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Standard General buys more shares of Penn Octane
By Lisa Kerner
Charlotte, N.C., July 10 - Investors led by Standard General LP purchased 297,000 shares of Penn Octane Corp. between June 4 and July 9 for $568,362, according to a schedule 13D filing with the Securities and Exchange Commission.
The investors beneficially own 3,898,618 shares, or 25.31%, of the Palm Desert, Calif., fuel products company.
Standard General purchased 185,500 shares of Penn Octane between March 31 and April 30 for a total stake in the company of 21.72%, it was reported in a prior SEC filing.
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