-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 H7ve8vfx5i49hEXNRKsfSFdXPXPLphdXbs/URO8hMN9nk6aR5KIHwDPfqq0rRmcL
 LgoJpDRqV6DJce9/v9oriw==

<SEC-DOCUMENT>0000922996-05-000060.txt : 20050627
<SEC-HEADER>0000922996-05-000060.hdr.sgml : 20050627
<ACCEPTANCE-DATETIME>20050627162300
ACCESSION NUMBER:		0000922996-05-000060
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050623
FILED AS OF DATE:		20050627
DATE AS OF CHANGE:		20050627

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MAXXAM INC
		CENTRAL INDEX KEY:			0000063814
		STANDARD INDUSTRIAL CLASSIFICATION:	PRIMARY PRODUCTION OF ALUMINUM [3334]
		IRS NUMBER:				952078752
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1330 POST OAK BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056-3058
		BUSINESS PHONE:		7139757600

	MAIL ADDRESS:	
		STREET 1:		1330 POST OAK BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056-3058

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MCO HOLDINGS INC
		DATE OF NAME CHANGE:	19881115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MCCULLOCH OIL CORP
		DATE OF NAME CHANGE:	19800630

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MCCULLOCH OIL CORP OF CALIFORNIA
		DATE OF NAME CHANGE:	19691118

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SCION CAPITAL LLC
		CENTRAL INDEX KEY:			0001182422
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03924
		FILM NUMBER:		05917768

	MAIL ADDRESS:	
		STREET 1:		2055 GATEWAY PLACE
		STREET 2:		SUITE 400
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95110
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4_maxxamex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-06-23</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000063814</issuerCik>
        <issuerName>MAXXAM INC</issuerName>
        <issuerTradingSymbol>MXM</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001182422</rptOwnerCik>
            <rptOwnerName>SCION CAPITAL LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2055 GATEWAY PLACE</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 400</rptOwnerStreet2>
            <rptOwnerCity>SAN JOSE</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>95110</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2005-06-23</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>8300</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>22.0820</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>611100</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2005-06-24</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2400</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>22.5854</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>613500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <ownerSignature>
        <signatureName>Dr. Michael J. Burry</signatureName>
        <signatureDate>2005-06-27</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----