CaseyJones
04-08-2013, 09:16 AM
http://blogs.wsj.com/marketbeat/2013/04/06/intrade-faces-700000-cash-shortfall-possible-liquidation/
Online prediction betting site Intrade said late Friday that it faces a $700,000 cash shortfall and possible liquidation, an announcement that comes less than a month after it halted trading on its website and froze customer accounts amid federal scrutiny.
“We have now concluded the initial stages of our investigations about the financial status of the company, and it appears that the company is in a cash ‘shortfall’ position of approximately US $700,000,” said Ronald Bernstein, a director at Intrade, on the company’s website. “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.”
The Irish company — known for creating offbeat betting markets on everything from presidential politics to the Academy Awards — abruptly closed its doors for all trading last month, a move that came after it said in November it would no longer accept bets from U.S. residents. Last year’s decision was made just hours after U.S. regulators filed a civil complaint against the firm over its commodities-focused markets.
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Online prediction betting site Intrade said late Friday that it faces a $700,000 cash shortfall and possible liquidation, an announcement that comes less than a month after it halted trading on its website and froze customer accounts amid federal scrutiny.
“We have now concluded the initial stages of our investigations about the financial status of the company, and it appears that the company is in a cash ‘shortfall’ position of approximately US $700,000,” said Ronald Bernstein, a director at Intrade, on the company’s website. “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.”
The Irish company — known for creating offbeat betting markets on everything from presidential politics to the Academy Awards — abruptly closed its doors for all trading last month, a move that came after it said in November it would no longer accept bets from U.S. residents. Last year’s decision was made just hours after U.S. regulators filed a civil complaint against the firm over its commodities-focused markets.
more at link ^