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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>June 13, 2005</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=638 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="37%">
      <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="25%">
      <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="37%">
      <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>
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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><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>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=207 border=0>
  <TR>
    <TD vAlign=top width="46%">
      <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 8.01.</FONT></B></P></TD>
    <TD vAlign=top width="53%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT
      size=2>Other Events</FONT></B></P></TD></TR></TABLE>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 0.5in; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=154 border=0>
  <TR>
    <TD vAlign=top width="100%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><I><FONT
      size=2>Scotia LLC Situation</FONT></I></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: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT
size=2>The timber harvest levels and cash flows of Registrant's indirect wholly
owned subsidiary, Scotia Pacific Company LLC ("Scotia LLC"), have been
materially adversely affected by regulatory, environmental and other factors.
These problems have been exacerbated by ongoing delays in regulatory approvals
of Scotia LLC's timber harvest plans ("THPs"), as well as harvest limitations
and other restrictions imposed by the California North Coast Regional Water
Quality Control Board ("North Coast Water Board") and a stay order issued by a
hearing officer for the</FONT><B><FONT size=2> </FONT></B><FONT
size=2>California State Water Board ("State Water Board"). As a consequence,
Scotia LLC's current estimates indicate that its cash flows from operations,
together with its line of credit and other available funds, will likely be
inadequate to pay all of the $27.9 million of interest due on the July 20, 2005
payment date for the Timber Collateralized Notes ("Timber Notes") of Scotia LLC
($25.9 million net of interest relating to Timber Notes held by Scotia LLC).
Failure to pay this interest in full would result in an event of default under
the Indenture governing the Timber Notes ("Indenture").</FONT></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT
size=2>In response to these problems and this impending liquidity crisis, Scotia
LLC has, as previously disclosed: continued efforts to obtain additional THP
approvals and relief from the North Coast Water Board, the State Water Board and
other regulatory authorities; engaged UBS Securities LLC as its financial
advisor; and agreed to pay expenses of financial and legal advisors engaged on
behalf of holders of Timber Notes ("Note Holder Advisors") in order, among other
things, to facilitate efforts to restructure the Timber Notes. Scotia LLC and
UBS have conducted extensive reviews and analyses of Scotia LLC's assets,
operations and prospects. As a result of these efforts, Scotia LLC's management
has concluded that, in the absence of significant regulatory relief and, Scotia
LLC'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 LLC to satisfy its debt service obligations in respect
of the Timber Notes. Scotia LLC's management has also concluded that Scotia
LLC's cost structure will be required to be reduced in line with these
anticipated reductions in harvest levels and cash flows.</FONT></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT
size=2>Scotia LLC and its financial and legal advisors are scheduled to begin
providing confidential information to the Note Holder Advisors and to begin
confidential meetings with the Note Holder Advisors on June&nbsp;14, 2005.
Registrant and Scotia LLC do not intend to disclose the contents of such
confidential information or to comment on the progress, if any, of such
confidential discussions. There can be no assurance whatever that an agreement
will be reached regarding a restructuring of the Timber Notes.</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-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT
size=2>In addition to pursuing a restructuring of the Timber Notes, Scotia LLC
is exploring other courses of action that could provide the additional liquidity
needed to make the July 20 interest payment. There can be no assurance that
these efforts will be successful. In the event of a default under the Indenture,
Scotia LLC could 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.</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: center"><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: 0pt; TEXT-ALIGN: center"><FONT
size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 0.5in; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=147 border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in"
    vAlign=top width="100%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><I><FONT
      size=2>Gaming Legislation</FONT></I></P></TD></TR></TABLE>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT
size=2>Registrant had previously announced that the Texas Legislature was
considering enhancing state revenues through additional forms of gaming such as
video lottery terminals at existing horse and dog racing tracks. The Texas
Legislature has adjourned without enacting any such legislation. The next
regular session of the Texas Legislature will begin in January of 2007. Although
it is possible that a special legislative session would be held prior to such
date, there is no assurance that a special legislative session will occur or
that additional forms of gaming would be considered during any such legislative
session.</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: 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=640 border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.5in; PADDING-TOP: 0in"
    vAlign=top width="7%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><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="35%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>June 13, 2005</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.5in; PADDING-TOP: 0in"
    vAlign=top colSpan=2>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT
      size=2>MAXXAM INC.</FONT></B></P></TD>
    <TD colSpan=3>
      <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 colSpan=2>
      <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 width="7%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>By:</FONT></P></TD>
    <TD vAlign=top colSpan=3>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><U><FONT
      size=2>/s/ Bernard L. Birkel</FONT></U></P></TD>
    <TD width="25%">
      <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 colSpan=2>
      <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 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 colSpan=2>
      <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 colSpan=2>
      <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 colSpan=2>
      <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 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 colSpan=4>
      <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>
  <TR>
    <TD width=48></TD>
    <TD width=228></TD>
    <TD width=48></TD>
    <TD width=85></TD>
    <TD width=47></TD>
    <TD width=20></TD>
    <TD width=164></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=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=1>0016FMS5.VM</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></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": "05893081"}, "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):
June 13, 2005
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 8.01.
Other Events
Scotia LLC Situation
The timber harvest levels and cash flows of Registrant's indirect wholly
owned subsidiary, Scotia Pacific Company LLC ("Scotia LLC"), have been
materially adversely affected by regulatory, environmental and other factors.
These problems have been exacerbated by ongoing delays in regulatory approvals
of Scotia LLC's timber harvest plans ("THPs"), as well as harvest limitations
and other restrictions imposed by the California North Coast Regional Water
Quality Control Board ("North Coast Water Board") and a stay order issued by a
hearing officer for the
California State Water Board ("State Water Board"). As a consequence,
Scotia LLC's current estimates indicate that its cash flows from operations,
together with its line of credit and other available funds, will likely be
inadequate to pay all of the $27.9 million of interest due on the July 20, 2005
payment date for the Timber Collateralized Notes ("Timber Notes") of Scotia LLC
($25.9 million net of interest relating to Timber Notes held by Scotia LLC).
Failure to pay this interest in full would result in an event of default under
the Indenture governing the Timber Notes ("Indenture").
In response to these problems and this impending liquidity crisis, Scotia
LLC has, as previously disclosed: continued efforts to obtain additional THP
approvals and relief from the North Coast Water Board, the State Water Board and
other regulatory authorities; engaged UBS Securities LLC as its financial
advisor; and agreed to pay expenses of financial and legal advisors engaged on
behalf of holders of Timber Notes ("Note Holder Advisors") in order, among other
things, to facilitate efforts to restructure the Timber Notes. Scotia LLC and
UBS have conducted extensive reviews and analyses of Scotia LLC's assets,
operations and prospects. As a result of these efforts, Scotia LLC's management
has concluded that, in the absence of significant regulatory relief and, Scotia
LLC'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 LLC to satisfy its debt service obligations in respect
of the Timber Notes. Scotia LLC's management has also concluded that Scotia
LLC's cost structure will be required to be reduced in line with these
anticipated reductions in harvest levels and cash flows.
Scotia LLC and its financial and legal advisors are scheduled to begin
providing confidential information to the Note Holder Advisors and to begin
confidential meetings with the Note Holder Advisors on June 14, 2005.
Registrant and Scotia LLC do not intend to disclose the contents of such
confidential information or to comment on the progress, if any, of such
confidential discussions. There can be no assurance whatever that an agreement
will be reached regarding a restructuring of the Timber Notes.
In addition to pursuing a restructuring of the Timber Notes, Scotia LLC
is exploring other courses of action that could provide the additional liquidity
needed to make the July 20 interest payment. There can be no assurance that
these efforts will be successful. In the event of a default under the Indenture,
Scotia LLC could 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.
Gaming Legislation
Registrant had previously announced that the Texas Legislature was
considering enhancing state revenues through additional forms of gaming such as
video lottery terminals at existing horse and dog racing tracks. The Texas
Legislature has adjourned without enacting any such legislation. The next
regular session of the Texas Legislature will begin in January of 2007. Although
it is possible that a special legislative session would be held prior to such
date, there is no assurance that a special legislative session will occur or
that additional forms of gaming would be considered during any such legislative
session.
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:
June 13, 2005
MAXXAM INC.
By:
/s/ Bernard L. Birkel
Name:
Bernard L. Birkel
Title:
Secretary & Senior Assistant General Counsel
0016FMS5.VM