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CALIFORNIA | FOREST PRODUCTS | THE STATE

Environmentalists to Challenge Maxxam

March 11, 1997|Times Staff and Wire Reports

An Oakland environmental group that owns stock in Houston-based Maxxam Inc. intends to place a resolution before shareholders requiring the forest products company to sell off or trade its ancient redwood forests. The As You Sow Foundation, which owns 100 shares of Maxxam's common stock, said it will offer the resolution at Maxxam's annual shareholders meeting in May. The foundation says continuing disputes over the forest property are hurting Maxxam's ability to do business. State and federal officials have been negotiating with Maxxam chief Charles Hurwitz to turn thousands of acres of redwoods now owned by Hurwitz's Pacific Lumber Co. into a public preserve. In the fall, Hurwitz agreed to turn over thousands of acres of Pacific Lumber's forest in return for $380 million in state and federal assets. But the deal is not yet final. The company's property includes 60,000 acres of the Headwaters Forest Complex.

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