European Stars And Stripes (Newspaper) - February 1, 1987, Darmstadt, Hesse                                End of the runway for pan am new York times n his private conference room on the 46 h floor of the pan am building to Manhattan c Edward Acker chairman and it Kiel executive of pan american world airways reacts calmly when asked it his strategy is to declare the troubled airline bankrupt. Anything s a possibility responds Acker a texan fio was hired As chairman in 981, when pan am was nearly Bike. But i Don t think you d take a valuable property and put it into chapter 11-" however bankruptcy or another drastic solution to the airline s Money troubles seems a distinct possibility. Pan am has about $212 million in Cash right now. Acker said. Thai is enough to gel the airline through tha first Quarter of 1387. It bookings Are Strong for the Spring and summer pan am might even turn a Small prolix analysts say. That would keep tha 50-year-old airline alive but far from healthy. In an increasingly Tough business where Market share financial strength and diversification Are Tho keys to Long term Success pan am has lost its clout. Acker s strategy seems to be to put the airline in the auction Block piece by piece while holding on to pan am s new Northeast shuttle and the profitable pan am world services which offers technical and managerial services. Both Are owned independently by the airline s Parent. Pan am corp. I would aay the pan am corp. Will took the same As it does today he said answering a question about where the company will be some years from now. And the airline will it still exist Acker hedged. If we Don t feel that the profits Are acceptable in terms of our investment and the amount of risk involved we feel that substantial change is it not necessary certainly  the airline Attar years of heavy tosses has a negative incl Worth and that does not even take into account Aboul $450 million the Carrier owes to its pension plans. But the holding company has about $200 million in equity. Some think Acker might decide to let the airline go into bankruptcy rather than use the holding company s Cash to keep ii aloft. He said he saw the airline making a total recovery in 1987." but he also indicated that the airline s shareholders would come out ahead if he sold Oil the Carrier or its parts at the highest Price possible. Last year. Acker sold pan am s coveted Pacific routes to United air lines for �750 million. Now he said he will strengthen the airline s remaining divisions so that it he Sells hem they will fetch higher prices. Such an unsentimental approach Pils Acker against Many at pan am including its vice chairman. Martin r. Shugrue or. Older airlines Are taking a Loo at what pan am has to Otter american airlines and another unnamed Carrier have begun meeting separately with pan am in merger tasks. The moves were taken seriously on Wall Street where pan am Stock Rose 25 percent to s5.50. After initial reports of the meetings in mid january. So even if the loss plagued airline does not collapse and most analysts say it probably will not an Independent pan am Airtene once America s flagship overseas earner May be reaching the end of the runway the Carrier s problems Are legion among us. Airlines its Market share of Domestic and International passenger Revenue Miles a Down to 6 percent. From 12 percent in 1980. Said i p. Sharp associates which Racks airline data pan am has been running in the red Lor years. Its 1986 losses Are expected to result in an estimated $346 Mii Tion loss Lor its Parent. Since 1930, in tact pan am has recorded losses of More than $1 billion. To make up Lor those losses it has been stripping itself of assets. Before Acker s arrival pan am sold its intercontinental hotel Chain or 1500 million and its Art.  Okoth Atelth pin am corporation Manhattan Headquarters for $249 million. In More recent times besides jettisoning the Pacific routes Acker sold practically allot pen am s Fleet. Banks stopped lending to pan am yens ago. And the airline has not even been Able to sell