Should you have anything left in your InTrade account after letting it ride on Mitt Romney, disbelief in the Higgs boson and Zero Dark Thirty, you have nothing to fear: You'll get all your money back after the former betting site successfully pursues "two substantial monetary claims against two distinct parties for an aggregate amount greater than $3,500,000." Or not.
The online betting Web site Intrade, which gained widespread notice for serving as a predictions platform for elections and events not related to sports, is facing liquidation because of a $700,000 cash shortfall, a development that comes a month after it halted trading and froze its customer accounts.
Intrade’s director, Ronald Bernstein, said in a statement that the shortfall resulted from unspecified actions by two other parties, whom he did not name….
“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 statement said.
Online Betting Site Intrade Faces Liquidation [NYT]
Intrade Faces $700,000 Cash Shortfall; Possible Liquidation [WSJ MarketBeat blog]
InTrade Announces $700,000 Cash Shortfall And Risk Of Imminent Liquidation [BI]