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<DIV
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<P>&nbsp;</P></DIV></DIV><BR>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT
size=2>Washington, D.C. 20549</FONT></B></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><B><FONT
size=5>FORM 8-K</FONT></B></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT
size=3>Current Report Pursuant to Section 13 or 15(d) of</FONT></B></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT
size=3>The Securities Exchange Act of 1934</FONT></B></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2>Date of Report (date of earliest event reported): </FONT><B><FONT
size=2>January 20, 2006</FONT></B></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><B><FONT
size=5>MAXXAM INC.</FONT></B></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=1>(Exact name of Registrant as Specified in its Charter)</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><B><FONT
size=2>Delaware</FONT></B></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2>(State or other jurisdiction of incorporation)</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT
size=2>1-3924</FONT></B></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2>(Commission File Number)</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT
size=2>95-2078752</FONT></B></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2>(I.R.S. Employer Identification Number)</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=600 border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; BORDER-LEFT-COLOR: gray; BORDER-BOTTOM-COLOR: gray; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: gray; PADDING-TOP: 0in; BORDER-RIGHT-COLOR: gray"
    vAlign=top width=239>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=2>1330 Post Oak Boulevard</FONT></B></P>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=2>Suite 2000</FONT></B></P>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=2>Houston, Texas</FONT></B></P>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=2>(Address of Principal Executive Offices)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=160>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=239>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=2>77056</FONT></B></P>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=2>(Zip Code)</FONT></P></TD></TR></TABLE>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2>Registrant's telephone number, including area code: </FONT><B><FONT
size=2>(713) 975-7600</FONT></B></P>
<DIV
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<P>&nbsp;</P></DIV></DIV><BR>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P><BR>
<HR align=center width="100%" noShade SIZE=2>

<P style="PAGE-BREAK-BEFORE: always"></P><PAGE>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><B><FONT
size=2>Item 1.01.</FONT></B><FONT
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><FONT size=2>Entry Into a
Material Definitive Agreement.</FONT></B></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify"><FONT
size=2>On January 20, 2006, the Registrant's indirect wholly owned subsidiary,
The Pacific Lumber Company ("Palco"), and Palco's subsidiary, Britt Lumber Co.,
Inc. ("Britt," and together with Palco, the "Borrowers"), and certain of their
affiliates entered into (a) the Fourth Amendment to Revolving Credit Agreement,
a copy of which is attached hereto as Exhibit 10.1, and (b) the Fourth Amendment
to Term Loan Agreement, a copy of which is attached hereto as Exhibit 10.2
(collectively the "Amendments"). The Registrant has previously reported a $6.0
million loan to Palco by its parent, MAXXAM Group Inc. ("MGI"). The Amendments,
among other things, enable MGI to make up to $3.0 million of additional loans to
Palco. It is anticipated that proceeds of such loans will be used for working
capital purposes.</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2>The Amendments also state that, due to a breach of a Revolving Credit
Agreement EBITDA covenant for the period ended November 30, 2005, an event of
default exists under the Revolving Credit Agreement and the Term Loan Agreement,
and that a further breach may occur in respect of the covenant for the period
ended December 31, 2005. The Borrowers are pursuing discussions with the
lenders under the two facilities in order to revise the covenant and resolve the
default. While the Company believes that the situation can be satisfactorily
resolved, there can be no assurance that this will be the case. The Registrant
does not intend to provide updates regarding the progress of discussions between
the Borrowers and the lenders.</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="56%" border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in"
    vAlign=top noWrap width="27%">
      <P
      style="MARGIN-TOP: 0pt; BORDER-LEFT-COLOR: gray; MARGIN-BOTTOM: 0pt; BORDER-BOTTOM-COLOR: gray; MARGIN-LEFT: 0pt; BORDER-TOP-COLOR: gray; TEXT-INDENT: 0pt; TEXT-ALIGN: left; BORDER-RIGHT-COLOR: gray"><B><FONT
      size=2>Item 9.01</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in"
    vAlign=top noWrap width="72%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT
      size=2>Financial Statements and
Exhibits.</FONT></B></P></TD></TR></TABLE>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><FONT
size=2>c) Exhibits</FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=600 border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=89>
      <P
      style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=2>Exhibit </FONT></B><U><B><FONT size=2>Number</FONT></B></U></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=542>
      <P
      style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><BR><U><B><FONT
      size=2>Description</FONT></B></U></P>
      <P
      style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=89>
      <P
      style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=2>10.1</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=542>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>Fourth Amendment to Revolving Credit Agreement, dated January 20,
      2006, among Palco, Britt, The CIT Group/Business Credit, Inc. and other
      parties</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=89>
      <P
      style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=2>10.2</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=542>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>Fourth Amendment to Term Loan Agreement, dated January 20, 2006,
      among Palco, Britt, Credit Suisse First Boston and other
    parties</FONT></P></TD></TR></TABLE>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; TEXT-ALIGN: center"><B><FONT
size=2>SIGNATURES</FONT></B></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 7.69%; TEXT-ALIGN: justify"><FONT
size=2>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.</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="65%" border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.5in; PADDING-TOP: 0in"
    vAlign=top noWrap width="67%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.5in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.5in; PADDING-TOP: 0in"
    vAlign=top noWrap width="32%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><B><FONT
      size=2>MAXXAM INC.</FONT></B></P></TD></TR></TABLE>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2>Date: January 26, 2006</FONT><FONT
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
size=2>By:</FONT><U><FONT size=2>/s/ Bernard L.
Birkel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></U></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD vAlign=top noWrap width="43%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top noWrap width="7%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>Name:</FONT></P></TD>
    <TD vAlign=top noWrap width="20%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>Bernard L. Birkel</FONT></P></TD>
    <TD width="28%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="43%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top noWrap width="7%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>Title:</FONT></P></TD>
    <TD vAlign=top noWrap colSpan=2>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>Secretary &amp; Senior Assistant General
  Counsel</FONT></P></TD></TR></TABLE>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=1>0475FMS6.DH.DOC</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P></DIV></BODY></HTML>
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{"company-data": {"conformed-name": "MAXXAM INC", "cik": "0000063814", "assigned-sic": "3334", "irs-number": "952078752", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-03924", "film-number": "06552733"}, "business-address": {"street1": "1330 POST OAK BOULEVARD", "street2": "SUITE 2000", "city": "HOUSTON", "state": "TX", "zip": "77056-3058", "phone": "7139757600"}, "mail-address": {"street1": "1330 POST OAK BOULEVARD", "street2": "SUITE 2000", "city": "HOUSTON", "state": "TX", "zip": "77056-3058"}, "former-company": [{"former-conformed-name": "MCO HOLDINGS INC", "date-changed": "19881115"}, {"former-conformed-name": "MCCULLOCH OIL CORP", "date-changed": "19800630"}, {"former-conformed-name": "MCCULLOCH OIL CORP OF CALIFORNIA", "date-changed": "19691118"}]}
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):
January 20, 2006
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
Item 1.01.
Entry Into a
Material Definitive Agreement.
On January 20, 2006, the Registrant's indirect wholly owned subsidiary,
The Pacific Lumber Company ("Palco"), and Palco's subsidiary, Britt Lumber Co.,
Inc. ("Britt," and together with Palco, the "Borrowers"), and certain of their
affiliates entered into (a) the Fourth Amendment to Revolving Credit Agreement,
a copy of which is attached hereto as Exhibit 10.1, and (b) the Fourth Amendment
to Term Loan Agreement, a copy of which is attached hereto as Exhibit 10.2
(collectively the "Amendments"). The Registrant has previously reported a $6.0
million loan to Palco by its parent, MAXXAM Group Inc. ("MGI"). The Amendments,
among other things, enable MGI to make up to $3.0 million of additional loans to
Palco. It is anticipated that proceeds of such loans will be used for working
capital purposes.
The Amendments also state that, due to a breach of a Revolving Credit
Agreement EBITDA covenant for the period ended November 30, 2005, an event of
default exists under the Revolving Credit Agreement and the Term Loan Agreement,
and that a further breach may occur in respect of the covenant for the period
ended December 31, 2005. The Borrowers are pursuing discussions with the
lenders under the two facilities in order to revise the covenant and resolve the
default. While the Company believes that the situation can be satisfactorily
resolved, there can be no assurance that this will be the case. The Registrant
does not intend to provide updates regarding the progress of discussions between
the Borrowers and the lenders.
Item 9.01
Financial Statements and
Exhibits.
c) Exhibits
Exhibit
Number
Description
10.1
Fourth Amendment to Revolving Credit Agreement, dated January 20,
      2006, among Palco, Britt, The CIT Group/Business Credit, Inc. and other
      parties
10.2
Fourth Amendment to Term Loan Agreement, dated January 20, 2006,
      among Palco, Britt, Credit Suisse First Boston and other
    parties
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: January 26, 2006
By:
/s/ Bernard L.
Birkel
Name:
Bernard L. Birkel
Title:
Secretary & Senior Assistant General
  Counsel
0475FMS6.DH.DOC