Proposed Individual Exemptions for Paul Niednagel IRAs and Lynne
Niednagel IRAs (Collectively, the IRAs), Located in Laguna Niguel, CA
[06/07/2007]
Volume 72, Number 109, Page 31610
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DEPARTMENT OF LABOR
Employee Benefits Security Administration
[Exemption Application Numbers: D-11393 and D-11394]
Proposed Individual Exemptions for Paul Niednagel IRAs and Lynne
Niednagel IRAs (Collectively, the IRAs), Located in Laguna Niguel, CA
AGENCY: Employee Benefits Security Administration, Department of Labor
(the Department).
ACTION: Notice of technical correction.
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On June 1, 2007, the Department published in the Federal Register
(72 FR 30637) a Notice of Proposed Exemption (the Notice) which would
permit the purchase (the Purchase) by the respective IRAs of Paul and
Lynne Niednagel (the Account Holders) of certain ownership interests
(the Units) from Pacific Island Investment Partners, LLC (Pacific
Island) (the issuer of the Units), an entity which is indirectly
controlled by Daniel and Stephen Niednagel (the Principals), both of
whom are lineal descendents of the Account Holders and therefore
disqualified persons with respect to the IRAs. The Notice was filed on
behalf of the Account Holders.
With respect to the information contained in the Summary of Facts
and Representations section of the Notice, footnote number 4 located at
the bottom of the second column on page 30638 should be corrected to
read as follows:
``** The Department notes that a divergence of interests may
develop over time between (1) the IRAs and the IRA fiduciaries in their
capacities as individuals, or (2) the IRAs and other persons in which
the IRA fiduciaries, in their individual capacities, may have an
interest. In the event that such a divergence of interests develops,
the IRA fiduciaries would be required to take steps to eliminate the
conflict of interest in order to avoid engaging in a prohibited
transaction.''
FOR FURTHER INFORMATION CONTACT: Mr. Mark Judge or Mr. Laurence Lux,
Office of Exemption Determinations, Employee Benefits Security
Administration, U.S. Department of Labor, Washington, DC at (202) 693-
8339 or (202) 693-8555, respectively (these are not toll-free numbers).
Signed at Washington, DC, this 1st day of June, 2007.
Ivan Strasfeld,
Director of Exemption Determinations, Employee Benefits Security
Administration, U.S. Department of Labor.
[FR Doc. E7-10917 Filed 6-6-07; 8:45 am]
BILLING CODE 4510-29-P
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