Monday, November 27, 2006

US 7,136,833 on method for auctioning shares

Financial Foundry, LLC of Princeton announced on Nov. 27 that the U.S. Patent & Trademark Office has issued patent no. 7,136,833, entitled “Communication Network Based System and Method for Auctioning Shares of an Investment Product.” Financial Foundry, LLC is a private product development company controlled by Gene Podsiadlo, the inventor, and holds the exclusive license for the patent. The patent includes claims relating to a process for pooled investment funds, including mutual funds, that allows investors to bid on shares of an investment fund at less than its Net Asset Value (NAV), allowing the realization of a simple investment return based on the difference between the winning bid price and the Net Asset Value of the fund.


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