The 727's were bought from United Airlines, all 727-222's. The "Pan Am" is the third version that serves mostly alternative airports. Unlike the great, original Pan Am, this one has no first class cabin. They are based in Portsmouth, New Hampshire. The current owner is Guilford Transportation, owned by banking executive Timothy Mellon, if I remember correctly.
Simply put, someone lucked out by acquiring the trademark name and slapped it on their antiquated aircraft, hoping the storied name will save their operation.