Norbert P Schenk

US Patent:

20010034687, Oct 25, 2001

Filed:

Dec 1, 2000

Appl. No.:

09/728101

Inventors:

Arthur Bushonville - Winnetka IL, US
Norbert Schenk - Chicago IL, US

International Classification:

G06F017/60

US Classification:

705/037000, 705/026000, 705/007000, 705/027000

Abstract:

Market liquidity for service-based commodities is established by fixing contract maturity dates and directing spot market trades to these fixed dates. Service contracts have the following characteristics: a specific duration during which the service is to be provided, a specific service quality, a specific service delivery date, a specific service maturity date and a specific delivery location. The contract maturity dates are consistent with forward contract delivery dates, preferably, monthly or quarterly. Unlike a traditional goods-based futures contract, each forward contract, after delivery, does not stop trading but continues to trade on spot markets until maturity. Market information for each type of service contract is provided to users of an exchange system, preferably implemented within a publicly available network, such as the Internet or World Wide Web. Based on this market information, users may submit quote proposals (e.g., bid or offers) or quote acceptances.

US Patent:

20020052758, May 2, 2002

Filed:

Oct 25, 2001

Appl. No.:

10/027861

Inventors:

Roland Arthur - Winnetka IL, US
Norbert Schenk - Chicago IL, US

International Classification:

G06F017/60

US Classification:

705/001000

Abstract:

The present invention provides the creation and the sale of a unique stand-alone right that entitles the holder to purchase event tickets. The right can be created and distributed to a holder by an entertainment entity, entered into a commodity exchange system, transferred to a new holder (if sold by the current holder), and converted into at least one event ticket (if so elected by the holder of the right). The disclosure presents an exemplary embodiment in which a right is distributed to a season ticket and to the general public. The right is entered into a secure register, and the holder can generate or accept quotes for selling the right. If sold, the right is transferred to the new holder. The current holder can exercise the right at a cutoff date in which the right is converted into at least one ticket for post-season games.