[h3]
Phenoms fantasy sports not paying out prizes...[/h3]
by
boutrous11 » Sat Dec 13, 2014 9:20 pm
Sucks. Really liked that they had football auctions and a variety of league types. seemed legit, i'm going to cash in at least one league there, won't be getting paid.
It is with deep regret that I inform you that Phenom Enterprises, LLC, ('Phenoms') will be unable to meet the full prize money obligations for the 2014 football season, barring any last minute deals. A portion should be available, estimated to be between 20 and 40%.
In November of 2013, Phenoms hired a web development company to develop a full fantasy league hosting platform. This software development would eliminate the need for Phenoms to use Myfantasyleague, Fantrax, and ESPN to handle drafts, auctions, and league management. The idea was to deliver an excellent web experience. The developer's estimate for the project was $200,000, an amount affordable to Phenoms, and was to be completed prior to 2014's football season. So far, the project has exceeded $630,000 in development costs, and is still not complete (despite being several months behind schedule). It is Phenoms' opinion that if the site had been completed in time and on-budget, Phenoms would have had no trouble meeting the financial commitments of the company and would continue to be a profitable operation for many years to come. Phenoms is weighing legal action against the developer.
In order to fix the problems caused by the delay in the site, Phenoms has conducted an extensive search to find interested investors to provide Phenoms with a capital infusion. Despite numerous meetings and serious discussions, Phenoms has not been able to secure funding. Barring any last-minute deal, Phenoms will be forced to sell off the software code that has been written and the player database to reduce the shortfall in prize money. If anyone has any interest in taking over Phenoms as-is or buying the software, please email me immediately. This is not an offer to sell or a solicitation of investment, merely a request for interested parties to contact me to learn more.
Before the end of the month, Phenoms will provide you with additional information regarding these matters. At that time, information will be made available regarding the claiming of prize money and deposits, the future of the dynasty/keeper style leagues, and the ongoing NBA and NHL leagues. It is expected that NBA and NHL leagues will be canceled with entry fees refunded. Dynasty/keeper league deposits may be refunded in full. You may email me with any questions or concerns. I will maintain open lines of communication throughout the winding down process.
As the owner and manager of Phenoms, I take ultimate responsibility for all that has transpired. You were counting on the prize money. You encouraged friends to join, putting your own reputation on the line. You have spent time managing and building your fantasy teams. I am deeply sorry that Phenoms has failed you. I can only ask for your forgiveness.
Sincerely,
Michael Zangrilli
Posts: 1458
Scum like this is why i only put up large high stakes money with the NFFC .
that's why I'm so nervous about this one. They both have good matchups on paper
