  We report a reinterpretation of the electronic structure of the
$(Pt)_2I(dta)_4$ compound, based on {\em ab initio} embedded fragment
calculations. Our major results are the following. First, the usually assumed
electronic intra-dimer charge ordering is unrealistic. Second, the $(dta)$
ligands take part actively in the magnetic properties of the system. The
proposed electronic structure is favorably confronted to experimental data. In
particular, the unexplained $3:1$ $Pt^{2+}/Pt^{3+}$ abundances ratio of the XPS
spectra is rationalized.
