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I gave up trying to make sense of the situation at that point. :)
But my angle is that it's just a load of marketing bollocks, designed to suggest that Timex supplied Pan Am with watches.
A company that has nothing to do with Pan Am, has licenced the right to use the name from a company that has nothing to do with Pan Am (aside from owning the rights).
Much like the "Holdsworth" you can buy from Planet X and in the same vein as fake patina.
I don't know why particularly, but I'm disappointed that Timex would pull this kind of shit.
"In proud partnership with one of the world's most iconic
global airlines, the Timex x Pan AmĀ® Waterbury
celebrates the industry leader's rich heritage of aviation."
Er... shouldn't that be Pan Am Railways?