The catalytic system bis(eta(3)-allylnickeltrifluoroacetate)/tetrachloro-1,4-benzoquinone, reported in the literature to initiate the living polymerization of butadiene, was re-examined in more detail. All experiments dealing with catalyst-cocatalyst preparation indicate that, although polymerization rates are comparable to those reported previously, the present system is far from perfectly living. The dependence of (M) over bar(n) on conversion suggests that chain-transfer, most probably by beta-hydride elimination, plays an important role.