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1. WO2004064290 - TRANSFERTS SECONDAIRES D'INTERETS RESTREINTS

Note: Texte fondé sur des processus automatiques de reconnaissance optique de caractères. Seule la version PDF a une valeur juridique

[ EN ]

CLAIMS

1. A method comprising

receiving from users, buy or sell orders, each of the buy or sell orders being for an amount of an identified restricted interest to be subjected to a secondary transfer at a proposed value, and

displaying the buy and sell orders for review by online users.

2. The method of claim 1 in which the restricted interests comprise interests in limited partnerships.

3. The method of claim 1 in which the restricted interests comprise interests in private companies.

4. The method of claim 1 also including

displaying information about an issuer of the restricted interest.

5. The method of claim 4 also including

obtaining permission of the issuer of the restricted interest to display the information about the issuer.

6. The method of claim 1 in which the proposed value is expressed relative to an asset value associated with the interest.

7. The method of claim 6 in which the proposed value is expressed as a percentage of the net asset value of the interest.

8. The method of claim 1 in which the proposed value takes account of characteristics of the issuer of the interest.

9. The method of claim 1 in which the proposed value takes account of historic information associated with the issuer or the interest.

10. The method of claim 1 in which the proposed value takes account of market conditions.

11. The method of claim 1 in which the amount of the identified restricted interest represents a funded commitment and an unfunded commitment.

12. The method of claim 1 in which the online users comprise potential buyers and sellers of restricted interests.

13. The method of claim 1 in which the online users comprise an issuer of the restricted interest.

14. The method of claim 1 in which the restricted interest is identified by a symbol that includes an abbreviation representing the issuer of the interest uniquely as among other interests of a same type and by an identifier of the type of the interest.

15. The method of claim 14 also including a separator character between the abbreviation and the type.

16. The method of claim 15 in which the symbol is of the form XXXXX. YYY where XXXXX is an alphabetic string abbreviation of at least 3 characters and YYY is an alphabetic string identifier of a type.

17. The method of claim 1 in which the buy and sell orders are displayed only to online users who have demonstrated their compliance with regulatory or policy conditions to their being exposed to the orders.

18. A method comprising

receiving information related to the values of restricted interest in respective issuers,

estimating values of the restricted interests based on the received information, and

making the values accessible online to users.

19. The method of claim 18 in which at least some of the information is received from the issuers.

20. The method of claim 18 in which at least some of the information is received from the users.

21. The method of claim 18 in which at least some of the information is received from public sources.

22. The method of claim 18 in which at least some of the information is received from private sources.

23. The method of claim 18 in which the information includes data indicative of the reputations of the issuers.

24. The method of claim 18 in which the estimating is based on at least one of (enumerate the factors that determine the valuation).

25. The method of claim 18 in which the values are expressed relative to an asset value associated with the interest.

26. The method of claim 25 in which the proposed value is expressed as a percentage of the net asset value of the interest.

27. A method comprising

maintaining digital data representing valuations of previously issued restricted interests of respective issuers, and

providing the digital data for presentation to users.

28. The method of claim 27 in which the digital data is maintained on a server.

29. The method of claim 27 in which the valuations are expressed relative to asset values associated with the interests.

30. The method of claim 27 in which the valuations are expressed as percentages of the net asset values of the interests.

31. The method of claim 27 in which the digital data are provided in the form of a stream of digital data conveyed through a communication medium.

32. The method of claim 27 also including displaying the digital data to a user.

33. The method of claim 32 in which the digital data is displayed as a ticker.

34. The method of claim 32 in which the digital data is displayed by a party other than the party that maintains the data.

35. The method of claim 27 in which the digital data includes symbols representing issuers and numbers representing valuations.

36. The method of claim 35 in which each of the symbols includes an abbreviation representing the issuer of the interest uniquely as among other interests of a same type and includes an identifier of the type of the interest.

37. The method of claim 35 in which the digital data also includes a separator character between each of the abbreviations and the types.

38. The method of claim 37 in which each of the symbols is of the form XXXXX. YYY where XXXXX is an alphabetic string abbreviation of at least 3 characters and YYY is an alphabetic string identifier of a type.

39. A method comprising

maintaining information about progress of steps associated with a secondary transfer of a restricted interest of an issuer, and

enabling a user to review the progress electronically.

40. The method of claim 39 also including predefining steps associated with the secondary transfer of a particular type of restricted interest, and maintaining information about progress based on the predefined steps.

41. The method of claim 40 in which the predefined steps include steps to be performed by at least two different parties.

42. The method of claim 41 in which the two different parties include two of a buyer, a seller, an issuer, and an escrow agent.

43. The method of claim 39 in which the steps include steps performed by at least two different parties.

44. The method of claim 43 in which the two different parties include two of a buyer, a seller, an issuer, and an escrow agent.

45. The method of claim 39 in which enabling the user to review the progress electronically includes giving the user access to an online service that displays the progress

46. The method of claim 39 in which the steps of the progress are organized by the parties who are to perform the steps or by chronological stages.

47. The method of claim 45 in which the progress is displayed in terms of the progress of each of at least two different parties in completing their respective steps.

48. The method of claim 39 in which the user is enabled to view documents associated with at least some of the steps.

49. The method of claim 40 in which the steps are predefined at least partially by the issuer of the interest.

50. A method comprising

receiving from a user of an online service a request for a valuation of an amount of a restricted interest that has been previously issued, and

generating the valuation based in part on stored information about an issuer of the restricted interest, and

providing the valuation online to the user.

51. The method of claim 50 in which the restricted interest includes a funded commitment and an unfunded commitment.

52. The method of claim 50 in which the restricted interest includes an interest in a limited partnership.

53. The method of claim 50 in which the restricted interest includes an interest in a private company.

54. The method of claim 50 in which the valuation includes information about the value of swapping the interest for another restricted interest.

55. The method of claim 50 in which the valuation is based in part on information received from the user about expected future performance of the interest.

56. The method of claim 50 in which the valuation is based upon (recite the factors)

57. The method of claim 50 in which the user is an owner of the interest.

58. The method of claim 50 in which the user is an agent acting on behalf of an owner of the interest.

59. The method of claim 50 also including receiving from the user a request for valuation of a portfolio of restricted interests, generating the valuation based on valuations of each of the interests, and providing the portfolio valuation online to the user.

60. A method comprising

expressing an order to buy or sell a restricted interest that has been previously issued in a digital format in which the identity of the interest is expressed as a predefined symbol, an amount of the interest is expressed in money, and a price for the interest is expressed in relationship to an asset value of the interest.

61. The method of claim 60 in which the order is expressed in fields of an online form.

62. The method of claim 60 in which the order expresses a funded aspect of the interest and an unfunded aspect of the interest.

63. A method comprising

receiving from an issuer of restricted interests that have previously been issued, policy information that defines the conditions under which the issuer will permit confidential information about the issuer or the restricted interests to be made available electronically to users, and

preventing the users from gaining electronic access to the confidential information except upon compliance with the conditions.

64. The method of claim 63 in which preventing access includes requiring the user to register.

65. The method of claim 63 including requiring the user to request permission to have access to the confidential information.

66. The method of claim 63 including requesting the issuer to approve access to the confidential information by the users based on information provided to the issuer.

67. A method comprising

predefining a set of documents to be made available to a user in connection with a transfer of a restricted interest that has been previously issued, the set of documents being predefined to satisfy applicable regulatory and policy requirements applicable to the transfer, and

making the set of documents accessible to the user online in connection with the transfer.

68. The method of claim 67 in which the set is predefined in part by an issuer of the interest.

69. The method of claim 67 in which the set includes a prior offering memorandum.

70. The method of claim 67 in which the set includes a recent financial statement.

71. A method comprising

receiving from a user information concerning historical performance of a restricted interest that has been previously issued, and

basing a valuation of interest in part on the historical performance information.

72. The method of claim 70 in which the historical performance information is confidential,

73. The method of claim 70 in which the user is an owner of the restricted interest.

74. The method of claim 70 in which the historical performance information comprises a sequence of return figures for a successive of periods of time.

75. A method comprising

receiving from a financial institution an online request to facilitate a transfer of a restricted interest that has previously been issued, from a seller to a buyer, and

serving the request by making an online market in restricted interests accessible to the seller and the buyer.

76. The method of claim 74 in which the seller is a customer of the financial institution.

77. A method comprising

receiving information about investment assets that have previously been issued, the information being useful to buyers or sellers of the securities, and

automatically generating research reports on the securities based on the

information.

78. The method of claim 76 in which the reports include text generated automatically.

79. The method of claim 76 also including manually editing the automatically generated research reports.

80. The method of claim 76 in which the investment assets include restricted interests.

81. A method comprising

expressing a value of a restricted interest as a percentage of a nominal net asset value underlying the interest, and

making the value expressed as a percentage available to users electronically.

82. A method comprising

displaying to an online user information that describes status of transfers of restricted interests with respect to steps to be completed in order to consummate orders for the transfers.

83. The method of claim 82 in which the information is organized by order.

84. The method of claim 82 in which orders related to a particular fund of restricted interests are shown together.

85. The method of claim 82 in which the information is limited to funds of a single issuer.

86. The method of claim 82 in which the information is organized by transfer type.