Spotlight: Environmentalists Lose Maxxam Vote

Maxxam Inc. shareholders rejected an environmentalist-led proposal to swap the Houston-based firm’s old-growth redwood forests in California for liabilities related to a savings and loan it once controlled. However, supporters of the proposal claimed a public relations victory because an estimated 6% of shares voted at the annual meeting were in favor of the so-called willing-seller measure. An estimated 9% of shares were voted in favor of two directors nominated by the dissident groups.