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ZWK

Fantasy Aces shutting down, FantasyDraft reimbursing their users (updated 2/14/17)

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From the Fantasy Aces website:

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FANTASY ACES AGREES TO BE ACQUIRED BY FANTASYDRAFT

January 25, 2017

Fantasy Aces is pleased to announce that we have come to an agreement to be acquired by FantasyDraft.

We appreciate your patience as we work with the FantasyDraft team to ensure a smooth transition for our players.

We expect the process to be completed within 3 to 5 business days, and will provide more detail as it becomes available.

We're excited about this opportunity, and think that you will be too.

Please feel free to contact us with any questions.

 

 

Edited by ZWK

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Apparently the acquisition is not happening. Fantasy Draft says:

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Unfortunately, because of issues identified during our due diligence, we are unable to purchase the assets of FantasyAces.

This could be bad.

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That's pretty bad. Glad I never reloaded so only out less than a dollar. Feel bad for those out hundreds or thousands.

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Looks like FantasyDraft is stepping up so that Fantasy Aces players won't get screwed:

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FantasyDraft has entered into an agreement with the FantasyAces bankruptcy trustee to obtain player account and balance information in order to help reimburse missing FantasyAces player funds.

As members of the DFS community, committed to doing things the right way, we feel that we need to do our part to protect the lifeblood of the industry: the players.

Through this agreement, we have committed to reimburse Fantasy Aces players up to $1,000 cash to cover missing account balances, this makes 99.6% of the players whole. In addition, to help those with larger balances we are also going to offer the following:

  • Players with a Fantasy Aces cash account balance between $1,000 – $5,000:
    • We will provide $1,000 Cash + Remaining balance in FantasyCash up to $4,000 ($5,000 total)
  • Players with a Fantasy Aces cash balance >$5,000:
    • We will provide $1,000 Cash + $4,000 FantasyCash + a Pending Bonus for the remainder of your balance
    • Pending Bonus is earned at a rate of 4% for each $1 in entry fees paid in USD, and is paid as FantasyCash

Upon court approval, we will provide additional details on how FantasyAces players can claim their funds on FantasyDraft.

 

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