7th of April 2013 Author: Glo Wood
A report came this week that the financially troubled betting firm Intrade, which used to serve as a predictions platform for elections and non-sports-related events, now faces liquidation after halting trading and freezing the client accounts on its books last month.
Reportedly, clients have been notified by Intrade director Ronald Bernstein that the current shortfall in funds on the books is $700,000 and in an attempt to save the company, he apparently proposed those who are owed monies to accept 50 cents in the dollar immediately, based on their currently frozen accounts.
They should also accept the company's assurance that every effort will be made to ensure they are full compensated at an unspecified date in the future, which will probably fail to convince anyone of such likelihood.
According to Bernstein, the shortfall resulted from unspecified actions by two other parties, whom he did not name. He also specified: 'We are now very confident about the reasons which caused the current circumstance of the company; however, for legal reasons we are not yet at liberty to document them to you.
'I can confirm that the company, if it is able, intends to vigorously pursue two substantial monetary claims against two distinct parties for an aggregate amount greater than $3,500,000.'
Regarding his 50 percent-offer, Bernstein said: 'If the company is not able to rectify this cash shortfall position very quickly, the company will become insolvent and therefore is very likely to go into liquidation.'
He also added that he has managed to persuade Intrade's 40 largest clients to opt in to the 50 percent deal, while the rest can decide until April 9; he revealed that at the moment he is negotiating with other parties who may be prepared to make investments and provide a life-saving shot of funds to Intrade.
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