Item 1.01. Entry Into a Material Definitive Agreement.

To the extent applicable, the contents of Item 8.01 below are incorporated into this Item 1.01.

Item 8.01. Other Events.

See Exhibit 99 hereto for a press statement issued by MAXXAM Inc. ("MAXXAM") on April 28, 2009. MAXXAM has previously disclosed the Wilson federal and state actions pending against the company and its Chairman of the Board, Charles E. Hurwitz. The press statement announces that a settlement has been reached with the plaintiffs in these actions.

The agreement provides for MAXXAM to pay a total of $4.0 million to settle the two actions. This amount compares to the legal fees that would have been incurred in continuing to defend the litigation. There was no admission of liability by either defendant.

The settlement has also been approved by the federal district court in which the federal action was pending. Subject to consent to the settlement by the federal and state governments, neither of which chose to join in the lawsuits, this settlement brings an end to these actions against the company and Mr. Hurwitz.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits

99.1 Statement issued by the Registrant on April 28, 2009