Federated Development of Houston, a private real...

Federated Development of Houston, a private real estate management firm controlled by Charles E. Hurwitz, said it now owns 57.6% of publicly traded MCO Holdings Inc., a Los Angeles-based real estate development company. Hurwitz remains in control of MCO as he has since 1978. Federated acquired 25.2% of MCO’s common stock and 92.1% of its convertible preferred stock last month when Maxxam Group Inc., yet another Hurwitz-controlled, publicly traded firm, merged into MCO. Each MCO common share has one vote, while each preferred share has 10 votes.