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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 14, 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>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><I><FONT
size=2>State Water Board Decision</FONT></I></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>The cash flows of Registrant's indirect wholly owned subsidiary, Scotia
Pacific Company LLC ("Scotia LLC"), have been negatively impacted by, among
other factors, failure of the staff of the North Coast Regional Water Quality
Control Board (the "North Coast Water Board") to allow harvesting under
previously-approved timber harvesting plans ("THPs") in the Freshwater and Elk
River watersheds, which THPs represented a substantial portion of the harvest
planned on the Registrant's timberlands for the first half of 2005. In February
2005, the Executive Officer of the North Coast Board released sufficient THPs to
allow the harvest of up to 50% of the harvest limit established by the
California Department of Forestry for these two watersheds (the "CDF Harvest
Limit"). On March 16, 2005, the North Coast Water Board ordered the enrollment
of additional THPs that would allow the harvest of up to 75% of the CDF Harvest
Limit. Third parties subsequently appealed this decision to the State Water
Resources Control Board (the "State Water Board").</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>On June 16, 2005, the State Water Board heard this appeal and rendered a
decision, which has the effect of disallowing (at the current time) further
harvesting on the additional 25% of the CDF Harvest Limit approved by the North
Coast Water Board on March 16, 2005. The State Water Board's decision also has
the effect of disallowing further harvesting in the Freshwater and Elk River
watersheds until watershed-wide waste discharge requirements ("WWDRs") for these
watersheds are adopted by the North Coast Water Board. The Registrant has
described in its previous filings the status of WWDRs in respect of the
Freshwater and Elk River watersheds. Scotia LLC has advised the Registrant that
it is in the process of evaluating its best course of action in light of the
State Water Board's decision.</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>The Registrant has previously disclosed that Scotia LLC's current
estimates indicate that its cash flows from operations, together with funds
available under its line of credit and its other available funds, will likely be
inadequate to pay all of the interest due on the July 20, 2005 payment date for
its Timber Collateralized Notes. Scotia LLC has also advised the Registrant that
it has not altered this assessment as a result of the State Water Board's
decision. </FONT></P>
<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=268 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>Dismissal of Humboldt County DA
Action</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: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT
size=2>The Registrant has previously disclosed a civil suit filed against Scotia
LLC and certain of its affiliates by the District Attorney of Humboldt County,
California (the "</FONT><I><FONT size=2>Humboldt DA action</FONT></I><FONT
size=2>"). See Note 8 (under "Forest Products Operations-Timber Harvest
Litigation") to the Condensed Notes to Consolidated Financial Statements
contained in the Registrant's Quarterly Report on Form 10-Q for the quarter
ended March 31, 2005, which description is incorporated herein by reference. On
June 14, 2005, the Humboldt County Superior Court dismissed the </FONT><I><FONT
size=2>Humboldt DA</FONT></I><FONT size=2> </FONT><I><FONT
size=2>action</FONT></I><FONT size=2> in its entirety. While the District
Attorney has the ability to appeal this decision, the Registrant believes that
the ruling has further diminished its exposure with respect to this
matter.</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"><B><FONT
size=2>SIGNATURES</FONT></B></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-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=615 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="37%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>June 20, 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="24%">
      <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=77></TD>
    <TD width=46></TD>
    <TD width=18></TD>
    <TD width=150></TD></TR></TABLE>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2>0019FMS5.VM</FONT></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": "05906147"}, "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 14, 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
State Water Board Decision
The cash flows of Registrant's indirect wholly owned subsidiary, Scotia
Pacific Company LLC ("Scotia LLC"), have been negatively impacted by, among
other factors, failure of the staff of the North Coast Regional Water Quality
Control Board (the "North Coast Water Board") to allow harvesting under
previously-approved timber harvesting plans ("THPs") in the Freshwater and Elk
River watersheds, which THPs represented a substantial portion of the harvest
planned on the Registrant's timberlands for the first half of 2005. In February
2005, the Executive Officer of the North Coast Board released sufficient THPs to
allow the harvest of up to 50% of the harvest limit established by the
California Department of Forestry for these two watersheds (the "CDF Harvest
Limit"). On March 16, 2005, the North Coast Water Board ordered the enrollment
of additional THPs that would allow the harvest of up to 75% of the CDF Harvest
Limit. Third parties subsequently appealed this decision to the State Water
Resources Control Board (the "State Water Board").
On June 16, 2005, the State Water Board heard this appeal and rendered a
decision, which has the effect of disallowing (at the current time) further
harvesting on the additional 25% of the CDF Harvest Limit approved by the North
Coast Water Board on March 16, 2005. The State Water Board's decision also has
the effect of disallowing further harvesting in the Freshwater and Elk River
watersheds until watershed-wide waste discharge requirements ("WWDRs") for these
watersheds are adopted by the North Coast Water Board. The Registrant has
described in its previous filings the status of WWDRs in respect of the
Freshwater and Elk River watersheds. Scotia LLC has advised the Registrant that
it is in the process of evaluating its best course of action in light of the
State Water Board's decision.
The Registrant has previously disclosed that Scotia LLC's current
estimates indicate that its cash flows from operations, together with funds
available under its line of credit and its other available funds, will likely be
inadequate to pay all of the interest due on the July 20, 2005 payment date for
its Timber Collateralized Notes. Scotia LLC has also advised the Registrant that
it has not altered this assessment as a result of the State Water Board's
decision.
Dismissal of Humboldt County DA
Action
The Registrant has previously disclosed a civil suit filed against Scotia
LLC and certain of its affiliates by the District Attorney of Humboldt County,
California (the "
Humboldt DA action
"). See Note 8 (under "Forest Products Operations-Timber Harvest
Litigation") to the Condensed Notes to Consolidated Financial Statements
contained in the Registrant's Quarterly Report on Form 10-Q for the quarter
ended March 31, 2005, which description is incorporated herein by reference. On
June 14, 2005, the Humboldt County Superior Court dismissed the
Humboldt DA
action
in its entirety. While the District
Attorney has the ability to appeal this decision, the Registrant believes that
the ruling has further diminished its exposure with respect to this
matter.
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 20, 2005
MAXXAM INC.
By:
/s/ Bernard L. Birkel
Name:
Bernard L. Birkel
Title:
Secretary & Senior Assistant General Counsel
0019FMS5.VM