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Standard General increases ownership of Penn Octane to 34.48%
By Lisa Kerner
Charlotte, N.C., Oct. 15 - Investors led by Standard General LP upped their stake in Penn Octane Corp. to 34.48%, from 29.92% on Sept. 19, with the purchase of 217,325 additional shares of the company's stock.
The shares were acquired between Oct. 8 and Oct. 14 at prices from $1.9582 to $2.0731 each, according to a schedule 13D/A filed with the Securities and Exchange Commission.
Standard General bought 164,500 shares of Penn Octane between Sept. 9 and Sept. 17, a prior SEC filing said.
The investors beneficially own 5,311,884 shares of the Palm Desert, Calif., fuel products company.
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