How Long Can Pan Am Keep Flying Solo?

To those who remember Pan American World Airways Inc. as the outward expression of the American dream, its slow decline has been particularly painful. Pan Am's China Clipper flying boats opened the Pacific. Juan Trippe, its pioneering chairman, ushered in the jet age. Pan Am was gutsy and sexy. But on Jan. 8, when it announced its bankruptcy in a cramped conference room, the carrier merely seemed tired.

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