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MAXXAM's Board of Directors Agree on Reorganization Plan
Houston, Texas, USA, 01 May 2008 -- /PRNewswire/ -- MAXXAM's (AMEX:MXM) board of directors agreed to support the reorganization plan proposed by Mendocino Redwood Company, LLC. and Marathon Structured Finance Fund L.P. to resolve the Chapter 11 case of The Pacific Lumber Company. Consistent with a 20-year history of support for Pacific Lumber, MAXXAM believes that this plan represents the best outcome for the company and its workers.

MAXXAM Inc. (AMEX:MXM) is a publicly-traded company, headquartered in Houston, Texas, with business interests in three industries: forest products, real estate investment, and development and racing operations.

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