mxm8k_stmtstl.htm

0000063814-09-000016.txt : 20090428 0000063814-09-000016.hdr.sgml : 20090428 20090428170958 ACCESSION NUMBER: 0000063814-09-000016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090428 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090428 DATE AS OF CHANGE: 20090428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAXXAM INC CENTRAL INDEX KEY: 0000063814 STANDARD INDUSTRIAL CLASSIFICATION: FORESTRY [0800] IRS NUMBER: 952078752 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03924 FILM NUMBER: 09776486 BUSINESS ADDRESS: STREET 1: 1330 POST OAK BOULEVARD STREET 2: SUITE 2000 CITY: HOUSTON STATE: TX ZIP: 77056-3058 BUSINESS PHONE: 7139757600 MAIL ADDRESS: STREET 1: 1330 POST OAK BOULEVARD STREET 2: SUITE 2000 CITY: HOUSTON STATE: TX ZIP: 77056-3058 FORMER COMPANY: FORMER CONFORMED NAME: MCO HOLDINGS INC DATE OF NAME CHANGE: 19881115 FORMER COMPANY: FORMER CONFORMED NAME: MCCULLOCH OIL CORP DATE OF NAME CHANGE: 19800630 FORMER COMPANY: FORMER CONFORMED NAME: MCCULLOCH OIL CORP OF CALIFORNIA DATE OF NAME CHANGE: 19691118 8-K 1 mxm8k_stmtstl.htm FORM 8-K mxm8k_stmtstl.htm

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (date of earliest event reported): April 28, 2009

MAXXAM INC.

(Exact name of Registrant as Specified in its Charter)

Delaware

(State or other jurisdiction of incorporation)

1-3924

(Commission File Number)

95-2078752

(I.R.S. Employer Identification Number)

1330 Post Oak Boulevard

Suite 2000

Houston, Texas

(Address of Principal Executive Offices)

77056

(Zip Code)

Registrant’s telephone number, including area code: (713) 975-7600

Not Applicable

(Former name, former address and

former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01. Entry Into a Material Definitive Agreement.

To the extent applicable, the contents of Item 8.01 below are incorporated into this Item 1.01.

Item 8.01. Other Events.

See Exhibit 99 hereto for a press statement issued by MAXXAM Inc. ("MAXXAM") on April 28, 2009. MAXXAM has previously disclosed the Wilson federal and state actions pending against the company and its Chairman of the Board, Charles E. Hurwitz. The press statement announces that a settlement has been reached with the plaintiffs in these actions.

The agreement provides for MAXXAM to pay a total of $4.0 million to settle the two actions. This amount compares to the legal fees that would have been incurred in continuing to defend the litigation. There was no admission of liability by either defendant.

The settlement has also been approved by the federal district court in which the federal action was pending. Subject to consent to the settlement by the federal and state governments, neither of which chose to join in the lawsuits, this settlement brings an end to these actions against the company and Mr. Hurwitz.

Item 9.01. Financial Statements and Exhibits.

99.1	Statement issued by the Registrant on April 28, 2009

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	MAXXAM INC.

Date: April 28, 2009	By:	/s/ Bernard L. Birkel
	Name:	Bernard L. Birkel
	Title:	Secretary

EXHIBIT INDEX
Exhibit No.	Description
99.1	Statement issued by the Registrant on April 28, 2009

0028FMS9.VM.DOC

EX-99 2 exh-99.htm PRESS STATEMENT exh-99.htm

Exhibit 99

STATEMENT BY MAXXAM REGARDING SETTLEMENT OF LAWSUIT

OAKLAND, Calif.-- MAXXAM Inc. announced today that a settlement has been reached with the plaintiffs in the federal and state qui tam litigation brought against the company and its Chairman, Charles Hurwitz. There was no admission of liability by either defendant.

The qui tam actions arose out of acquisition of the Headwaters forest by the federal and state governments in 1999. Under the terms of the settlement, the company has agreed to pay a total of $4.0 million to settle these matters. This amount compares to the legal fees the company would have incurred in continuing to defend the litigation.

Since the Headwaters transaction closed in 1999, the federal and state governments have never questioned whether the transaction was proper. The plaintiffs nevertheless sought to gain hundreds of millions of dollars over an alleged fraud that never occurred. At the heart of the issue was a sustained yield plan that was created 10 years ago with full transparency. The plan was examined, reviewed and critiqued again and again—and then approved by the applicable California state agency, including by one of the plaintiffs. Moreover, the plan was made available for public review and comment.