PAN AM, CARNIVAL DROP MERGER PLANS.Byline: Edwin McDowell The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Times Carnival Air Lines Carnival Air Lines was a charter and low-cost air division of Carnival Cruise Lines started in 1988 after Carnival Cruise Lines purchased Pacific Interstate Airlines. History and Pan American World Airways Pan American World Airways, commonly known as Pan Am, was the principal international airline of the United States from the 1930s until its collapse in 1991. Founded as a seaplane service out of Key West, Florida, the airline became a major company credited with many have called off their short-lived plans to merge. Reuven Wertheim, chairman of Carnival Air Lines, said in a statement Thursday that the two parties could not come to terms. Two weeks earlier the carriers announced that they had reached a tentative agreement to merge, but under an arrangement that essentially would have amounted to a purchase by Pan Am. The price of the proposed transaction was known to have been about $100 million, about half in Pan Am stock. ``We agreed on terms, we started our due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , we went back to adjust the terms, and we couldn't agree.'' Martin Shugrue, one of the two principals in Pan Am, said Thursday. The other principal in the Miami-based airline is Charles Cobb Charles Cobb (born 1963) is a music producer. Cobb is affiliated with the California music scene of the 1970s and 1980s, noted for revival of bands and artists who were on the down swing of their careers to revive and breathe new life. , a former ambassador to Ireland and undersecretary of commerce for travel and tourism, who bought the Pan Am trademark for $1.3 million in 1993. For now, Pan Am exists only on paper, but Shugrue said it would be airborne soon, with daily flights between Miami and New York and Miami and Los Angeles. |
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