Also (I forgot to mention this in my last post), I met a Pan Am III 727 crew in Bermuda a few years ago. Not a happy crew to say the least. The FO told me he was doing that until something better came along. He seemed like a nice guy so hopefully he landed on his feet.
They actually had a route network at one time with most of their flights going to Sanford using 727s. They served secondary airports such as Portsmouth, NH, Gary, IN, Bangor, ME and even MidAmerica Airport. They were and still are horribly managed.
They fired all of their union guys a few years ago. That resulted in a lawsuit in which the company prevailed. They transferred their operations to Boston-Maine which was a feeder for Pan Am III 727s and they now serve a few cities in the northeast using Jetsreams.
On a final note, Guilford Transportation, a railroad company that bought the airline out of bankruptcy, changed its name to Pan Am Railways. If you live in the northeast, as I do, sometimes you will see a freight car painted blue and with the Pan Am logo in white.