Supreme Court Rules Against Pan Am: Pan...
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From Times Staff and Wire Reports
Supreme Court Rules Against Pan Am: Pan Am Corp. must either pay for airplanes it leases or risk losing them, the Supreme Court said. The court, without comment, rejected Pan Am’s arguments that federal bankruptcy law shields it from having to pay $33 million owed to the airplane owners. Pan Am, which filed for Chapter 11 bankruptcy court protection in January, said it is not in immediate jeopardy of losing the planes any time soon because it had struck deals with the plane owners.
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