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                       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): July 23, 2003



                                   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)




           5847 San Felipe, Suite 2600                       77057
                 Houston, Texas                           (Zip Code)
    (Address of Principal Executive Offices)

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


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Item 5.  Other Events and Regulation FD Disclosure

   Reference is made to Note 8 of the Condensed Notes to Consolidated Financial
Statements of MAXXAM Inc. (the "Company") set forth in the Company's Form 10-Q
for the quarter ended March 31, 2003 (the "Form 10-Q"). Described in such Note
are the EPIC-SYP/Permits lawsuit and the USWA lawsuit which have been filed
against the CDF, the California Department of Fish and Game ("CDFG"), Scotia LLC
and Pacific Lumber (subsidiaries of the Company), and others. Any capitalized
terms used but not defined herein have the same meaning assigned to them in the
Form 10-Q.

   Reference is also made to a Form 8-K of the Company dated May 19, 2003
relating to a tentative ruling by the Court with respect to these cases (the
"Form 8-K"). In that tentative ruling, the Court related that it intended to
rule against the CDF and the other respondents with respect to this matter and
invalidate the SYP and the Permit issued by the State of California (the
"California Permit") due to several deficiencies in agency procedures and the
failure of the Company and Pacific Lumber to submit a complete and
comprehensible SYP. On July 23, 2003, the Court issued a statement of decision
indicating that it will invalidate the SYP and the California Permit, but
deferring a decision on the specific remedy it will prescribe. The Court has set
a hearing for July 30, 2003 on the matter of the remedy. This hearing will be
followed by briefing (based on a schedule to be decided upon at the time of the
hearing). The Court will thereafter issue its final decision.

   The Form 8-K indicates that the Court was allowing THPs submitted through
mid-October 2002 to be processed, that Pacific Lumber was obtaining review and
approval of new THPs under a procedure provided for in the forest practice rules
which did not depend upon the SYP, and that because certain THPs would not
qualify for this procedure, there could be a reduction in 2003 harvest levels
which could have an adverse impact on the Company. The Company also stated in
the Form 8-K that it believes this will continue to be the situation pending a
final decision; however, there can be no assurance that this will prove to be
the case as, for instance, THP processing could become more difficult. The
Company continues to believe the above statements.

   Pacific Lumber is in the process of evaluating the options available to it in
light of this development. It is impossible to determine the impact this matter
will ultimately have on the Company given that the Court has not issued its
final decision, including the remedy to be prescribed by the Court. However, the
final decision could have a long-term negative impact on the Company.




                                   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.
                                                       (Registrant)


Date: July 24, 2003             By:                /s/ Bernard L. Birkel
                                   --------------------------------------------------------
                                                     Bernard L. Birkel
                                      Secretary and Senior Assistant General Counsel