 The Pan Am brand was sold to Charles Cobb, CEO of Cobb Partners and former United States Ambassador to the Republic of Iceland under President George H.W.Bush and Under Secretary of the US Department of Commerce under President Reagan.Cobb, along with Hanna-Frost partners invested in a new Pan American World Airways headed by veteran airline executive Martin R. Shugrue, Jr, a former Pan Am executive with 20 years of experience at the original carrier.