Greenlight had started acquiring Mercer Intl shares in 1997 ( https://www.sec.gov/Archives/edgar/data/75659/0000890566-97-002728.txt ). It's highly probably that Kellogg also had an undisclosed stake since the late 90s, since he was also an investor in Mercer's spin-off Arbatax/MFC Bancorp (now "Scully Royalty") at that time (disclosed ~10% in 1999), where he is still a significant shareholder through IAT. I would not rely on IAT/Kellogg's public filings, he has been known for not disclosing significant stakes despite legal obligations (for example in the case of the spin-off KHD Humboldt Wedag Intl. AG, where IAT/Kellogg held a stake of roughly 20% and did not disclose it, violating german securities law). In 2013 IAT started a proxy fight with MFC (now SRL), some interesting tidbits here: https://www.sec.gov/Archives/edgar/data/16859/000120677413004488/mfc_6k.htm
Now MFC/SRL/Smith is an even worse offender when it comes to securities laws and the law in general, and they are currently having the same issues as back then with their main shareholders (see drama around the latest AGM).
Greenlight had started acquiring Mercer Intl shares in 1997 ( https://www.sec.gov/Archives/edgar/data/75659/0000890566-97-002728.txt ). It's highly probably that Kellogg also had an undisclosed stake since the late 90s, since he was also an investor in Mercer's spin-off Arbatax/MFC Bancorp (now "Scully Royalty") at that time (disclosed ~10% in 1999), where he is still a significant shareholder through IAT. I would not rely on IAT/Kellogg's public filings, he has been known for not disclosing significant stakes despite legal obligations (for example in the case of the spin-off KHD Humboldt Wedag Intl. AG, where IAT/Kellogg held a stake of roughly 20% and did not disclose it, violating german securities law). In 2013 IAT started a proxy fight with MFC (now SRL), some interesting tidbits here: https://www.sec.gov/Archives/edgar/data/16859/000120677413004488/mfc_6k.htm
Now MFC/SRL/Smith is an even worse offender when it comes to securities laws and the law in general, and they are currently having the same issues as back then with their main shareholders (see drama around the latest AGM).
Many thanks for your comment Graoully - you bring up several interesting points that I was not aware of.
Ah, that is how the Scully position came about - wondered about that but did not pursue the question.
Again, your additional comments are very appreciated - seems like Kellogg has quite a lot of strategies up his sleeve!