SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13G/A
(Rule 13d-102)
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INFORMATION TO BE INCLUDED IN STATEMENTS PURSUANT TO RULES 13d-1(b), (c)
AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Inter-Atlantic Financial, Inc.
(Name of Issuer)
Common Stock, $.0001 Par Value
(Title of Class of Securities)
45890H100
(CUSIP Number)
December 31, 2007
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
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* 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 the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") 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).
Schedule 13G/A
CUSIP No. 45890H100 PAGE 2 OF 9
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Polar Securities Inc.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Canada
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NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES -----------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
887,150
OWNED BY -----------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING -----------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
887,150
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
887,150
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
8.5%
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(12) TYPE OF REPORTING PERSON
IA
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Schedule 13G/A
CUSIP No. 45890H100 PAGE 3 OF 9
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
North Pole Capital Master Fund
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES -----------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
557,300
OWNED BY -----------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING -----------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
557,300
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
557,300
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.3%
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(12) TYPE OF REPORTING PERSON
CO
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Schedule 13G/A
CUSIP No. 45890H100 PAGE 4 OF 9
ITEM 1(a). NAME OF ISSUER:
Inter-Atlantic Financial, Inc. (the "Company")
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
400 Madison Avenue
New York, New York 10017
ITEMS 2(a), 2(b) and 2(c). NAME OF PERSON FILING, ADDRESS OF PRINCIPAL BUSINESS
OFFICE AND CITIZENSHIP:
This statement is filed by the entities and persons listed below, all
of whom together are referred to herein as the "Reporting Persons":
(i) North Pole Capital Master Fund ("North Pole"), a
Cayman Islands exempted company, with respect to the
Shares (defined in item 2(d) below) reported in this
Schedule 13G/A directly owned by it.
(ii) Polar Securities Inc. ("Polar Securities"), a company
incorporated under the laws on Ontario, Canada, with
respect to the Shares reported in this Schedule 13G/A
directly owned by North Pole and certain
discretionary accounts managed by Polar Securities.
The citizenship of each of the Reporting Persons is set forth above.
The address of the principal business office of each of the Reporting Persons is
372 Bay Street, 21st floor, Toronto, Ontario M5H 2W9, Canada.
ITEM 2(d). TITLE OF CLASS OF SECURITIES: Common Stock, $.0001 Par Value
(the "Shares")
ITEM 2(e). CUSIP NUMBER: 45890H100
Schedule 13G/A
CUSIP No. 45890H100 PAGE 5 OF 9
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO 13d-1(b) OR 13d-2(b) OR (c),
CHECK WHETHER THE PERSON FILING IS A:
(a) [ ] Broker or dealer registered under Section 15 of the Act;
(b) [ ] Bank as defined in Section 3(a)(6) of the
Act;
(c) [ ] Insurance Company as defined in Section 3(a)(19) of the Act;
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act of 1940;
(e) [ ] Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940: see Rule
13d-1(b)(1)(ii)(E);
(f) [ ] Employee Benefit Plan, Pension Fund which is subject to
the provisions of the Employee Retirement Income Security
Act of 1974 or Endowment Fund; see Rule 13d-1(b)(1)(ii)(F);
(g) [ ] Parent Holding Company, in accordance with
Rule 13d-1(b)(ii)(G);
(h) [ ] Savings Associations as defined in Section 3(b) of the
Federal Deposit Insurance Act;
(i) [ ] Church Plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the
Investment Company Act of 1940;
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
IF THIS STATEMENT IS FILED PURSUANT TO Rule 13d-1(c), CHECK THIS
BOX. [x]
Schedule 13G/A
CUSIP No. 45890H100 PAGE 6 OF 9
ITEM 4. OWNERSHIP.
Polar Securities Inc. serves as the investment manager to North Pole
and a number of discretionary accounts with respect to which it has voting
and dispositive authority over the Shares reported in this Schedule 13G/A.
Each of the Reporting Persons hereby disclaims any beneficial ownership
of any such Shares.
A. Polar Securities
(a) Amount beneficially owned: 887,150
(b) Percent of class: 8.5% (all percentages herein are based on
10,485,300 Shares reported to be outstanding, as of November 15,
2007 as reflected in the Form 10-Q filed by the Company on
November 16, 2007).
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 0 Shares.
(ii) shared power to vote or to direct the vote: 887,150
Shares.
(iii) sole power to dispose or to direct the disposition of: 0
Shares.
(iv) shared power to dispose or to direct the disposition of:
887,150 Shares
B. North Pole
(a) Amount beneficially owned: 557,300
(b) Percent of class: 5.3%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 0 Shares.
(ii) shared power to vote or to direct the vote: 557,300
Shares.
(iii) sole power to dispose or to direct the disposition of: 0
Shares.
(iv) shared power to dispose or to direct the disposition of:
557,300 Shares
Schedule 13G/A
CUSIP No. 45890H100 PAGE 7 OF 9
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
Not applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
See Item 4.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
See Item 4.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not applicable.
ITEM 10. CERTIFICATION (if filing pursuant to Rule 13d-1(c))
Each of the Reporting Persons hereby makes the following certification:
By signing below each Reporting Person certifies that, to the best of its
knowledge and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and not held in
connection with or as a participant in any transaction having that purpose or
effect.
Schedule 13G/A
CUSIP No. 45890H100 PAGE 8 OF 9
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
DATED: February 14, 2008 Polar Securities Inc.
/s/ Paul Sabourin
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Paul Sabourin
Chief Investment Officer
North Pole Capital Master Fund
By: Polar Securities Inc.
/s/ Paul Sabourin
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Paul Sabourin
Chief Investment Officer
chedule 13G/A
CUSIP No. 45890H100 PAGE 9 OF 9
EXHIBIT 1
JOINT ACQUISITION STATEMENT
PURSUANT TO RULE 13d-1(k)
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13G/A, is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13G/A, shall be filed on
behalf of each of the undersigned without the necessity of filing additional
joint acquisition statements. The undersigned acknowledge that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning him or it contained therein, but
shall not be responsible for the completeness and accuracy of the information
concerning the others, except to the extent that he or it knows or has reason to
believe that such information is inaccurate.
DATED: February 14, 2008 Polar Securities Inc.
/s/ Paul Sabourin
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Paul Sabourin
Chief Investment Officer
North Pole Capital Master Fund
By: Polar Securities Inc.
/s/ Paul Sabourin
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Paul Sabourin
Chief Investment Officer