April 19 Wall Street Journal Report

The California Public Employees' Retirement System is increasing its
pressure on Maxxam Inc. to elect two dissident directors, the Wall Street
Journal reported. A coalition of environmentalists and unions is pushing for
the addition of former U.S. Senator Paul Simon and former Illinois
congressman Abner Mikva to the board of the metal and timber company.
Calpers, the largest U.S. public pension fund, owns 3.2 percent of Maxxam's
common shares and is unhappy with the company's governance and share
performance, the paper said.

Last year, Maxxam highlighted the congressional voting records of Mikva and
former U.S. Senator Howard Metzenbaum, both supported by Calpers, in urging
shareholders not to elect them to the company's board.