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PAN AM BID CALLED LONG SHOT

Airline analysts were skeptical Wednesday about plans by an Iowa group to raise $1.5 billion to buy Pan American World Airways and move its headquarters to northeast Iowa.

"I'd give this a long shot at occurring," said Robert Decker, an analyst for Duff & Phelps in Chicago. He said it would be nearly impossible to raise the money needed for the buyout, especially in light of Pan Am's tottering finances.

A Waterloo-based investment group proposes to sell at least 300,000 bonds in $5,000 denominations to buy Pan Am.

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