("Pan Am") is a New York corporation organized in 1927 which is engaged in commercial air transportation which it pioneered between the United States and most areas of the world. Pan Am Corporation ("the Corporation"), a Delaware corporation, is and since September 14, 1984 has been the parent of Pan Am, it's principal subsidiary. For the past few years Pan Am's financial condition has been very poor. The company reported a consolidated net loss for 1986 of $469.3 million. The 1988 net loss included a gain of $89.1 million resulting f ....