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  • breedloveboxer

    Anyone else receive a letter from Marshack Hays regarding “Notice of hearing RE: Application for allowance of fees and costs filed by Marshack Hays LLP as general counsel”? Not quite sure exactly what I’m looking at here… I am guessing all “creditors” received this as well. Any insight would be appreciated.

  • mmarseil

    • 2015 FAWBC Finalist

    I got the same document and I was wondering the same thing.

  • breedloveboxer

    I sent you a PM with the details I have learned. It seems to be a formality of the bankruptcy process.

  • jjwd

    I got the letter but I have no idea what’s going on… thanks again Aces. Breedlove if you’ve interpreted any relevant jargon let us know

  • bradizpro

    • 2016 FABC Finalist

    Yeah, I got the letter and was curious to know what exactly it means

  • breedloveboxer

    Long story short, the Trustee’s lawyer is asking to be paid for his services. Whatever remaining assets that are left in Aces account (estate) will likely go to the lawyers and high priority creditors. Frisina, or whatever dudes name is, put 200k into their estate (a bargain for the 1.3 mil they stole)… and the lawyer fees will more than likely come out of that.

    All things considered, it appears as though there are zero “new” implications to us players. I was told by the Trustee’s lawyer that they are legally obligated to notify us of their request because the Federal Rules of Bankruptcy Procedure require this to occur. He also stated it is his job to assist the Trustee in liquidating assets and distributing those assets to creditors.

    I’m not sure what you have been told before, but in all likelihood “unsecured creditors” typically do not get paid in these cases (at least, this is what I have read, and have been told…if this is incorrect, let me know).. so that may or may not be new information. After the debtor (Aces) pays the lawyers the rest likely goes to a higher priority creditor and so on…

    I read far too much information about this nonsense, and was also in contact with a bankruptcy lawyer. After that and in doing research, I’ve come to the conclusion that this appears to be a typical step in the bankruptcy process.

  • KindGuy

    @breedloveboxer said...

    Long story short, the Trustee’s lawyer is asking to be paid for his services. Whatever remaining assets that are left in Aces account (estate) will likely go to the lawyers and high priority creditors. Frisina, or whatever dudes name is, put 200k into their estate (a bargain for the 1.3 mil they stole)… and the lawyer fees will more than likely come out of that.

    My theory is, the remaining players who received this letter are those who had over 1k in their account. Is that true of you all? The application indicated that 30,700 of the 30,900 players were “made whole” by the FantasyDraft bailout, and are subsequently no longer considered “unsecured creditors.” Those of us who were not “made whole” (players that had over 1k in their account and were given Fantasy cash/drip down money from playing) are still receiving these notifications of actions relative to the case because by law, they are required to notify “interested parties”, which we are, since they still owe us money.

    All things considered, it appears as though there are zero “new” implications to us players. I’m not sure what you have been told before, but in all likelihood “unsecured creditors” typically do not get paid in these cases… so that may or may not be new information. After the debtor (Aces) pays the lawyers the rest likely goes to a higher priority creditor and so on…

    I read far too much information about this nonsense, and was also in contact with a bankruptcy lawyer. After that and in doing research, I’ve come to the conclusion that this appears to be a typical step in the bankruptcy process.

    So in other words, if you haven’t been made whole yet, you’re screwed.

  • jjwd

    @elementasrat said...

    So in other words, if you haven’t been made whole yet, you’re screwed.

    Very perceptive as usual, Elementrat. Thanks Breedlove for the rundown, appreciate it.

  • TheImmortalGoud

    @breedloveboxer said...

    My theory is, the remaining players who received this letter are those who had over 1k in their account. Is that true of you all?

    This is not true. I had about $70 in my account, and I got my money back from FantasyDraft, but I still received the letter.

  • breedloveboxer

    Thanks for the response. I guess everyone is still considered an “interested party” even if they were “made whole.”

    Regardless, I hope the information provided was useful. One of the bankruptcy lawyer’s I spoke to stated he would look at the document for $100… made a few other calls, and did some research, and saved $100. Hope I was able to do the same for you all.

    Regarding the likelihood of getting money back (if you weren’t made whole) I was told that the legal fees, and time associated with it all would not be worth going after what is owed to me (9.5K). Just as a reference for you all.

    If anyone else has learned different information, or has reason to believe otherwise, let me know.

    Thanks y’all

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