Tuesday, Jul 6, 2010
Intrade has opened a market for BP to enter bankruptcy in the United Kingdom.
This market can be found under Business > BP.
Contract Rules:
A contract will settle (expire) at 100 ($10.00) if BP enter bankruptcy in the United Kingdom before midnight ET on the date specified in the contract.
The contract will settle (expire) at 0 ($0.00) if BP do not enter bankruptcy in the United Kingdom before midnight ET on the date specified in the contract.
In the United Kingdom, bankruptcy (in a strict legal sense) relates only to individuals and partnerships. Companies and other corporations enter into differently-named legal insolvency procedures: liquidation and administration (administration order and administrative receivership). However, the term 'bankruptcy' is often used when referring to companies in the media and in general conversation.
Therefore, for purposes of this contract, BP will have entered bankruptcy if they enter liquidation or administration procedures.
Expiry will be based on official statements from BP, as reported by three independent and reliable media sources.
The contract will be expired when an announcement is made, regardless of when the actual bankruptcy procedures occur.
Any changes to the result after the contract has expired will not be taken into account - Contract Rule 1.4
Due to the nature of this prediction market contract you are obligated to read Contract Rule 1.7 (Unforeseen Circumstances) and Contract Rule 1.8 (Time Protection). Intrade may invoke these rules in its absolute discretion if deemed appropriate.
Please contact the exchange by emailing help@intrade.com if you have any questions regarding this contract or interpretation of these contract specific rules, related exchange news articles or exchange rules before you place an order to trade.