Item 8.01 Other Events.

On September 18, 2008, OfficeMax filed a Current Report on Form 8-K with the Securities and Exchange Commission containing information related to an event of default under a portion of its timber installment notes received in connection with its sale of timberlands in 2004. The timber installment notes were held by bankruptcy remote special purpose entities formed by OfficeMax (the "OMX SPEs"). One timber installment note, in the original principal amount of $817.5 million, was guaranteed by Lehman Brothers Holdings Inc. ("Lehman"). This installment note was monetized through the issuance of securitization notes by one of the OMX SPE's, OMX Timber Finance Investments II, LLC ("OMX Timber II"). Lehman filed a petition on September 15, 2008 in the United States Bankruptcy Court for the Southern District of New York seeking relief under chapter 11 of the United States Bankruptcy Code. As a result of Lehman's bankruptcy filing, an event of default occurred under the Lehman guaranteed installment note.

On October 29, 2008, we issued a press release providing an update on the Lehman guaranteed installment note and the securitization notes that our wholly-owned bankruptcy remote subsidiary, OMX Timber II, has issued and outstanding. That press release was filed as an exhibit to our Current Report on Form 8-K filed on October 30, 2008.

As we stated in that press release, we anticipated that a payment default would occur on October 29 under the Lehman guaranteed installment note, which would result in OMX Timber II failing to make the full payment due on that date to the holders of the securitization notes. In fact, no payment was made on October 29 with respect to the Lehman guaranteed installment note. As a result, OMX Timber II was not able to and did not make the payment due on October 29 to holders of the securitization notes. Because these developments had been anticipated, they have not affected the analysis or expectations reflected in our October 29 press release.

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