Federal Register / Vol. 62, No. 192 / Friday, October 3, 1997 / Notices 51911

DEPARTMENT OF LABOR

Pension and Welfare Benefits

Administration

[Prohibited Transaction Exemption 97–53;

Exemption Application No. D–10261, et al.]

Grant of Individual Exemptions;

McCroskey, Feldman, Cochrane &

Brock, P.C.

AGENCY: Pension and Welfare Benefits

Administration, Labor.

ACTION: Grant of Individual Exemptions.

SUMMARY: This document contains

exemptions issued by the Department of

Labor (the Department) from certain of

the prohibited transaction restrictions of

the Employee Retirement Income

Security Act of 1974 (the Act) and/or

the Internal Revenue Code of 1986 (the

Code).

Notices were published in the Federal

Register of the pendency before the

Department of proposals to grant such

exemptions. The notices set forth a

summary of facts and representations

contained in each application for

exemption and referred interested

persons to the respective applications

for a complete statement of the facts and

representations. The applications have

been available for public inspection at

the Department in Washington, D.C. The

notices also invited interested persons

to submit comments on the requested

exemptions to the Department. In

addition the notices stated that any

interested person might submit a

written request that a public hearing be

held (where appropriate). The

applicants have represented that they

have complied with the requirements of

the notification to interested persons.

No public comments and no requests for

a hearing, unless otherwise stated, were

received by the Department.

The notices of proposed exemption

were issued and the exemptions are

being granted solely by the Department

because, effective December 31, 1978,

section 102 of Reorganization Plan No.

4 of 1978 (43 FR 47713, October 17,

1978) transferred the authority of the

Secretary of the Treasury to issue

exemptions of the type proposed to the

Secretary of Labor.

Statutory Findings

In accordance with section 408(a) of

the Act and/or section 4975(c)(2) of the

Code and the procedures set forth in 29

CFR Part 2570, Subpart B (55 FR 32836,

32847, August 10, 1990) and based upon

the entire record, the Department makes

the following findings:

(a) The exemptions are

administratively feasible;

(b) They are in the interests of the

plans and their participants and

beneficiaries; and

(c) They are protective of the rights of

the participants and beneficiaries of the

plans.

McCroskey, Feldman, Cochrane &

Brock, P.C. Profit Sharing Plan and

Trust (the Plan), Located in Muskegon,

Michigan

[Prohibited Transaction Exemption 97–53;

Exemption Application No. D–10261]

Exemption

The restrictions of sections 406(a),

406 (b)(1) and (b)(2) of the Act and the

sanctions resulting from the application

of section 4975 of the Code, by reason

of section 4975(c)(1) (A) through (E) of

the Code, shall not apply to the cash

sale (the Sale) by the Plan of certain

improved real property located at 1440

and 1442 Peck Street in Muskegon,

Michigan (the Muskegon Property) to

the McCroskey Development

Partnership (the Partnership), a party in

interest with respect to the Plan;

provided that the following conditions

are satisfied:

(A) All terms and conditions of the

Sale are no less favorable to the Plan

than those which the Plan could obtain

in an arm’s-length transaction with an

unrelated party;

(B) The Sale is a one-time transaction

for cash in which the Plan incurs no

expenses;

(C) The Plan receives a purchase price

for the Muskegon Property which is no

less than the greater of (1) the fair

market value of the Muskegon Property

established at the time of the sale by an

independent qualified appraiser, or (2)

$350,000;

(D) Within sixty days of the

publication in the Federal Register of

this notice granting the exemption,

McCroskey, Feldman, Cochran & Brock,

P.C. (the Employer) files Form 5330

with the Internal Revenue Service and

pays the applicable excise taxes which

are due with respect to the continuation

of a lease of the Muskegon Property by

the Plan to the Employer after

September 27, 1989; and

(E) Within sixty days of the

publication in the Federal Register of

this notice granting the exemption, the

Employer’s payment of rent to the Plan

for the Muskegon Property from

September 27, 1989 through the date of

the Partnership’s purchase of the

Property from the Plan is reviewed by

an independent fiduciary to determine

whether such rent was at all times no

less than the fair market rental value of

the Muskegon Property, and, to the

extent such rent is determined to have

been less than the fair market rental

value, the Employer pays the Plan the

amount of such deficiency together with

interest thereon at a rate determined by

the independent fiduciary to be

appropriate to compensate the Plan for

lost income on such deficiency amount.

For a more complete statement of the

facts and representations supporting

this exemption, refer to the notice of

proposed exemption published on

August 1, 1997 at 62 FR 41431.

FOR FURTHER INFORMATION CONTACT: Mr.

Ronald Willett of the Department,

telephone (202) 219–8881. (This is not

a toll-free number.)

Alloy Die Casting Co. Employees’ Profit

Sharing Plan and Trust (the Plan),

Located in Anaheim, California

[Prohibited Transaction 97–54; Exemption

Application No. D–10439]

Exemption

The restrictions of section 406(a), 406

(b)(1) and (b)(2) of the Act and the

sanctions resulting from the application

of section 4975 of the Code, by reason

of section 4975(c)(1) (A) through (E) of

the Code, shall not apply to the cash

sale by the Plan to the Alloy Die Casting

Co./W.E. Holmes, Inc. (Alloy), the Plan

sponsor and a party in interest with

respect to the Plan, of units (the Units)

in the Krupp Insured Plus-II Limited

Partnership, provided: (a) The sale is a

one-time transaction for cash; (b) no

commissions or other expenses are paid

by the Plan in connection with the sale;

(c) the Plan will receive $1.15 above the

highest bid price for the Units at the

most recent sealed bid auction for the

Units which has occurred prior to the

time of the sale; and (d) Alloy will

purchase the Units from the Plan within

10 calendar days following the granting

of this exemption.

For a more complete statement of the

facts and representations supporting the

Department’s decision to grant this

exemption, refer to the notices of

proposed exemption published on June

23, 1997 at 62 FR 33924 and on August

8, 1997 at 62 FR 42837.

FOR FURTHER INFORMATION CONTACT: Gary

H. Lefkowitz of the Department,

telephone (202) 219–8881. (This is not

a toll-free number.)

Bloom Consulting Corporation Profit

Sharing Plan (the Plan), Located in

Tiburon, California

[Prohibited Transaction Exemption 97–55;

Exemption Application No. D–10440]

Exemption

The application of section 4975 of the

Code, by reason of sections 4975(c)(1)

(A) through (E) of the Code shall not
51912 Federal Register / Vol. 62, No. 192 / Friday, October 3, 1997 / Notices

apply to the proposed purchase by the

Plan of shares of common stock of

Valley Forge Corporation (the Stock)

from the Martin Bloom Family Trust, a

disqualified person with respect the

Plan provided that the following

conditions are satisfied: (1) The

purchase of the Stock will be a one-time

transaction for cash; (2) the Plan will

purchase the Stock at a price no greater

than the fair market value of the Stock

as reported on the American Stock

Exchange (AMEX) on the date of the

purchase; (3) the Plan will not pay any

expenses in connection with the

proposed transaction; and (4) the

purchase of the Stock shall represent no

more than 25% of the fair market value

of the Plan’s assets.

For a more complete statement of the

facts and representations supporting

this exemption, refer to the notice of

proposed exemption, published on

August 8, 1997 at 62 FR 47064.

FOR FURTHER INFORMATION CONTACT:

Allison Padams of the Department,

telephone (202) 219–8971. (This is not

a toll free number.)

General Information

The attention of interested persons is

directed to the following:

(1) The fact that a transaction is the

subject of an exemption under section

408(a) of the Act and/or section

4975(c)(2) of the Code does not relieve

a fiduciary or other party in interest or

disqualified person from certain other

provisions to which the exemptions

does not apply and the general fiduciary

responsibility provisions of section 404

of the Act, which among other things

require a fiduciary to discharge his

duties respecting the plan solely in the

interest of the participants and

beneficiaries of the plan and in a

prudent fashion in accordance with

section 404(a)(1)(B) of the Act; nor does

it affect the requirement of section

401(a) of the Code that the plan must

operate for the exclusive benefit of the

employees of the employer maintaining

the plan and their beneficiaries;

(2) These exemptions are

supplemental to and not in derogation

of, any other provisions of the Act and/

or the Code, including statutory or

administrative exemptions and

transactional rules. Furthermore, the

fact that a transaction is subject to an

administrative or statutory exemption is

not dispositive of whether the

transaction is in fact a prohibited

transaction; and

(3) The availability of these

exemptions is subject to the express

condition that the material facts and

representations contained in each

application accurately describes all

material terms of the transaction which

is the subject of the exemption.

Signed at Washington, D.C., this 30th day

of September, 1997.

Ivan Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

U.S. Department of Labor.

[FR Doc. 97–26289 Filed 10–2–97; 8:45 am]

BILLING CODE 4510–29–M

NATIONAL AERONAUTICS AND

SPACE ADMINISTRATION

[Notice (97–143)]

Government-Owned Inventions,

Available for Licensing

AGENCY: National Aeronautics and

Space Administration.

ACTION: Notice of availability of

inventions for licensing.

SUMMARY: The inventions listed below

are assinged to the National Aeronautics

and Space Administration, have been

filed in the United States Patent and

Trademark Office, and are available for

licensing.

DATES: October 3, 1997.

FOR FURTHER INFORMATION CONTACT:

Office of Patent Counsel, Langley

Research Center, Mail Stop 212,

Hampton, VA 23681–0001; telephone

(757) 864–9260.

NASA Case No. LAR–15547–1: An

Improved Substrate Material for

Holographic Emulsions Utilizing

Fluorinated Polyimide Film.

NASA Case No. LAR–14997–3:

Optical Flameout Detector (FWC of—2).

NASA Case No. LAR–15539–1:

Advanced Layered Composite

Polylaminate Electro-Active Actuator.

NASA Case No. LAR–15411–2–CU:

Process and Apparatus for Applying

Powder Particles to a Filamentary

Material (FWC of—1).

NASA Case No. LAR–15062–2: MultiChannel Electronically Scanned

Cryogenic Pressure Sensor (FWC of—1).

NASA Case No. LAR–15289–2: 3-

Dimensional Object Tracking System

and Method Employing Plural Sensors/

Processors for Performing Parallel

Processing (FWC of—1).

Dated: September 26, 1997.

Edward A. Frankle,

General Counsel.

[FR Doc. 97–26292 Filed 10–2–97; 8:45 am]

BILLING CODE 7510–01–M

NATIONAL AERONAUTICS AND

SPACE ADMINISTRATION

[Notice 97–144]

NASA Advisory Council, Aeronautics

and Space Transportation Technology

Advisory Committee, Air Traffic

Management Research and

Development Executive Steering

Committee; Meeting

AGENCY: National Aeronautics and

Space Administration.

ACTION: Notice of meeting.

SUMMARY: In accordance with the

Federal Advisory Committee Act, Public

Law 92–463, as amended, the National

Aeronautics and Space Administration

announces a NASA Advisory Council,

Aeronautics and Space Transportation

Technology Advisory Committee, Air

Traffic Management Research and

Development Executive Steering

Committee meeting.

DATES: October 21, 22, and 23, 1997,

8:00 a.m. to 5:30 p.m.

ADDRESSES: National Aeronautics and

Space Administration, Ames Research

Center, Building 262, Room 100, Moffett

Field, CA 94035.

FOR FURTHER INFORMATION CONTACT: Mr.

Herbert W. Schlickenmaier, National

Aeronautics and Space Administration,

Headquarters, Washington, DC 20546,

202/358–4638.

SUPPLEMENTARY INFORMATION: The

meeting will be open to the public up

to the seating capacity of the room. The

meeting will focus on NASA’s

Advanced Air Transportation

Technology (AATT) element of the

aviation capacity research program.

Agenda topics for the meeting are as

follows:

—AATT Program Introduction

—Overview of AATT Level II Plan

—Summary at AATT Sub-element Level

III Plans

—Review of the AATT Level 1,

Milestone 1, Program Plan

Assessment

It is imperative that the meeting be

held on these dates to accommodate the

scheduling priorities of the key

participants. Visitors will be requested

to sign a visitors register.

Dated: September 26, 1997.

Leslie M. Nolan

Advisory Committee Management Officer.

[FR Doc. 97–26293 Filed 10–2–97; 8:45 am]

BILLING CODE 7510–01–M