Fantasy Aces Daily Fantasy Sports Corp FASDF

Company files for Chapter 7

[pennylane101]

This way FantasyDraft can acquire the assets for peanuts!

Fantasy Draft LLC Terminates Asset Acquisition of Fantasy Aces Daily Fantasy Sports Corp. Company Files for Protection

CNCN

Fantasy Draft LLC Terminates Asset Acquisition of Fantasy Aces Daily Fantasy Sports Corp. Company Files for Protection 
IRVINE, CALIFORNIA--(Marketwired - Feb. 1, 2017) - Fantasy Aces Daily Fantasy Sports Corp, (TSX VENTURE:FAS)(OTCQB:FASDF) the ("Company"), a Daily Fantasy Sport (DFS) enterprise with operations in Southern California, announces today that its previous announcement of the acquisition of FAS assets by Fantasy Draft LLC is terminated. 
As a result the Company announces today that it instructed counsel to file a voluntary petition under Chapter 7 of the United States Bankruptcy Code. 
As previously announced over many months, the Company's ability to continue as a going concern was dependent on securing additional capital. The Company had been actively seeking from multiple sources to raise additional capital through debt, equity and other capital raising efforts, while also considering many strategic alternatives, since its merger into a public enterprise in 2015. The Company was unsuccessful in raising such additional capital or completing a strategic transaction. 
Accordingly, after multiple reviews of the various alternatives available to the Company, the remaining director concluded that voluntarily entering the Chapter 7 process is the best available option to the Company and its stakeholders. The bankruptcy was filed January 31 in The United States Bankruptcy Court, Santa Ana, California, as case number # 8:17-bk-10359-ES; Trustee Richard Marshack; Judge Erithe Smith 
The Company's shares had been halted on the TSX Venture Exchange and the OTCQB. The shares have been terminated without closing as a result of the recently announced departure of its other two remaining directors. 
Fantasy Aces has retained bankruptcy counsel who may be contacted at: 
949-527-3565 

Red Hill Law Group 
38 Corporate Park 
Irvine CA 92606 

[pennylane101]

Note to self----stay away from American based companies.  They are a bunch of crooks!

[pennylane101]

Wasn't there a debt that was repaid with the proceeds of the private placement that closed three weeks ago?   If it was to pay off a personal debt of Mr. Frisnia and family, he'll have to return those funds back to trustee coffers!

[Floridas2000]

This was predictible when everything fell through.   I feel sorry for everyone that invested in this stock.  If tthere is a class action lawsuit I'll participate in that, I guess that's the only thing left.  Also feel bad for those that bet on this platform.

[pennylane101]

I don't know if it's possible to have a forensic audit done by the trustee?  I'm concerned about the shenanigans that went on the last few days when the company was in the process of transferring customer accounts (revenues???!) to FantasyDraft and lo and behold they are *mysteriously* lost in the process.

[thearab]

No use doing a post mortom on this donkey he could'nt even file under chapter 15 ( I think is the correct number} which allows a company to function under bankruptcy protection because Chapter 7 is final they are done period there is no coming back.

[pennylane101]

If Frisnia goes to jail over this it would be justice served!

[Floridas2000]

FantasyDraft looked at their numbers and realized they were about to go bankrupt and pulled out.  He probably let go of those guys as a favor so they won't deal with this.  Right now it's done and over. A suit can be issued against him but he's protected under Chapter 7.  I mean he will never own a company again so his career is hurt badly.  If someone is aware of

[martir0]

This post has been removed in accordance with Community Policy

[Smiles48]

80% of the creditors are him! And He was no doubt the seller all this time.  Some will say, but we did'nt see any filings!  Who cares, if he gets caught, the penalty I believe is a fat fine of a $1000. when you sell millions at an average of 0.06, that represents a nice $60,000.00 in the kitty. The rich stay rich.