The following is a general overview of the steps involved in completing a secondary market transaction at American Partnership Board^®’s online auction:

	Seller contacts the Trading Desk via telephone or e-mail to obtain an indication of the current market price.
	After seller has specified a minimum acceptable price, the agreement and transfer documents are forwarded to the seller for signature.
	Upon receipt of the duly executed agreement and transfer documents, the security is listed on the next scheduled auction.
	Online auctions are conducted weekly, beginning on Tuesday afternoon and ending on Thursday at 12:00 p.m. MST.
	The units are awarded to the highest bidder at or above the seller’s minimum sale price.
	Paperwork is immediately forwarded to the winning buyer.
	Upon receipt of duly executed paperwork from the buyer, funds for the purchase are deposited in a bank escrow account.
	Required documents are forwarded to the general partner or their transfer agent for approval of the transfer of ownership from seller to buyer.
	Upon approval of transfer of ownership, funds are released from the escrow account and forwarded to the seller or their designated custodian or brokerage account.

Trading Flowchart
This diagram is intended to show a general overview of the process for completing a secondary market transaction. Click on each step of the process to get further details (each links to pop-up window with the same info as below) or read the details below.


Trading Desk
Our trading desk provides current and historical transaction data and accepts orders for sales of limited partnerships.

When a price inquiry is received from a prospective seller, they are given an indication of the current market, based upon the most recent transaction data available.  If the seller wishes to proceed with placing an order to sell through our online auction, the following information is required:

	Seller’s current name and address.
	The title under which the LP units are registered.
	Tax ID and/or Social Security Number.
	Custodian and/or Brokerage account #

Sell Side
At this point, an order ticket is generated and sent to Sell Side Processing for verification of ownership with the general partner or their transfer agent.

The following steps are involved in the processing of a sell order:

	Verification of ownership and exact registration of Limited Partnership units with transfer agent or general partner.
	Printing and mailing of contracts to the seller.
	Review of incoming contracts for errors and missing information.
	Listings of units on our online auction upon receipt of approved contracts.

Auction List
Using our online auction, units are sold weekly.

	After the LP units are approved by Sell Side Processing, they are then added to the weekly auction list.
	After viewing the partnership units listed for sale on the auction, investors then bid competitively on the available LP units.
	All bids are due to American Partnership Board® by 12:00pm MST on Thursday of each week.
	When all bids have been collected, units are awarded to the highest bidder over the asking price.

Buy Side
The following are the steps involved in purchasing Limited Partnership Units on the secondary market:

	Buyer registers for bidding through our online auction and completes, signs, and returns the Bidding Terms and Conditions.
	Upon notification of a winning bid, buyers provide ownership registration information via mail or fax.
	Transfer paperwork and a Contract to Buy is forwarded to the purchaser of the units.
	Paperwork and funds returned from the buyer are then checked for any errors or omissions.
	After the buyer paperwork is approved, it is then matched with the seller paperwork and funds are deposited into a bank escrow account.

When all the steps of this process have been completed, the paperwork is then sent to the General Partner and/or transfer agent.

General Partner / Transfer Agents
The General Partner and/or transfer agents are independent companies who are responsible for record maintenance of Limited Partnerships.

	Transfer paperwork received by them from American Partnership Board is processed to re-register the limited partnership units from seller to buyer.
	Upon completion of the re-registration process, a confirmation showing the effective date of transfer is sent to American Partnership Board via fax or mail.

There are numerous General Partners and Transfer Agents, each having a unique set of guidelines for the transfer and confirmation process. Therefore, the length of time to complete a transfer varies. (Note: The transfer agent does not dictate transfer times.  The issuer adopts them in their corporate by laws.)

Accounting
Our accounting function is responsible for the distribution of proceeds to sellers and reconciliation of distribution payments to buyers.

	Upon receipt of confirmation of transfer from the General Partner or their transfer agent, sales proceeds are disbursed to sellers.
	Correct amount of distribution payments due to buyers is confirmed with the General Partner or their transfer agent and forwarded to buyer or submittal for collection.
	Tracking of future distributions proceeds due to buyer.
	Forwarding all closing statements to sellers and buyers.

The forwarding of the closing statements is the final step in the process of a limited partnership trade.

Customer Service
Our customer service desk handles questions from customers on a wide variety of subjects within limited partnership trading.