<SEC-DOCUMENT>0000902664-13-003968.txt : 20131216
<SEC-HEADER>0000902664-13-003968.hdr.sgml : 20131216
<ACCEPTANCE-DATETIME>20131216162219
ACCESSION NUMBER:		0000902664-13-003968
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20131216
DATE AS OF CHANGE:		20131216
GROUP MEMBERS:		KRISTEN.POOLE@SRZ.COM
GROUP MEMBERS:		TODD.KORNREICH@SRZ.COM

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MFC Industrial Ltd.
		CENTRAL INDEX KEY:			0000016859
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-METALS, MINERALS (NO PETROLEUM) [5050]
		IRS NUMBER:				131818111
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-54859
		FILM NUMBER:		131279184

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1620 - 400 BURRARD
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3A6
		BUSINESS PHONE:		604-683-5767

	MAIL ADDRESS:	
		STREET 1:		SUITE 1620 - 400 BURRARD
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3A6

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TERRA NOVA ROYALTY Corp
		DATE OF NAME CHANGE:	20100330

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KHD HUMBOLDT WEDAG INTERNATIONAL LTD.
		DATE OF NAME CHANGE:	20051103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MFC BANCORP LTD
		DATE OF NAME CHANGE:	19970313

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KELLOGG PETER R
		CENTRAL INDEX KEY:			0000897485

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	MAIL ADDRESS:	
		STREET 1:		48 WALL STREET
		STREET 2:		C/O IAT REINSURANCE CO LTD
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>p13-2105sc13da.htm
<DESCRIPTION>P13-2105 MFC INDUSTRIAL LTD
<TEXT>
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<TITLE></TITLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 99%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Times New Roman, Times, Serif; text-align: center">SECURITIES AND EXCHANGE COMMISSION</TD>
    <TD STYLE="width: 1%; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Washington, D.C. 20549</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">SCHEDULE 13D/A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Under the Securities Exchange Act of 1934</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Amendment No. 7)*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid">MFC Industrial
        Ltd.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Name of Issuer)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid">Common Stock,
        no par value</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Title of Class of Securities)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid">55278T105</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(CUSIP Number)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Peter R. Kellogg</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">48 Wall Street</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">30th Floor</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York, New York 10005</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(212) 389-5841</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">With a copy to:</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Marc Weingarten and David Rosewater</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Schulte Roth &amp; Zabel LLP</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">919 Third Avenue</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York, New York 10022</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Name, Address and Telephone Number of Person</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Authorized to Receive Notices and Communications)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid">December
        12, 2013</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Date of Event Which Requires Filing of This Statement)</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">If the filing person has previously filed a statement on
Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e),
Rule 13d-1(f) or Rule 13d-1(g), check the following box. [ ]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Page 1 of 6 Pages)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">______________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing
information which would alter disclosures provided in a prior cover page.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The information required on the remainder of this cover page shall
not be deemed to be &quot;filed&quot; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&quot;Act&quot;) or
otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><BR CLEAR="ALL">
 <B>1</B></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">NAME OF REPORTING PERSONS</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Peter R. Kellogg</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>2</B></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">(a)&nbsp;[X]</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(b)&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>3</B></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-size: 11pt">SEC
USE ONLY</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT><BR></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>4</B></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">SOURCE OF FUNDS</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">OO</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>5</B></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding: 3pt 6pt 6pt"><FONT STYLE="font-size: 11pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>6</B></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">United States</P></TD></TR>
<TR>
    <TD ROWSPAN="4" STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 11pt">NUMBER OF</FONT><BR>
<FONT STYLE="font-size: 11pt">SHARES</FONT><BR>
<FONT STYLE="font-size: 11pt">BENEFICIALLY</FONT><BR>
<FONT STYLE="font-size: 11pt">OWNED BY</FONT><BR>
<FONT STYLE="font-size: 11pt">EACH</FONT><BR>
<FONT STYLE="font-size: 11pt">REPORTING</FONT><BR>
<FONT STYLE="font-size: 11pt">PERSON WITH</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>7</B></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">SOLE VOTING POWER</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">20,662,400</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center; vertical-align: middle"><B>8</B></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">SHARED VOTING POWER</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center; vertical-align: middle"><B>9</B></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">20,662,400</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center; vertical-align: middle"><B>10</B></TD>
    <TD COLSPAN="3" STYLE="border: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>11</B></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">20,662,400</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>12</B></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>13</B></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item
        5)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">33.0%</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>14</B></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">TYPE OF REPORTING PERSON</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">IN</P></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 85px">&nbsp;</TD>
    <TD STYLE="width: 378px">&nbsp;</TD>
    <TD STYLE="width: 2px">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>1</B></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">NAME OF REPORTING PERSONS</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">IAT Reinsurance Company Ltd.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>2</B></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">(a)&nbsp;[X]</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(b)&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>3</B></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-size: 11pt">SEC
USE ONLY</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt"></FONT><BR> <BR></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>4</B></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">SOURCE OF FUNDS</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">WC</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>5</B></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding: 3pt 6pt 6pt"><FONT STYLE="font-size: 11pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>6</B></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Bermuda</P></TD></TR>
<TR>
    <TD ROWSPAN="4" STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 11pt">NUMBER OF</FONT><BR>
<FONT STYLE="font-size: 11pt">SHARES</FONT><BR>
<FONT STYLE="font-size: 11pt">BENEFICIALLY</FONT><BR>
<FONT STYLE="font-size: 11pt">OWNED BY</FONT><BR>
<FONT STYLE="font-size: 11pt">EACH</FONT><BR>
<FONT STYLE="font-size: 11pt">REPORTING</FONT><BR>
<FONT STYLE="font-size: 11pt">PERSON WITH</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>7</B></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">SOLE VOTING POWER</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">13,405,000</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>8</B></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">SHARED VOTING POWER</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>9</B></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">13,405,000</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>10</B></TD>
    <TD COLSPAN="3" STYLE="border: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>11</B></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">13,405,000</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>12</B></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>13</B></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item
        5)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">21.4%</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>14</B></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">TYPE OF REPORTING PERSON</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">CO</P></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 85px">&nbsp;</TD>
    <TD STYLE="width: 378px">&nbsp;</TD>
    <TD STYLE="width: 2px">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">CUSIP No. 55278T105</TD><TD STYLE="text-align: center; width: 34%">SCHEDULE 13D/A</TD><TD STYLE="text-align: right; width: 33%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> of 6 Pages</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><BR CLEAR="ALL">
 <B>1</B></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">NAME OF REPORTING PERSONS</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">William C. Horn III</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>2</B></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">(a)&nbsp;[X]</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(b)&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>3</B></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-size: 11pt">SEC
USE ONLY</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt"></FONT><BR> <BR></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>4</B></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">SOURCE OF FUNDS</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">PF</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>5</B></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding: 3pt 6pt 6pt"><FONT STYLE="font-size: 11pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>6</B></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">United States</P></TD></TR>
<TR>
    <TD ROWSPAN="4" STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 11pt">NUMBER OF</FONT><BR>
<FONT STYLE="font-size: 11pt">SHARES</FONT><BR>
<FONT STYLE="font-size: 11pt">BENEFICIALLY</FONT><BR>
<FONT STYLE="font-size: 11pt">OWNED BY</FONT><BR>
<FONT STYLE="font-size: 11pt">EACH</FONT><BR>
<FONT STYLE="font-size: 11pt">REPORTING</FONT><BR>
<FONT STYLE="font-size: 11pt">PERSON WITH</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>7</B></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">SOLE VOTING POWER</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">618</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>8</B></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">SHARED VOTING POWER</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>9</B></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">618</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>10</B></TD>
    <TD COLSPAN="3" STYLE="border: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>11</B></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">618</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>12</B></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>13</B></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item
        5)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">0.0%</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><B>14</B></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0">TYPE OF REPORTING PERSON</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">IN</P></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 85px">&nbsp;</TD>
    <TD STYLE="width: 378px">&nbsp;</TD>
    <TD STYLE="width: 2px">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">CUSIP No. 55278T105</TD><TD STYLE="text-align: center; width: 34%">SCHEDULE 13D/A</TD><TD STYLE="text-align: right; width: 33%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> of 6 Pages</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Times New Roman, Times, Serif"><B>Introduction</B></TD>
    <TD STYLE="width: 86%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.5in">This Amendment No. 7 (&quot;AMENDMENT NO. 7&quot;) to Schedule 13D is being filed pursuant to Rule 13d-1(f) regarding shares of the common stock, no par value per share (the &quot;SHARES&quot;), of MFC Industrial Ltd., a British Columbia corporation (the &quot;COMPANY&quot;), that may be deemed to be beneficially owned by Peter R. Kellogg (&quot;MR. KELLOGG &quot;), IAT Reinsurance Company Ltd., a Bermuda limited liability company (&quot;IAT&quot; and together with Mr. Kellogg, the &quot;IAT GROUP&quot;), and William C. Horn III (&quot;MR. HORN&quot;). IAT, Mr. Kellogg and Mr. Horn are each referred hereto as a Reporting Person, and are collectively referred to as the Reporting Persons.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.5in">This Amendment No. 7 amends and supplements the statement on Schedule 13D dated February 9, 2001, as amended from time to time, relating to the Shares. This Amendment No. 7 reflects transactions and developments through December 13, 2013, relating to such Reporting Persons' holdings of the Company. Only those items hereby reported in this Amendment No. 7 are amended and all other items remain unchanged. Terms used herein but not otherwise defined shall have the meanings set forth in Schedule 13D, as amended.</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Times New Roman, Times, Serif"><B>Item 4.</B></TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Times New Roman, Times, Serif"><B>PURPOSE OF TRANSACTION</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.5in">Item 4 of the Schedule 13D is hereby amended and supplemented by the addition of the following:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.5in">On
    December 12, 2013, the IAT Group issued a press release (the &quot;DECEMBER 12 PRESS RELEASE&quot;) urging shareholders of
    the Company to vote their BLUE proxy or voting instruction form in support of change at the Company in connection with the
    Annual General and Special Meeting of Shareholders of the Company to be held on December 27, 2013 in Hong Kong (the
    &quot;MEETING&quot;). The December 12 Press Release also indicated that if elected, the Proposed Nominees expect to, among
    other things, work with current management to carefully and thoughtfully plan and design the Company&#8217;s strategy and
    regularly revisit the strategy with an eye to its continued validity and the quality of execution, and enumerated several
    factors that the Proposed Nominees intended to focus on in conducting a strategic review of the Company. The foregoing
    summary of the December 12 Press Release is qualified in its entirety by reference to the full text of the December 12 Press
    Release, a copy of which is attached as Exhibit 8 to this Schedule 13D and is incorporated by reference herein.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.5in">On
    December 13, 2013, the IAT Group issued a second press release (the &quot;DECEMBER 13 PRESS RELEASE&quot;) responding to a
    press release from the Company issued earlier that day. &nbsp;The December 13 Press Release noted that the Company's press
    release belatedly offered to support the election of just two of the Proposed Nominees to the board of directors of the
    Company in connection with the Meeting, which the IAT Group believes is insufficient. The foregoing summary of the December
    13 Press Release is qualified in its entirety by reference to the full text of the December 13 Press Release, a copy of which
    is attached as Exhibit 9 to this Schedule 13D and is incorporated by reference herein.</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Times New Roman, Times, Serif"><B>Item 7.</B></TD>
    <TD STYLE="vertical-align: top; width: 88%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Times New Roman, Times, Serif"><B>EXHIBITS</B></TD>
    <TD STYLE="width: 1%; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Item 7 is hereby amended and supplemented by the addition of the following:</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.5in">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><B><U>Exhibit</U></B></TD>
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><B><U>Description</U></B></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">8</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">9</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Press Release, issued December 12, 2013.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Press Release, issued December 13, 2013.</P></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 5; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">CUSIP No. 55278T105</TD><TD STYLE="text-align: center; width: 34%">SCHEDULE 13D/A</TD><TD STYLE="text-align: right; width: 33%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --> of 6 Pages</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SIGNATURES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">After reasonable inquiry and to the best
of its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete
and correct.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Date: December 16, 2013</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>IAT REINSURANCE COMPANY LTD.</B></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 66%; padding-right: 5.75pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 24%; padding-right: 5.75pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-right: 5.75pt">/s/ Marguerite R. Gorman, attorney in fact</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.75pt">Peter R. Kellogg</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Title:</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.75pt">President and Chief Executive Officer</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">/s/ Marguerite R. Gorman, attorney in fact</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>Peter R. Kellogg</B></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.75pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.75pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.75pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.75pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 66%; padding-right: 5.75pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 24%; padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">/s/ William C. Horn III</TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>William C. Horn III</B></TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
</TABLE>
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<DESCRIPTION>P13-2105 EXHIBIT 8
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">EXHIBIT 8</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10.5pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Press Release, issued December
12, 2013</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0; text-align: center"><B>IAT Nominees Offer MFC Shareholders a Path to
Unlock Value</B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0; text-align: center"><B>Shareholders Urged to Vote BLUE Proxy Today!</B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">New York, New York, December 12, 2013 - Mr. Peter R. Kellogg and IAT
Reinsurance Company Ltd. (collectively, &#8220;<B>IAT</B>&#8221;) urge shareholders of MFC Industrial Ltd. (NYSE:MIL) (&#8220;<B>MFC</B>&#8221;)
to vote their BLUE proxy or voting instruction form in support of change at MFC in connection with the Annual General and Special
Meeting of Shareholders (the &#8220;<B>Meeting</B>&#8221;) of MFC to be held on December 27, 2013 in Hong Kong.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">IAT&#8217;s proxy circular (the &#8220;<B>Circular</B>&#8221;) details
the many strategic, execution and governance failures that the board and management of MFC have presided over. IAT&#8217;s Circular
also provides extensive detail about the qualifications and experience of IAT&#8217;s nominees for the board of MFC (the &#8220;<B>IAT
Nominees</B>&#8221;), all of whom are independent of MFC and, with the exception of Mr. Kellogg, independent of IAT.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">The goal of the IAT Nominees is to bring strategic, operational, and
financial discipline to MFC by providing effective oversight of management.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">If elected, the IAT Nominees expect to work with current management
to carefully and thoughtfully plan and design MFC&#8217;s strategy and to regularly revisit it with an eye to its continued validity
and the quality of execution. The strategic review will within the first 90 days after the Board is reconstituted focus on, among
other things:</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Book Antiqua, Times, Serif">Reviewing the feasibility and efficacy of
the current global supply chain strategy to determine if it is a good use of shareholder capital, and determine the value and importance
of all assets identified by MFC as &#8220;core&#8221; to that strategy; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Book Antiqua, Times, Serif">Developing a plan to monetize the assets
that are non-core to MFC&#8217;s strategy based on the most favorable risk/reward analysis;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Book Antiqua, Times, Serif">Bring full transparency to the compensation
of corporate officers&nbsp;and the board of directors, and align compensation with performance and the interests of all shareholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">In any case, MFC&#8217;s assets will be rationalized and/or monetized
as quickly as possible but in a manner that provides the best and most sustainable return on shareholder capital.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">The newly constituted board will provide necessary and appropriate
oversight of management, including the recruitment of a CFO. Currently MFC&#8217;s CEO Michael Smith acts as President, CFO and
Chair of MFC, a breach of good risk management and governance practices.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">MFC&#8217;s governance practices are also expected to be overhauled
with a view to:</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">immediately separating the roles of Chair, CEO and CFO;</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">seeking to repeal MFC&#8217;s staggered board structure;</TD></TR></TABLE>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">adopting a &#8216;&#8216;majority voting&#8217;&#8217; policy;</TD></TR></TABLE>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reconstituting all of MFC&#8217;s board committees;</TD></TR></TABLE>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">implementing a code of conduct to appropriately address conflicts of interest; and</TD></TR></TABLE>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">implementing a process to properly oversee management.</TD></TR></TABLE>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Over the longer term, the newly constituted board are expected to seek
to ensure that MFC comply with applicable corporate governance &#8216;&#8216;best practices&#8217;&#8217; recommended by the New
York Stock Exchange, the Canadian Securities Administrators and leading proxy advisory firms.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Fellow shareholders, we urge you to review the Circular, and join IAT
in voting your&nbsp;<B><U>BLUE</U></B>&nbsp;proxy for real change at MFC. We expect the current board will continue to attempt
to distract shareholders from their abject failure to create shareholder value. The only question before shareholders is whether
the current board or the IAT Nominees are the best choice for generating shareholder returns.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Please cast your vote on the&nbsp;<B><U>BLUE</U></B>&nbsp;proxy today
in support of the IAT Nominees and disregard any materials you may receive from MFC. We urge you to vote the&nbsp;<B><U>BLUE</U></B>&nbsp;form
of proxy so that it is received by Okapi Partners LLC prior to&nbsp;<U>5:00 p.m. (New York time) on Sunday, December 22, 2013.</U></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>Even if you have previously deposited a white proxy or given voting
instructions in support of MFC board nominees, you may still change your vote and support the IAT Nominees by voting your BLUE
proxy or voting instruction form</B>.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">If you require assistance in casting your vote, or require replacement
proxy materials, please call IAT&#8217;s proxy solicitation agent, Okapi Partners LLC at&nbsp;<B>1-855-208-8902</B>,&nbsp;<FONT STYLE="font-size: 11pt">mfcinfo@okapipartners.com</FONT></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">To keep current with further developments, shareholders of MFC can
visit&nbsp;<FONT STYLE="font-size: 11pt">www.timeforchangeatMFC.com</FONT></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>About IAT</B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">IAT is a Class 3-A Bermuda-domiciled reinsurer. IAT&#8217;s head office
is located at 48 Wall Street, 30<SUP>th</SUP> Floor, New York, NY 10005. IAT is an active underwriter of commercial and personal
lines property and casualty reinsurance and insurance, directly and through its eight wholly-owned insurance subsidiaries domiciled
and licensed in the US.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>For further information, please contact Bruce Goldfarb or Pat McHugh
at:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>OKAPI PARTNERS</B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">437 Madison Avenue, 28th Floor</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">New York, N.Y., 10022</P>


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<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">www.okapipartners.com</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>North American Toll-Free Phone: </B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>1-855-208-8902</B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Email: mfcinfo@okapipartners.com</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Facsimile: +1 212 297 1710</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Outside of North America, Banks and Brokers Call Collect: +1 212 297
0720</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>Media:</B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Riyaz Lalani</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Bayfield Strategy, Inc.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">416-907-9365</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">www.bayfieldstrategy.com</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"><B>Notice to United States Shareholders</B></P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0">This solicitation is not subject to the requirements of Section
14(a) of the United States Securities Exchange Act of 1934, as amended (the &#8220;<B>U.S. Exchange Act</B>&#8221;). Accordingly,
this solicitation is made in the United States with respect to securities of MFC in accordance with Canadian corporate and securities
laws and this press release has been prepared in accordance with disclosure requirements applicable in Canada. Shareholders of
MFC in the United States should be aware that these Canadian requirements are different from the requirements applicable to proxy
statements under the U.S. Exchange Act.</P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"><B>Forward-looking Statements and Information</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">Certain information included in, attached to or incorporated
by reference into, this press release, may contain forward-looking statements or forward-looking information within the meaning
of applicable securities laws, including in respect of IAT&#8217;s and MFC&#8217;s respective priorities, plans and strategies
for MFC and MFC&#8217;s anticipated financial and operating performance and business prospects. All statements and information,
other than statements of historical fact, included or incorporated by reference in this press release are forward-looking statements
and forward-looking information, including, without limitation, statements regarding activities, events or developments that IAT
expects or anticipates may occur in the future. Such forward-looking statements and other information in this press release are
based on publicly disclosed information relating to MFC and we disclaim the accuracy and completeness of such information. These
forward-looking statements and information can be identified by the use of forward-looking words such as &#8220;will&#8221;, &#8220;expect&#8221;,
&#8220;intend&#8221;, &#8220;plan&#8221;, &#8220;estimate&#8221;, &#8220;anticipate&#8221;, &#8220;believe&#8221; or &#8220;continue&#8221;
or similar words and expressions or the negative thereof. There can be no assurance that the plans, intentions or expectations
upon which these forward-looking statements and information are based will occur or, even if they do occur, will result in the
plans, results or performance expected.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">IAT cautions readers of this press release not to place undue
reliance on forward-looking statements and information contained in this press release, which are not a guarantee of performance,
events or results and are subject to a number of risks, uncertainties and other factors that could cause actual results, performance
or events to differ materially from those expressed or implied by such forward-looking statements or information. These factors
include: changes in strategies, plans or prospects; general economic, industry, business and market conditions; changes in management
and board composition; actions of MFC and its subsidiaries or competitors; the ability to implement business strategies and plans
and pursue business opportunities and conditions in the commodity supply chain industry; the availability and pricing of commodities;
the effects of competition and pricing; risks associated with volume growth and pricing; industry capacity and fluctuations in
market supply and demand; inflationary pressures,</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">including increasing utility and fuel prices; potential increases
in maintenance and operating costs; potential legal and regulatory claims, proceedings or investigations; ability to realize any
anticipated or planned cost savings; disruptions or changes in the credit or securities markets; risks and liabilities associated
with financing, producing, sourcing, processing, transporting and storing commodities; timing of completion of capital and maintenance
projects; changes in applicable laws and regulations; foreign currency and interest rate fluctuations; labour strikes or lock-outs
or unexpected changes in labour productivity; and various other events that could disrupt MFC&#8217;s operations, including severe
or unusual weather conditions, droughts, floods, avalanches, earthquakes, war, acts of terrorism and security threats. MFC&#8217;s
shareholders are cautioned that all forward-looking statements and information involve known and unknown risks and uncertainties,
including those risks and uncertainties detailed in the continuous disclosure and other filings of MFC with applicable U.S. and
Canadian securities commissions, copies of which are available on EDGAR at www.sec.gov and SEDAR at www.sedar.com. IAT urges you
to carefully consider those factors.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">The forward-looking statements and information contained in this press
release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements and information
included in this press release are made as of the date of this press release and IAT undertakes no obligation to publicly update
such forward-looking statements or information to reflect new information, subsequent events or otherwise, except as required by
applicable laws.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>For further information, please contact Bruce Goldfarb or Pat McHugh
at:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>OKAPI PARTNERS</B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">437 Madison Avenue, 28th Floor</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">New York, N.Y., 10022</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">www.okapipartners.com</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>North American Toll-Free Phone: </B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>1-855-208-8902</B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Email: mfcinfo@okapipartners.com</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Facsimile: +1 212 297 1710</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Outside of North America, Banks and Brokers Call Collect: +1 212 297
0720</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>Media:</B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Riyaz Lalani</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Bayfield Strategy, Inc.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">416-907-9365</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">www.bayfieldstrategy.com</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>


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<DESCRIPTION>P13-2105 EXHIBIT 9
<TEXT>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">EXHIBIT 9</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Press Release, issued December 13, 2013</U></B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0; text-align: center"><B>IAT Responds to MFC&#8217;s Recent Attempt at
Avoiding an Independent Board</B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0; text-align: center"><B>&#8220;Two&#8221; is Great for Tea but Not Enough
for Change at MFC</B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">New York, New York, December 13, 2013 - Mr. Peter R. Kellogg and IAT
Reinsurance Company Ltd. (collectively, &#8220;<B>IAT</B>&#8221;) responded to a press release from MFC Industrial Ltd. (NYSE:MIL)
(&#8220;<B>MFC</B>&#8221;) earlier today that belatedly offered to support the election of just two of IAT&#8217;s nominees for
the board of MFC (the &#8220;<B>IAT Nominees</B>&#8221;) in connection with the Annual General and Special Meeting of Shareholders
(the &#8220;<B>Meeting</B>&#8221;) of MFC to be held on December 27, 2013 in Hong Kong.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&#8220;Facing defeat at the Meeting, MFC has made this offer as a last
ditch attempt to avoid real change and preserve their ability to marginalize true independence on the board,&#8221; said Peter
Kellogg, CEO of IAT.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&#8220;Given how resistant the current MFC board has been up to now
to even allow one shareholder nominated director on the MFC board, we do not believe that two IAT Nominees on the board of MFC
would make enough difference to overcome the inertia perpetuated by the entrenched directors and to drive meaningful change at
MFC. Our company should be in the hands of a majority independent board to ensure that MFC&#8217;s CEO Michael Smith, and the rest
of the management team, have the necessary oversight to preserve and unlock shareholder value.&#8221; continued Mr. Kellogg.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>The IAT Nominees &#8211; Truly Independent</B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">The IAT Nominees are TRUE INDEPENDENT DIRECTORS &#8211; they are:</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Independent of MFC, both for purposes of applicable securities law and exchange rules;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Independent of each other; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">With the exception of Mr. Kellogg, <I>all of the IAT Nominees are independent of IAT.</I></TD></TR></TABLE>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;The IAT Nominees were recruited only two months ago, and with
the exception of two individuals, were not even known to Mr. Kellogg or IAT prior to that time. They are truly independent. IAT
is not trying to take over or control MFC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">By stark contrast, MFC&#8217;s current directors are not independent:</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Michael Smith</I>, in violation of all &#8220;good governance&#8221; principles, is shockingly
the Chairman, President, CEO and CFO of MFC.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Ravin Prakash</I>&nbsp;is the former executive officer of MFC&#8217;s failed subsidiary, Magnum
Minerals Pvt Ltd.&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Ian Rigg</I>&nbsp;is the recently retired managing director of Kasese Cobalt Company Ltd., which
was then an indirect subsidiary of MFC.&nbsp;</TD></TR></TABLE>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;As such, none of these individuals would reasonably qualify
as independent under applicable securities laws. Further:</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Ms. Silke Stenger</I>&nbsp;(formerly Silke Brossmann) has been an on-and-off director of companies
related to Michael Smith including,&nbsp;MFC Bancorp Ltd., Blue Earth Refineries Inc., Cathay Merchant Group, Inc. and KHD Humboldt
Wedag International AG since 2003, meaning she clearly has a long history with Michael Smith that taints her independence.</TD></TR></TABLE>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Dr. Shuming Zhao</I>&nbsp;and&nbsp;<I>Indrajit Chatterjee</I>&nbsp;have served with Michael
Smith on the MFC board since 2004 and 2005, respectively, meaning they can also be presumed after all that time to be &#8220;cosy&#8221;
with management which also taints their independence. &nbsp;</TD></TR></TABLE>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Given the lengthy and material relationships each of these individuals
have with Michael Smith and his various other business ventures, IAT does not consider these directors to be sufficiently independent
to provide the necessary oversight and leadership of the business. The MFC board&#8217;s dismal record in this regard clearly supports
that conclusion<B>.</B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>The IAT Nominees &#8211; Qualified and Experienced</B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Each of the IAT Nominees contributes the necessary depth and breadth
of experience required to bring about lasting change at MFC. As detailed on page 29 of IAT&#8217;s proxy circular dated December
6, 2013 (the &#8220;<B>Circular</B>&#8221;), the IAT Nominees as a group and individually, have greater relevant experience than
the incumbent board on every important measure. They have each been recruited because of their specific experience and skill set.
A copy of the Circular is available at <FONT STYLE="font-size: 11pt">www.timeforchangeatMFC.com</FONT>.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Our analysis details the stunning gap in skills and experience of the
incumbent board, on every measure including:</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Corporate governance;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Public company boards;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mining and commodities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">International operations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Capital markets &amp; finance; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Accounting and operational experience.</TD></TR></TABLE>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">MFC requires a board with the skills needed to enable it to refine
and effectively execute on its strategy and to generate long-term value for all shareholders. Adding two directors to a board that
otherwise lacks these fundamental skills will not facilitate the change that MFC desperately needs to drive value. The IAT Nominees
will bring those long missing skills to MFC&#8217;s board and provide shareholders with the best opportunity for meaningful change
and lasting value creation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>MFC Shareholders Deserve Better</B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Shareholders deserve a board where good governance, good disclosure
practices, accountability and transparency are the norm, not the exception.&nbsp;The IAT Nominees as independent stewards will
implement those practices if elected to MFC&#8217;s board.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">The choice before shareholders is CEO Michael Smith&#8217;s board of
ineffective and connected directors, <I><U>or</U></I> IAT&#8217;s Nominees, who will bring true independent oversight to MFC.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">The current board of MFC has failed miserably in supervising management.
MFC cannot continue to be run as Michael Smith&#8217;s private fiefdom. We need the board to be in the hands of a majority of independent
directors and only the IAT Nominees can offer that to shareholders.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Fellow shareholders, we urge you to review the Circular, and join IAT
in voting your&nbsp;<B><U>BLUE</U></B>&nbsp;proxy for real change at MFC. We expect the current board will continue to attempt
to distract shareholders from their abject failure to create shareholder value. The only question before shareholders is whether
the current board or the IAT Nominees are the best choice for generating shareholder returns.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Please cast your vote on the&nbsp;<B><U>BLUE</U></B>&nbsp;proxy today
in support of the IAT Nominees and disregard any materials you may receive from MFC. We urge you to vote the&nbsp;<B><U>BLUE</U></B>&nbsp;form
of proxy so that it is received by Okapi Partners LLC prior to&nbsp;<U>5:00 p.m. (New York time) on Sunday, December 22, 2013.</U></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>Even if you have previously deposited a white proxy or given voting
instructions in support of MFC board nominees, you may still change your vote and support the IAT Nominees by voting your BLUE
proxy or voting instruction form</B>.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">If you require assistance in casting your vote, or require replacement
proxy materials, please call IAT&#8217;s proxy solicitation agent, Okapi Partners LLC at&nbsp;<B>1-855-208-8902</B>,&nbsp;<FONT STYLE="font-size: 11pt">mfcinfo@okapipartners.com</FONT></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">To keep current with further developments, shareholders of MFC can
visit&nbsp;<FONT STYLE="font-size: 11pt">www.timeforchangeatMFC.com</FONT></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>About IAT</B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">IAT is a Class 3-A Bermuda-domiciled reinsurer. IAT&#8217;s head office
is located at 48 Wall Street, 30<SUP>th</SUP> Floor, New York, NY 10005. IAT is an active underwriter of commercial and personal
lines property and casualty reinsurance and insurance, directly and through its eight wholly-owned insurance subsidiaries domiciled
and licensed in the US.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>For further information, please contact Bruce Goldfarb or Pat McHugh
at:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>OKAPI PARTNERS</B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">437 Madison Avenue, 28th Floor</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">New York, N.Y., 10022</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">www.okapipartners.com</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>North American Toll-Free Phone: </B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>1-855-208-8902</B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Email: mfcinfo@okapipartners.com</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Facsimile: +1 212 297 1710</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Outside of North America, Banks and Brokers Call Collect: +1 212 297
0720</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>Media:</B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Riyaz Lalani</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Bayfield Strategy, Inc.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">416-907-9365</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">www.bayfieldstrategy.com</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"><B>Notice to United States Shareholders</B></P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0">This solicitation is not subject to the requirements of Section
14(a) of the United States Securities Exchange Act of 1934, as amended (the &#8220;<B>U.S. Exchange Act</B>&#8221;). Accordingly,
this solicitation is made in the United States with respect to securities of MFC in accordance with Canadian corporate and securities
laws and this press release has been prepared in accordance with disclosure requirements applicable in Canada. Shareholders of
MFC in the United States should be aware that these Canadian requirements are different from the requirements applicable to proxy
statements under the U.S. Exchange Act.</P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"><B>Forward-looking Statements and Information</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">Certain information included in, attached to or incorporated
by reference into, this press release, may contain forward-looking statements or forward-looking information within the meaning
of applicable securities laws, including in respect of IAT&#8217;s and MFC&#8217;s respective priorities, plans and strategies
for MFC and MFC&#8217;s anticipated financial and operating performance and business prospects. All statements and information,
other than statements of historical fact, included or incorporated by reference in this press release are forward-looking statements
and forward-looking information, including, without limitation, statements regarding activities, events or developments that IAT
expects or anticipates may occur in the future. Such forward-looking statements and other information in this press release are
based on publicly disclosed information relating to MFC and we disclaim the accuracy and completeness of such information. These
forward-looking statements and information can be identified by the use of forward-looking words such as &#8220;will&#8221;, &#8220;expect&#8221;,
&#8220;intend&#8221;, &#8220;plan&#8221;, &#8220;estimate&#8221;, &#8220;anticipate&#8221;, &#8220;believe&#8221; or &#8220;continue&#8221;
or similar words and expressions or the negative thereof. There can be no assurance that the plans, intentions or expectations
upon which these forward-looking statements and information are based will occur or, even if they do occur, will result in the
plans, results or performance expected.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">IAT cautions readers of this press release not to place undue
reliance on forward-looking statements and information contained in this press release, which are not a guarantee of performance,
events or results and are subject to a number of risks, uncertainties and other factors that could cause actual results, performance
or events to differ materially from those expressed or implied by such forward-looking statements or information. These factors
include: changes in strategies, plans or prospects; general economic, industry, business and market conditions; changes in management
and board composition; actions of MFC and its subsidiaries or competitors; the ability to implement business strategies and plans
and pursue business opportunities and conditions in the commodity supply chain industry; the availability and pricing of commodities;
the effects of competition and pricing; risks associated with volume growth and pricing; industry capacity and fluctuations in
market supply and demand; inflationary pressures, including increasing utility and fuel prices; potential increases in maintenance
and operating costs; potential legal and regulatory claims, proceedings or investigations; ability to realize any anticipated or
planned cost savings; disruptions or changes in the credit or securities markets; risks and liabilities associated with financing,
producing, sourcing, processing, transporting and storing commodities; timing of completion of capital and maintenance projects;
changes in applicable laws and regulations; foreign currency and interest rate fluctuations; labour strikes or lock-outs or unexpected
changes in labour productivity; and various other events that could disrupt MFC&#8217;s operations, including severe or unusual
weather conditions, droughts, floods, avalanches, earthquakes, war, acts of terrorism and security threats.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">MFC&#8217;s shareholders are cautioned that all forward-looking
statements and information involve known and unknown risks and uncertainties, including those risks and uncertainties detailed
in the continuous disclosure and other filings of MFC with applicable U.S. and Canadian securities commissions, copies of which
are available on EDGAR at www.sec.gov and SEDAR at www.sedar.com. IAT urges you to carefully consider those factors.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">The forward-looking statements and information contained in this press
release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements and information
included in this press release are made as of the date of this press release and IAT undertakes no obligation to publicly update
such forward-looking statements or information to reflect new information, subsequent events or otherwise, except as required by
applicable laws.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>For further information, please contact Bruce Goldfarb or Pat McHugh
at:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>OKAPI PARTNERS</B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">437 Madison Avenue, 28th Floor</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">New York, N.Y., 10022</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">www.okapipartners.com</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>North American Toll-Free Phone: </B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>1-855-208-8902</B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Email: mfcinfo@okapipartners.com</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Facsimile: +1 212 297 1710</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Outside of North America, Banks and Brokers Call Collect: +1 212 297
0720</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0"><B>Media:</B></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Riyaz Lalani</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">Bayfield Strategy, Inc.</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">416-907-9365</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">www.bayfieldstrategy.com</P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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