balances”