PPIH Perma Pipe International Holdings Inc

CUSIP No. 552721102 13G/A Page 2 of 10 Pages

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 (1) NAMES OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NO.
 OF ABOVE PERSONS (ENTITIES ONLY)
 Tontine Overseas Associates, L.L.C.
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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
 Delaware
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NUMBER OF (5) SOLE VOTING POWER
 -0-
SHARES --------------------------------------------------------------

BENEFICIALLY (6) SHARED VOTING POWER
 99,384
OWNED BY --------------------------------------------------------------

EACH (7) SOLE DISPOSITIVE POWER
 -0-
REPORTING --------------------------------------------------------------

PERSON WITH (8) SHARED DISPOSITIVE POWER
 99,384
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 (9) AGGREGATE AMOUNT BENEFICIALLY OWNED
 BY EACH REPORTING PERSON
 99,384
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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)
 1.45%
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 (12) TYPE OF REPORTING PERSON **
 IA
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 ** SEE INSTRUCTIONS BEFORE FILLING OUT!

CUSIP No. 552721102 13G/A Page 3 of 10 Pages

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 (1) NAMES OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NO.
 OF ABOVE PERSONS (ENTITIES ONLY)
 Tontine Capital Partners, L.P.
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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
 Delaware
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NUMBER OF (5) SOLE VOTING POWER
 -0-
SHARES ______________________________________________________________

BENEFICIALLY (6) SHARED VOTING POWER
 403,389
OWNED BY ___________________________________________________________

EACH (7) SOLE DISPOSITIVE POWER
 -0-
REPORTING ______________________________________________________________

PERSON WITH (8) SHARED DISPOSITIVE POWER
 403,389
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 (9) AGGREGATE AMOUNT BENEFICIALLY OWNED
 BY EACH REPORTING PERSON
 403,389
-----------------------------------------------------------------------------
 (10) CHECK BOX IF THE AGGREGATE AMOUNT
 IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
 (11) PERCENT OF CLASS REPRESENTED
 BY AMOUNT IN ROW (9)
 5.90%
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 (12) TYPE OF REPORTING PERSON **
 PN
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 ** SEE INSTRUCTIONS BEFORE FILLING OUT!

CUSIP No. 552721102 13G/A Page 4 of 10 Pages

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 (1) NAMES OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NO.
 OF ABOVE PERSONS (ENTITIES ONLY)
 Tontine Capital Management, L.L.C.
-----------------------------------------------------------------------------
 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
 (a) [X]
 (b) [ ]
-----------------------------------------------------------------------------
 (3) SEC USE ONLY
-----------------------------------------------------------------------------
 (4) CITIZENSHIP OR PLACE OF ORGANIZATION
 Delaware
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
 -0-
SHARES ______________________________________________________________

BENEFICIALLY (6) SHARED VOTING POWER
 403,389
OWNED BY ___________________________________________________________

EACH (7) SOLE DISPOSITIVE POWER
 -0-
REPORTING ______________________________________________________________

PERSON WITH (8) SHARED DISPOSITIVE POWER
 403,389
-----------------------------------------------------------------------------
 (9) AGGREGATE AMOUNT BENEFICIALLY OWNED
 BY EACH REPORTING PERSON
 403,389
-----------------------------------------------------------------------------
 (10) CHECK BOX IF THE AGGREGATE AMOUNT
 IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
 (11) PERCENT OF CLASS REPRESENTED
 BY AMOUNT IN ROW (9)
 5.90%
-----------------------------------------------------------------------------
 (12) TYPE OF REPORTING PERSON **
 OO
-----------------------------------------------------------------------------
 ** SEE INSTRUCTIONS BEFORE FILLING OUT!

CUSIP No. 552721102 13G/A Page 5 of 10 Pages

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 (1) NAMES OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NO. OF ABOVE
 PERSONS (ENTITIES ONLY)
 Jeffrey L. Gendell
-----------------------------------------------------------------------------
 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
 (a) [X]
 (b) [ ]
-----------------------------------------------------------------------------
 (3) SEC USE ONLY
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 (4) CITIZENSHIP OR PLACE OF ORGANIZATION
 United States
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NUMBER OF (5) SOLE VOTING POWER
 -0-
SHARES ______________________________________________________________

BENEFICIALLY (6) SHARED VOTING POWER
 502,773
OWNED BY ___________________________________________________________

EACH (7) SOLE DISPOSITIVE POWER
 -0-
REPORTING ______________________________________________________________

PERSON WITH (8) SHARED DISPOSITIVE POWER
 502,773
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 (9) AGGREGATE AMOUNT BENEFICIALLY OWNED
 BY EACH REPORTING PERSON
 502,773
-----------------------------------------------------------------------------
 (10) CHECK BOX IF THE AGGREGATE AMOUNT
 IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
 (11) PERCENT OF CLASS REPRESENTED
 BY AMOUNT IN ROW (9)
 7.36%
-----------------------------------------------------------------------------
 (12) TYPE OF REPORTING PERSON **
 IN
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 ** SEE INSTRUCTIONS BEFORE FILLING OUT!

CUSIP No. 552721102 13G/A Page 6 of 10 Pages
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The Schedule 13G/A initially filed on January 16, 2009 is hereby amended and
restated by this Amendment No. 5 to the Schedule 13G.

Item 1(a). Name of Issuer:

 The name of the issuer is MFRI, Inc. (the "Company").

Item 1(b). Address of Issuer's Principal Executive Offices:

 The Company's principal executive offices are located at 7720 Lehigh
Avenue, Niles, Illinois 60714.

Item 2(a). Name of Person Filing:

 This statement is filed by:

 (i) Tontine Overseas Associates, L.L.C., a limited liability company
 organized under the laws of the State of Delaware ("TOA"), which
 serves as investment manager to Tontine Capital Overseas Master
 Fund, L.P., a Cayman Islands partnership ("TCO"), with respect to
 the shares of Common Stock directly owned by TCO;

 (ii) Tontine Capital Partners, L.P., a Delaware limited partnership
 ("TCP") with respect to the shares of Common Stock directly owned
 by it;

 (iii) Tontine Capital Management, L.L.C., a limited liability company
 organized under the laws of the State of Delaware ("TCM"), with
 respect to the shares of Common Stock directly owned by TCP; and

 (iv) Jeffrey L. Gendell, a United States citizen ("Mr. Gendell") with
 respect to the shares of Common Stock directly owned by each of
 TCO and TCP.

 The foregoing persons are hereinafter sometimes collectively
 referred to as the "Reporting Persons." Any disclosures herein with
 respect to persons other than the Reporting Persons are made on
 information and belief after making inquiry to the appropriate
 party.

Item 2(b). Address of Principal Business Office or, if None, Residence:

 The address of the business office of each of the Reporting Persons is 55
Railroad Avenue, Greenwich, Connecticut 06830.

Item 2(c). Citizenship:

 See Item 2(a) above.

Item 2(d). Title of Class of Securities:
 Common Stock, no par value (the "Common Stock")

CUSIP No. 552721102 13G/A Page 7 of 10 Pages
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Item 2(e). CUSIP Number: 552721102

Item 3. If this statement is filed pursuant to Rules 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 in accordance with Rule 13d-1
 (b)(1)(ii)(E),

 (f) [ ] Employee Benefit Plan or Endowment Fund in accordance
 with Rule 13d-1 (b)(1)(ii)(F),

 (g) [ ] Parent Holding Company or control person in accordance
 with Rule 13d-1 (b)(1)(ii)(G),

 (h) [ ] Savings Association 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).

 Not applicable.

CUSIP No. 552721102 13G/A Page 8 of 10 Pages
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Item 4. Ownership.

 A. Tontine Overseas Associates, L.L.C.

 (a) Amount beneficially owned: 99,384
 (b) Percent of class: 1.45% The percentages used herein and in the
rest of Item 4 are calculated based upon the 6,831,933 shares of Common Stock
issued and outstanding as of December 10, 2009, as set forth in the Company's
Form 10-Q for the quarterly period ended October 31, 2009.
 (c)(i) Sole power to vote or direct the vote: -0-
 ii) Shared power to vote or direct the vote: 99,384
 (iii) Sole power to dispose or direct the disposition: -0-
 (iv) Shared power to dispose or direct the disposition: 99,384

 B. Tontine Capital Partners, L.P.
 (a) Amount beneficially owned: 403,389
 (b) Percent of class: 5.90%
 (c)(i) Sole power to vote or direct the vote: -0-
 (ii) Shared power to vote or direct the vote: 403,389
 (iii) Sole power to dispose or direct the disposition: -0-
 (iv) Shared power to dispose or direct the disposition: 403,389

 C. Tontine Capital Management, L.L.C.
 (a) Amount beneficially owned: 403,389
 (b) Percent of class: 5.90%
 (c)(i) Sole power to vote or direct the vote: -0-
 (ii) Shared power to vote or direct the vote: 403,389
 (iii) Sole power to dispose or direct the disposition: -0-
 (iv) Shared power to dispose or direct the disposition: 403,389

 D. Jeffrey L. Gendell
 (a) Amount beneficially owned: 502,773
 (b) Percent of class: 7.36%
 (c)(i) Sole power to vote or direct the vote: -0-
 (ii) Shared power to vote or direct the vote: 502,773
 (iii) Sole power to dispose or direct the disposition: -0-
 (iv) Shared power to dispose or direct the disposition: 502,773

CUSIP No. 552721102 13G/A Page 9 of 10 Pages
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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.

 TCM, the general partner of TCP, has the power to direct the affairs of
TCP, including decisions respecting the disposition of the proceeds from the
sale of the shares of the Company. Mr. Gendell is the managing member of TCM and
TOA, and in that capacity directs their operations. Each of the clients of TOA
has the power to direct the receipt of dividends from or the proceeds of sale of
such shares.

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.

 Not applicable.


Item 9. Notice of Dissolution of Group.

 Not applicable.

Item 10. Certification.

 Each of the Reporting Persons hereby makes the following certification:

 By signing below I certify that, to the best of my 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 are not held in connection
with or as a participant in any transaction having that purpose or effect.

CUSIP No. 552721102 13G/A Page 10 of 10 Pages
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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 12, 2010

 /s/ Jeffrey L. Gendell
 -----------------------------------------
 Jeffrey L. Gendell, individually, and as
 managing member of
 Tontine Capital Management, L.L.C.,
 general partner of
 Tontine Capital Partners, L.P. and as
 managing member of
 Tontine Overseas Associates, L.L.C.