When financially emaciated Pan Am was looking for a well-heeled partner, few carriers were courting the airline. But as soon as the venerable company filed for Chapter 11 protection last week, competitors were suddenly flocking to bankruptcy court. Rival carriers Delta, Trans World and Northwest all expressed interest in buying some part of the bankrupt airline. Even show-biz financier Kirk Kerkorian made an offer, promising to provide as much as $50 million in emergency financing. But bankruptcy judge Cornelius Blackshear rejected all the bids as latecomers.
Instead, the Manhattan-based judge allowed Pan Am to go ahead with an earlier deal to...
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