desi_boston,
Better check with the consulate.
For Frankfurt, when I called the airlines they said I need a transit visa if I dont have a green card or citizenship. I was little tensed because my spouse is travelling this weekend. This morning when I called the German consulate, they clearly said that if we have valid AP, we dont need a transit visa. I made my friend and my spouse call the consulate seperately to ensure they give the same answer. So, I guess I can trust that answer now.
So, its better to check with the consulate, if you dont get a first hand information. In this forum, an old thread says that we have to get transit visa for Frankfurt, even if you have AP. So, I guess people's experiences are different.