FantasyDraft will rescue the consumer balances for the https://myfreepokies.com/pokies/ stricken and bankrupt Fantasy Aces site, its CEO announced on Monday on the RotoGrinders DFS forum.
FantasyDraft CEO Steve Krombolz stated his company is stepping in so that they can save the ‘lifeblood associated with the industry.’ The vast majority of Fantasy Aces clients will be paid in cash, while larger balances are topped up with FantasyCash.
FantasyDraft was on the verge of acquiring the website last month before 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 revealed the truth that is messy Fantasy Aces’ situation: the organization had failed to segregate player funds from its operational costs and owed its customers $1.3 million.
An account listed in the filings as ‘Players Account’ contained just $2,419. Even though the business listed assets of $1.8 million, that will be liquidated to pay creditors, additionally said it had liabilities of $2.96 million.
In brief, Fantasy Aces could not pay its customers.
99.6 Percent to Get Money
‘As members associated with DFS community devoted to doing things the correct 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 now have decided to have involved. Today, we have (more…)