Is anybody noticing weirdness with PRIVATE appointments being imported via ICS?

I import JUST this appointment to a user calendar (using either curl or zmprov -- it seems to make no difference) and it comes in fine (Private appropriately set and displayed).

But when I import it as part of a larger ICS import Private is NOT set.

(headers omitted)
BEGIN:VEVENT
UID:48ec5c7f-f32e-2db3-f71b-78bb8ef082fc
SUMMARY:10 AM One-time
LOCATION:
DESCRIPTION:
DTSTART;TZID="(GMT-05.00) Eastern Time (US & Canada)":20080409T100000
DTEND;TZID="(GMT-05.00) Eastern Time (US & Canada)":20080409T110000
STATUS:CONFIRMED
CLASS:PRIVATE
X-MICROSOFT-CDO-BUSYSTATUS:BUSY
X-MICROSOFT-CDO-INTENDEDSTATUS:BUSY
TRANSP:OPAQUE
END:VEVENT

Anybody else notice anythign like this?