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Standard General increases ownership of Penn Octane to 35.71%
By Lisa Kerner
Charlotte, N.C., Nov. 20 - Investors led by Standard General LP upped their stake in Penn Octane Corp. to 35.71%, from 34.48%, with the purchase of 190,167 additional shares of the company's stock.
The shares were bought between Oct. 15 and Nov. 19 at prices from $2.1704 to $2.21 each, according to a schedule 13D/A filed with the Securities and Exchange Commission.
Standard General bought 217,325 shares of Penn Octane between Oct. 8 and Oct. 14, a prior SEC filing said.
The investors beneficially own approximately 5.5 million shares of the Palm Desert, Calif., fuel products company.
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