Inside Report (1)

From the tuck-this-under-your-mattress'' department . . .

Employees of Pan American World Airways Inc. now own 10.8 million shares (about 13 percent) of the airline's common stock. Last fall, Pan Am agreed to swap stock for wage concessions in a pact with five unions. The stock was valued at $3.25 a share on the day of issuance, June 30, and has a total value of $35 million.

Employees can't sell their shares until they retire or quit. But they have voting rights, making the unions' bloc vote important in annual shareholders meetings.