OK, bad news. The likely scenario is that you have damaged the mechanics of the drive, but the electronics are still functioning, hence the detection, but no initialization.
This is the point where it usually goes to a data recovery company, at considerable expense.
Drives are rated at a couple hundred G's impact force, non-operating, much less if they're spinning. A drop from 3 feet up to a hard floor likely exceeds either of those limits, and collaterally voids the warrant.
I know, I can be such a wet blanket.
That said, I both advise and consent to you waiting for a second, or more, opinion(s).
PS, If any of the trash talk about Maxtor has any credibility, (?), you should have been thankful it responded before it was dropped. Mine works OK, but then so does my Emachines.