In focus : a briefing for all management, No. 2, February 11, 1985

              			
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	IF¥W^\IV[. #I¥WAM.		....a Briefing for Ail Management
FEBRUARY 11, 1985 Number 2
COURT DENIES PAN AM'S MOTION FOR STAY PENDING DISPOSITION OF
APPEAL IN SNAPBACK LITIGATION	'
•	As a result of a decision yesterday, February 7, by the U.S. Second Circuit Court of Appeals, the Court denied Pan Am’s motion for a stay pending disposition of its appeal in the "snapback" litigation by a vote of 2-1. However, the court reserved decision on the merits of the Company’s appeal.
REMINDER
•	For timely and factual updates on Pan Am's labor situation, be sure to check "Countdown". This telex is posted in your department, and supplements the Employee Newswire. Please watch for it to keep informed.
INDUSTRY INSIGHT
•	The Airline Industry: The Care and Feeding of Dinosaurs, is a commentary prepared by the First Boston Research Group, and appeared in the January 10, 1985, issue of Travel Weekly. (Copyright C 1985 Murdoch Magazine, a division of Newsgroup Publications, Inc. All rights reserved).
EMPLOYEES QUESTION. .. WHO OWNS THIS AIRLINE ANYWAY?
•	Who owns Pan Am? Pan Am belongs to its shareholders, who by owning capital (common) stock, hold an equity interest in the Company.
On January 1, 1984, there were 103,260,788 shares of capital stock outstanding. (See the Proxy Statement prepared for the 1984 annual shareholder's meeting. No significant change has occurred since that time). It is not known how many shares were owned privately by Pan Am employees. However, at that time, shares owned by employees through ESOP represented 9.69% or 10,005,014 shares of outstanding stock. (ESOP shares have diminished since September, 1981, due to distributions made for employee retirements and/or deaths, and/or the issuance of additional shares pursuant to conversion rights). Pan Am Directors and Officers owned, or had the right to acquire, 993,983 shares, including capital stock, debentures and trust notes, options, and shares issuable on conversion, which represented .96% of the total number of outstanding shares.
The general public owned the balance: 92,161,791 or 89.3% of the shares of stock outstanding. See inside for more.
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