MFC, Investor Trade Jabs As Proxy Fight Heats Up

Law360, New York (December 2, 2013, 2:43 PM EST) -- A proxy battle between MFC Industrial Ltd. and its largest investor, IAT Reinsurance Co. Ltd., heated up on Monday with both sides trading jabs and reaffirming their respective board nominees ahead of this month's annual meeting.

Canada-based MFC accused IAT and its main shareholder, billionaire Peter Kellogg, of trying to skirt around securities laws to take control of the company's board at the expense of other stockholders — contentions that IAT and Kellogg have repeatedly rebuffed, including after MFC last week filed suits over the alleged...
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