Intrade avoids insolvency as deal struck with customers
INTRADE, the betting website that halted trading in March amid a probe into suspected financial irregularities, said it reached forebearance accords with enough members to remain solvent.
"In the next few days, instructions will be provided accordingly so that members' non-waived funds may be returned as quickly as possible," the company said in a statement on its website.
"We expect to begin processing withdrawals on May 2."
Dublin-based Intrade told customers last month it found a $700,000 shortfall in client funds as it sought their backing for a survival plan.
The company asked members to accept immediate repayment of half their frozen money and waive claims to the rest on the "solemn promise" that Intrade will try to refund that later. (Bloomberg)