You guys are the experts, so I'm a little hesitant to disagree, but.....it seems strange to me that the maximum pressure stated on the sidewall would be for a "cold" pressure. If that was the case, then it would not really be a "maximum" at all, just another "recommendation".
Presumably a tire manufacturer has done some testing to determine what is the maximum safe pressure that a tire can sustain. By definition, this would be a "hot" pressure. Why then would the manufacturer fool around with listing a supposed maximum cold pressure on the sidewall, making the consumer guess as to how much air the tires were designed to sustain safely?
A maximum of 44 psi hot would be just that, the maximum, no if's and's or but's. A "maximum" of 44 psi cold is totally meaningless. Why would the manufacturer even bother to list such a thing?