Pilgrim Petroleum Corp. (PGPM)

[duratrader]

Yes Technically, we do own American, but there is a clause that I'm unsure of. Here it is;

Neither the filing of this Schedule 13D nor any of its contents shall be deemed to constitute an admission by Pilgrim Petroleum Corporation that it is the beneficial owner of any of the common stock referred to herein for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, or for any other purpose, and such beneficial ownership is expressly disclaimed.

Any attorneys in the house?

I believe it means we can't add Pilgrims 10% + Americans' 10% together to equal 20%

Any other opinions?