Pan Am is indeed alive and based in Portsmouth, NH. Years ago their name and logo was bought in bankruptcy court and continues to this day. The holding company that owns Pan Am is Guilford Transportation. They also own Boston Maine Airways which flies the J-31s, a railroad company, and who knows what else. They are a private holding company.
Pan Am does fly scheduled service from Portsmouth to Sanford, FL, Manchester, NH, Mrytle Beach, and San Juan. They also operate charters throughout the US. They may also serve other scheduled cities but it seems they always change their mind about cities/frequency.
Boston Maine Airways has applied to the DOT and FAA to operate 727's. The Pan Am logo will be displayed on the airplane, just a small emblem that says" Operated by Boston Maine Airways" or something to that effect.
Last year BMA bought 24 ex-United 727s. Some will be parted out, and the rest eventually will go under the BMA certificate. Their J-31s serve the northeast: Vineyard; White Plains, Groton, BWI, and a couple of other places.