Can Marty Shugrue Make Pan Am Fly?

Take a grand old name, some aging planes, and voila!-a transcontinental carrier

Five years ago, Martin R. Shugrue Jr. took to TV to assure consumers he would keep ailing Eastern Air Lines Inc. flying. As court-appointed trustee, he burned through $400 million of creditors' cash before rising fuel costs and fear of flying during the gulf war grounded Eastern in January, 1991. In 1994, he tried unsuccessfully to revive it as New Eastern. Now, the former Navy pilot aims to relaunch himself as chief executive of a resurrected Pan Am.

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