-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NhPK4OcJ+DNA003youZSKzMfLUuycnnJEsLa02l9Gh8+p2iFpkBQ//bjlk8b6jU0 pb/6Am3omcVYw2+T5ki6lA== 0000063814-09-000036.txt : 20090618 0000063814-09-000036.hdr.sgml : 20090617 20090618125824 ACCESSION NUMBER: 0000063814-09-000036 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20090618 ITEM INFORMATION: Other Events FILED AS OF DATE: 20090618 DATE AS OF CHANGE: 20090618 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: 09898383 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_re.htm FORM 8-K mxm8k_re.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): June 18, 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 8.01.
Other Events.

In 2004, a subsidiary of MAXXAM Inc. (the "Company") and a third party real estate development company formed a joint venture, RMCAL Development LP (“RMCAL”), to develop a residential parcel in the Company’s real estate development in Rancho Mirage, California.  In connection with the formation of RMCAL, the Company sold a 50% interest in the parcel and contributed the remainder of the parcel to the joint venture in return for a 50% non-controlling interest in RMCAL.  The Company accounts for its investment in RMCAL under the equity method of accounting.
 
As previously disclosed, RMCAL’s development loan matured in March 2009 and RMCAL’s managing partner, which had certain guaranty obligations with respect to the development loan, was engaged in discussions with the lender to renew the facility.  During the second quarter of 2009, it became evident the venture would require substantial additional capital to continue its business and in June 2009, the Company agreed to sell its entire interest in RMCAL for a nominal amount, in accordance with a provision in the limited partnership agreement.   Once the transaction closes, the Company will no longer have any ownership interest in the venture.  As a result of these developments, the Company will record a $4.2 million impairment charge in the second quarter of 2009 related to this investment.
 
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:   June 18, 2009 
By:
/s/ M. Emily Madison
 
Name: 
M. Emily Madison
 
Title: 
Vice President, Finance
 


















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