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FantasyDraft Bails Out Fantasy Aces, Will Spend Player Balances

Tuesday, March 10th, 2020

FantasyDraft Bails Out Fantasy Aces, Will Spend Player Balances

FantasyDraft will rescue the consumer balances for 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 majority that is vast of Aces customers will be paid in cash, while larger balances will 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 due diligence.’ 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 business 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. Even though the business listed assets of $1.8 million, which will be liquidated to pay creditors, in addition said it had liabilities of $2.96 million.

In brief, Fantasy Aces could not pay its customers.

99.6 Percent to Receive Money

‘As members of 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 now have determined to get involved. Today, we ha (more…)