Intrade asking customers to accept 50% fund writedown

Dublin-based betting firm Intrade is asking members to accept repayment of 50 per cent of currently frozen funds with the rest returned if it survives.

2nd April, 2013
Intrade: asking customers for 50 per cent of funds

Intrade, an online betting website that halted trading last month after uncovering suspected financial irregularities, is seeking support from customers for a survival plan, said two people with knowledge of the matter.

The Dublin-based company is asking members to accept repayment of 50 per cent of their currently frozen funds within weeks, with the rest returned if it survives and draws new investment, according to the people, who asked not to be identified, as the...

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