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<P>&nbsp;</P></DIV></DIV><BR>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT
size=2>UNITED STATES</FONT></B></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT
size=2>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"><B><FONT
size=2>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"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT
size=2>CURRENT REPORT</FONT></B></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT
size=2>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934</FONT></B></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><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><FONT
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><B><FONT
size=2>August 1, 2005</FONT></B></U><FONT size=2>&nbsp;</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
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    <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="100%">
      <P style="MARGIN-RIGHT: -0.15in; TEXT-ALIGN: center" align=center><B><FONT
      size=2>MAXXAM INC.</FONT></B></P></TD></TR></TABLE>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2>(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>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="94%" border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width="37%">
      <P style="MARGIN-RIGHT: -5.4pt; TEXT-ALIGN: center" align=center><B><FONT
      size=2>Delaware</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top colSpan=5>
      <P style="MARGIN-RIGHT: -0.15in; TEXT-ALIGN: center" align=center><B><FONT
      size=2>1-3924</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width="34%">
      <P style="MARGIN-RIGHT: -0.15in; TEXT-ALIGN: center" align=center><B><FONT
      size=2>95-2078752</FONT></B></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width="37%">
      <P style="MARGIN-RIGHT: -0.15in; TEXT-ALIGN: center" align=center><FONT
      size=2>(State or other jurisdiction of incorporation or
      organization)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top colSpan=5>
      <P style="MARGIN-RIGHT: -0.15in; TEXT-ALIGN: center" align=center><FONT
      size=2>(Commission File Number)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width="34%">
      <P style="MARGIN-RIGHT: -0.9pt; TEXT-ALIGN: center" align=center><FONT
      size=2>(I.R.S. Employer Identification No.)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width="37%">
      <P style="MARGIN-RIGHT: -0.15in; TEXT-ALIGN: center" 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 colSpan=5>
      <P style="MARGIN-RIGHT: -0.15in; TEXT-ALIGN: center" 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="34%">
      <P style="MARGIN-RIGHT: -0.15in; TEXT-ALIGN: center" 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 colSpan=3>
      <P style="MARGIN-RIGHT: -0.15in; TEXT-ALIGN: center" align=center><B><FONT
      size=2>1330 Post Oak Boulevard</FONT></B><BR><B><FONT size=2>Suite
      2000</FONT></B></P>
      <P style="MARGIN-RIGHT: -0.15in; TEXT-ALIGN: center" align=center><B><FONT
      size=2>Houston, Texas</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top colSpan=2>
      <P style="MARGIN-RIGHT: -0.15in; TEXT-ALIGN: center" 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 colSpan=2>
      <P style="MARGIN-RIGHT: -0.15in; TEXT-ALIGN: center"
      align=center><BR><BR></P>
      <P style="MARGIN-RIGHT: -0.15in; TEXT-ALIGN: center" align=center><B><FONT
      size=2>77056</FONT></B></P></TD></TR>
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    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top colSpan=3>
      <P style="MARGIN-RIGHT: -0.15in; TEXT-ALIGN: center" 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 colSpan=2>
      <P style="MARGIN-RIGHT: -0.15in; TEXT-ALIGN: center" 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 colSpan=2>
      <P style="MARGIN-RIGHT: -0.15in; TEXT-ALIGN: center" align=center><FONT
      size=2>(Zip Code)</FONT></P></TD></TR>
  <TR>
    <TD
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    vAlign=top colSpan=2>
      <P style="MARGIN-RIGHT: -0.15in; TEXT-ALIGN: center" 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 colSpan=2>
      <P style="MARGIN-RIGHT: -0.15in; TEXT-ALIGN: center" 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 colSpan=3>
      <P style="MARGIN-RIGHT: -0.15in; TEXT-ALIGN: center" 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 colSpan=2>
      <P style="MARGIN-RIGHT: -0.15in; TEXT-ALIGN: center" 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 colSpan=2>
      <P style="MARGIN-RIGHT: -0.15in; TEXT-ALIGN: center" 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 colSpan=3>
      <P style="MARGIN-RIGHT: -0.15in; TEXT-ALIGN: center" 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 colSpan=7>
      <P style="MARGIN-RIGHT: -0.15in; TEXT-ALIGN: center" align=center><FONT
      size=2>Registrant's telephone number, including area code: </FONT><B><FONT
      size=2>(713) 975-7600</FONT></B></P></TD></TR>
  <TR>
    <TD width=223></TD>
    <TD width=36></TD>
    <TD width=96></TD>
    <TD width=12></TD>
    <TD width=4></TD>
    <TD width=20></TD>
    <TD width=210></TD></TR></TABLE>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2>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 (see General Instruction A.2. below):</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2><img src="ballot.jpg"> Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2><img src="ballot.jpg"> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)</FONT></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.12in; TEXT-INDENT: -0.12in; TEXT-ALIGN: justify"><FONT
size=2><img src="ballot.jpg"> Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17&nbsp;CFR 240.14d-2(b))</FONT></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.12in; TEXT-INDENT: -0.12in; TEXT-ALIGN: justify"><FONT
size=2><img src="ballot.jpg"> Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17&nbsp;CFR 240.13e-4(c))</FONT></P>
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<P>&nbsp;</P></DIV></DIV><BR>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></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: center"><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: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=211 border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in"
    vAlign=top width="45%">
      <P><B><FONT size=2>Item 8.01.</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in"
    vAlign=top width="54%">
      <P><B><FONT size=2>Other Events.</FONT></B></P></TD></TR></TABLE>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT
size=2>On August 1, 2005, Registrant's indirect wholly owned subsidiary, Scotia
Pacific Company LLC ("Scotia Pacific"), filed a Current Report on Form 8-K with
the following disclosure in "Item 8.01. Other Events" (references to
"Registrant" in Scotia Pacific's disclosure have been changed to "[Scotia
Pacific]" for the sake of clarity):</FONT></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT
size=2>[Scotia Pacific] believes that a negotiated restructuring of its Timber
Collateralized Notes ("Timber Notes") is in the best interests of [Scotia
Pacific] and all of its constituencies, including the holders of the Timber
Notes ("Noteholders"). [Scotia Pacific] therefore seeks to begin discussions
with an ad hoc committee of Noteholders ("Noteholder Committee"), and as
previously announced, [Scotia Pacific] has already had confidential discussions
with the financial and legal advisors to the Noteholder Committee. [Scotia
Pacific] has proposed to the Noteholder Committee's advisors the broad outlines
of a potential restructuring plan to be accomplished through confirmation of a
chapter 11 plan of reorganization, pursuant to which Noteholders (other than
[Scotia Pacific], whose Timber Notes would be surrendered and cancelled) would
receive new senior secured notes in an aggregate principal amount of
$300,000,000 and shares representing 90% of the equity of the reorganized
[Scotia Pacific]. Neither these, nor any other proposed restructuring terms,
have been agreed to by [Scotia Pacific]'s parent company, The Pacific Lumber
Company ("Palco"), or any Noteholder, nor is there any assurance that any of
these terms will be agreed upon, that there will be an agreement, or, if there
is an agreement, what the terms will be.</FONT></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT
size=2>[Scotia Pacific] is disclosing these proposed terms to the public by this
Form 8-K filing in order to facilitate direct negotiations with the Noteholders,
none of whom has yet entered into a confidentiality agreement with respect to
such negotiations. [Scotia Pacific] encourages Noteholders to contact the
Noteholder Committee's financial and/or legal advisors to begin the process of
negotiating directly with [Scotia Pacific] on the basis of the proposed
restructuring terms. [Scotia Pacific] does not admit that any communication of
the proposed terms of a restructuring, even absent this filing, would constitute
a communication of material non-public information that would in any manner
restrict such Noteholders.</FONT></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT
size=2>As noted above, although [Scotia Pacific] intends to continue to pursue a
negotiated restructuring of the Timber Notes, there can be no assurance that
these efforts will be successful. [Scotia Pacific] has previously announced that
its management has concluded that, in the absence of significant regulatory
relief and accommodations, [Scotia Pacific]'s timber harvest levels and cash
flows from operations will in future years be substantially below both
historical levels and the minimum levels necessary in order to allow [Scotia
Pacific] to satisfy its debt service obligations in respect of the Timber Notes.
Management has also concluded that [Scotia Pacific]'s cost structure will have
to be reduced in line with these anticipated reductions in harvest levels and
cash flows. To the extent that [Scotia Pacific] is unable to achieve a
negotiated restructuring of its Timber Notes consistent with management's
expectations as to future harvest levels </FONT></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=1></FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><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: 12pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify"><FONT
size=2>and cash flows, [Scotia Pacific] expects that it will be forced to take
extraordinary actions, which may include: reducing expenditures by laying off
employees and shutting down various operations; seeking other sources of
liquidity, such as from asset sales; and seeking protection by filing under the
Bankruptcy Code. [Scotia Pacific] does not undertake any obligation to comment
further on the progress, if any, of its efforts to negotiate a restructuring of
the Timber Notes, including whether it has commenced direct negotiations with
any Noteholder or the terms proposed in, or the status or other aspects of, such
negotiations, if any.</FONT></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT
size=2>The information provided in this Current Report on Form 8-K is being
provided for information purposes only, and neither Registrant nor Palco admits
that any communication of the proposed terms of a restructuring, even absent
this filing or Scotia Pacific's Current Report on Form 8-K, would constitute a
communication of material non-public information. Registrant does not undertake
any obligation to comment further on the progress, if any, of Scotia Pacific's
efforts to negotiate a restructuring of the Timber Notes, including whether
Scotia Pacific has commenced direct negotiations with any Noteholder or the
terms proposed in, or the status or other aspects of, such negotiations, if any,
nor does Registrant undertake any obligation to comment on related discussions
that Palco may have.</FONT></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: 0.5in; 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>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=595 border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.5in; PADDING-TOP: 0in"
    vAlign=top width="8%">
      <P><FONT size=2>Date:</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.5in; PADDING-TOP: 0in"
    vAlign=top width="40%">
      <P><FONT size=2>August 1, 2005</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.5in; PADDING-TOP: 0in"
    vAlign=top colSpan=3>
      <P><FONT size=2>MAXXAM INC.</FONT></P></TD>
    <TD colSpan=3>
      <P><FONT size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD colSpan=3>
      <P><FONT size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="8%">
      <P><FONT size=2>By:</FONT></P></TD>
    <TD vAlign=top colSpan=3>
      <P><U><FONT size=2>/s/ Paul N. Schwartz</FONT></U></P></TD>
    <TD width="18%">
      <P><FONT size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD colSpan=3>
      <P><FONT size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="8%">
      <P><FONT size=2>Name:</FONT></P></TD>
    <TD vAlign=top colSpan=2>
      <P><FONT size=2>Paul N. Schwartz</FONT></P></TD>
    <TD colSpan=2>
      <P><FONT size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD colSpan=3>
      <P><FONT size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="8%">
      <P><FONT size=2>Title:</FONT></P></TD>
    <TD vAlign=top colSpan=4>
      <P><FONT size=2>President and Chief Financial Officer</FONT></P></TD></TR>
  <TR>
    <TD width=48></TD>
    <TD width=240></TD>
    <TD width=0></TD>
    <TD width=48></TD>
    <TD width=82></TD>
    <TD width=49></TD>
    <TD width=20></TD>
    <TD width=108></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: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
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UNITED STATES
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):
August 1, 2005
MAXXAM INC.
(Exact name of registrant as specified in its charter)
Delaware
1-3924
95-2078752
(State or other jurisdiction of incorporation or
      organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
1330 Post Oak Boulevard
Suite
      2000
Houston, Texas
77056
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
(713) 975-7600
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 (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 8.01.
Other Events.
On August 1, 2005, Registrant's indirect wholly owned subsidiary, Scotia
Pacific Company LLC ("Scotia Pacific"), filed a Current Report on Form 8-K with
the following disclosure in "Item 8.01. Other Events" (references to
"Registrant" in Scotia Pacific's disclosure have been changed to "[Scotia
Pacific]" for the sake of clarity):
[Scotia Pacific] believes that a negotiated restructuring of its Timber
Collateralized Notes ("Timber Notes") is in the best interests of [Scotia
Pacific] and all of its constituencies, including the holders of the Timber
Notes ("Noteholders"). [Scotia Pacific] therefore seeks to begin discussions
with an ad hoc committee of Noteholders ("Noteholder Committee"), and as
previously announced, [Scotia Pacific] has already had confidential discussions
with the financial and legal advisors to the Noteholder Committee. [Scotia
Pacific] has proposed to the Noteholder Committee's advisors the broad outlines
of a potential restructuring plan to be accomplished through confirmation of a
chapter 11 plan of reorganization, pursuant to which Noteholders (other than
[Scotia Pacific], whose Timber Notes would be surrendered and cancelled) would
receive new senior secured notes in an aggregate principal amount of
$300,000,000 and shares representing 90% of the equity of the reorganized
[Scotia Pacific]. Neither these, nor any other proposed restructuring terms,
have been agreed to by [Scotia Pacific]'s parent company, The Pacific Lumber
Company ("Palco"), or any Noteholder, nor is there any assurance that any of
these terms will be agreed upon, that there will be an agreement, or, if there
is an agreement, what the terms will be.
[Scotia Pacific] is disclosing these proposed terms to the public by this
Form 8-K filing in order to facilitate direct negotiations with the Noteholders,
none of whom has yet entered into a confidentiality agreement with respect to
such negotiations. [Scotia Pacific] encourages Noteholders to contact the
Noteholder Committee's financial and/or legal advisors to begin the process of
negotiating directly with [Scotia Pacific] on the basis of the proposed
restructuring terms. [Scotia Pacific] does not admit that any communication of
the proposed terms of a restructuring, even absent this filing, would constitute
a communication of material non-public information that would in any manner
restrict such Noteholders.
As noted above, although [Scotia Pacific] intends to continue to pursue a
negotiated restructuring of the Timber Notes, there can be no assurance that
these efforts will be successful. [Scotia Pacific] has previously announced that
its management has concluded that, in the absence of significant regulatory
relief and accommodations, [Scotia Pacific]'s timber harvest levels and cash
flows from operations will in future years be substantially below both
historical levels and the minimum levels necessary in order to allow [Scotia
Pacific] to satisfy its debt service obligations in respect of the Timber Notes.
Management has also concluded that [Scotia Pacific]'s cost structure will have
to be reduced in line with these anticipated reductions in harvest levels and
cash flows. To the extent that [Scotia Pacific] is unable to achieve a
negotiated restructuring of its Timber Notes consistent with management's
expectations as to future harvest levels
and cash flows, [Scotia Pacific] expects that it will be forced to take
extraordinary actions, which may include: reducing expenditures by laying off
employees and shutting down various operations; seeking other sources of
liquidity, such as from asset sales; and seeking protection by filing under the
Bankruptcy Code. [Scotia Pacific] does not undertake any obligation to comment
further on the progress, if any, of its efforts to negotiate a restructuring of
the Timber Notes, including whether it has commenced direct negotiations with
any Noteholder or the terms proposed in, or the status or other aspects of, such
negotiations, if any.
The information provided in this Current Report on Form 8-K is being
provided for information purposes only, and neither Registrant nor Palco admits
that any communication of the proposed terms of a restructuring, even absent
this filing or Scotia Pacific's Current Report on Form 8-K, would constitute a
communication of material non-public information. Registrant does not undertake
any obligation to comment further on the progress, if any, of Scotia Pacific's
efforts to negotiate a restructuring of the Timber Notes, including whether
Scotia Pacific has commenced direct negotiations with any Noteholder or the
terms proposed in, or the status or other aspects of, such negotiations, if any,
nor does Registrant undertake any obligation to comment on related discussions
that Palco may have.
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.
Date:
August 1, 2005
MAXXAM INC.
By:
/s/ Paul N. Schwartz
Name:
Paul N. Schwartz
Title:
President and Chief Financial Officer
HOU:2481440.2