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): ~~November 16~~December 11, 2009

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

Not Applicable

(Former name, former address and

former fiscal year, if changed since last report)

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:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 23.~~02.~~03 Material ~~Results~~Modification ofto ~~Operations~~Rights ~~and~~of ~~Financial~~Security ~~Condition~~Holders.

~~Attached~~The ~~hereto~~Registrant ashas ~~Exhibit~~two ~~99.1~~classes isof acapital ~~press~~stock ~~release~~outstanding ~~issued~~– bycommon stock and Class $0.05 Non-Cumulative Participating Convertible Preferred Stock (the “Class A Preferred Stock”). The Registrant onalso ~~November~~has 16outstanding (a) one Series A Preferred Stock Purchase Right for each outstanding share of Class A Preferred Stock, ~~2009~~and (b) one Series B Preferred Stock Purchase Right for each outstanding share of common stock (collectively, ~~regarding~~the ~~its~~“Rights”). The Rights are governed by a Rights Agreement dated December 15, 2009 ~~third~~ ~~quarter~~between the Registrant and ~~nine-month~~American ~~results~~Stock Transfer & Trust Company, as Rights Agent (the “Rights Agreement”).

~~Item~~On 9December 11, 2009, the Executive Committee of the Registrant’s Board of Director extended the expiration date of the Rights by a six-month period (from December 11, 2009 to June 11, 2010).~~01. Financial~~ The ~~Statements~~extension will allow management of the Registrant time to fully analyze the Rights Agreement and ~~Exhibits~~formulate a recommendation to the Board of Directors with respect to it.

99.1 Earnings Release issued on November 16, 2009

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the ~~Registrant~~registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	MAXXAM INC.	~~MAXXAM INC.~~
Date: November 16, 2009		By:	/s/ M. Emily Madison
Date: December 15, 2009	By:	/s/ Bernard L. Birkel
	Name:	~~Name:~~Bernard L. Birkel	~~M. Emily Madison~~
	Title:	~~Title:~~Secretary	~~Vice President, Finance~~
EXHIBIT INDEX
Exhibit No.	Description
99.1	Earnings Release issued on November 16, 2009

~~0069FMS9~~0090FMS9.VM.DOC

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