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Standard General increases ownership of Penn Octane to 29.92%
By Lisa Kerner
Charlotte, N.C., Sept. 19 - Investors led by Standard General LP upped their stake in Penn Octane Corp. to 29.92% with the purchase of 164,500 additional shares of the company's stock.
According to a schedule 13D filed with the Securities and Exchange Commission, the shares were acquired between Sept. 9 and Sept. 17 at prices from $2.29 to $2.35 each.
Standard General bought 297,000 shares of Penn Octane between June 4 and July 9 for $568,362, a prior SEC filing said
The investors beneficially own 4,608,868 shares of the Palm Desert, Calif., fuel products company.
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