Reinsurer Spearheads Push For MFC Board Shake-Up

Law360, New York (November 25, 2013, 3:38 PM EST) -- A substantial minority investor in commodity supply chain company MFC Industrial Ltd. on Monday kicked off a proxy fight aimed at a board overhaul, building on a trend of more engaged stakeholders against the backdrop of a surge in shareholder activism.

New York-based IAT Reinsurance Co. Ltd. alongside its controlling shareholder, billionaire Peter Kellogg, said they filed a proposal to expand MFC's board to 11 seats and nominate eight new directors better equipped to steer the company.

But Kellogg said the push should not be mistaken...
To view the full article, register now.