(2 of 2)
For that very reason, Washington may be unhappy about Pan Am's forging such a close association with foreigners. Still, most observers feel that neither the White House nor the Civil Aeronautics Board will block the deal. This could change if Iran decides to seek some equity in the firm; in any event, it cannot be more than 25%—the limit set by law on foreign ownership of U.S. airlines. In some ways Washington may be secretly delighted with the Shah's offer of cash. Because of it, American bankers will probably renew their lines of credit to Pan Am when they come due; without the Shah's money, the likely alternative to a Pan Am bankruptcy would have been a hefty $10 million-per-month Government subsidy.