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FantasyDraft Bails Out Fantasy Aces, Will Spend Player Balances

三月 11, 2020 - 6:21 上午 No Comments

FantasyDraft Bails Out Fantasy Aces, Will Spend Player Balances

FantasyDraft will rescue the customer balances associated with the stricken and Fantasy that is bankrupt Aces, its CEO announced on Monday in the RotoGrinders DFS forum.

FantasyDraft CEO Steve Krombolz stated their company is stepping in so that they can save the ‘lifeblood associated with the industry.’ The majority that is vast of Aces clients will be paid in cash, while larger balances are going to be topped up with FantasyCash.

FantasyDraft was regarding the verge of acquiring the website last month before it pulled out of the offer citing ‘issues identified during our due diligence.’ It was a move that quickly propelled Fantasy Aces towards chapter 5 bankruptcy.

Bankruptcy filings quickly revealed 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 placed in the filings as ‘Players Account’ contained just $2,419. As the ongoing business listed assets of $1.8 million, that may be liquidated to pay creditors, additionally stated it had liabilities of $2.96 million.

In brief, Fantasy Aces could not pay its customers.

99.6 Percent to Receive Cash

‘As members associated with the DFS community focused on doing things the right way, we feel that we need to do our part to protect the lifeblood regarding the industry, you, the players,’ wrote Steve Krombolz, CEO and Co-Founder of FantasyDraft (更多…)