Tuesday, Feb 9, 2010
Intrade has listed a market on the departure of David Paterson as Governor of New York.
This market can be found under Politics > New York Politics.
Contract Rules:
This contract will settle (expire) at 100 ($10.00) if David Paterson departs as Governor of New York before midnight ET on the date specified in the contract.
The contract will settle (expire) at 0 ($0.00) if David Paterson does not depart as Governor of New York before midnight ET on the date specified in the contract.
Expiry will be based on official announcements from David Paterson and/or NY State officials, as reported in three independent and reliable media sources.
A departure may be forced or voluntary. A departure includes (but is not limited to):
- Resignation
- Retirement
- Constitutional Process (such as impeachment)
The departure must be permanent. If the named individual takes a leave of absence, temorarily steps aside or is temporarily relieved of duty the contract will not be expired.
A resignation does not have to result in the individual actually departing from their current position by the date specified in the contract. The contract will expire when the resignation or retirement is announced, regardless of when it takes effect. A tendered resignation that is not accepted will cause the contract to expire at 0
In the event of the named person's death before expiry the contract will be expired at the last close price set for this contract. If no close price has been set the last trade price will be used. If no trades have taken place the contract willbe declared void and removed from the exchange.
Due to the nature of this contract please also see Contract Rule 1.7 Unforeseen Circumstances.
The Exchange reserves the right to invoke Contract Rule 1.8 (Time Protection) if deemed appropriate.
Any changes to the result after the contract has expired will not be taken into account - Exchange Rule 1.4
Please contact the exchange by emailing help@intrade.com if you have any questions regarding this contract before you place a trade