Yes this is the final liquidation of the original Pan Am, which went out of business in 1991. Reduced to a few lawyers etc since then as long as there was money to collect and distribute.

The name has turned up again more than once but this is the original Pan Am company selling the rights to the name without selling the whole company. Not common but this happens elsewhere, like the Rolls Royce brand for cars, logo and all, ending up with quite a different company from the original which still does aircraft engines.

Pan Am had 40 years of brilliant management while Juan Trippe was in charge (1927-67), and then 25 years of steady decline (1967-91). Great at expansion, handling the elite of world travellers, staying ahead of the field and political manoeuvring, not so good once others managed to catch up and the mass market came along. I really would not say that Delta killed them at all, before the final demise these two had less competition than many others. Delta bought a lot of Pan Am's assets at the end (JFK terminal, European routes) so probably helped to stave of the final day.