Maxxam Group has filed suit to nullify...

Maxxam Group has filed suit to nullify a previously undisclosed standstill agreement with KaiserTech. Maxxam has agreed to buy KaiserTech stock held by KaiserTech Chairman Alan E. Clore and others, giving the company a 32% stake in the Oakland aluminum producer. Under the accord signed Oct. 16, Maxxam agreed to limit its stock purchases to the shares held by Clore and certain other parties and to abide by constraints on board makeup agreed to by Clore or to make a formal offer for all the stock of KaiserTech. Maxxam charged that KaiserTech fraudulently induced it to sign the agreement. The company also said KaiserTech offered Clore $25 million on March 3 to cancel his transaction with Maxxam. KaiserTech called the allegations “materially false and misleading.”