Blessed young novice. Worry not.
You are not imagining things, nor have been misinformed. That Pan Am you are seeing is indeed real.
It is the third airline to bear that name. I'm not sure where thy are based, but it is a new airline ran by an old fat, obese guy named David Fink (I would think that any airline ran by a guy named Fink would be a red flag for trouble) running on some prestigious routes such as Gary, Indiana, Portsmouth, NH, Sanford, FL, and so on.
The original Chosen Instrument Pan Am Clippers stopped flying on Dec 04, 1991.
Pan Am II was started in 1996 by Marty Shugrue, of Eastern Airlines heritage. They flew LAX-MIA-JFK, using A300's. That airline must've got food poisoning because they died right after they swallowed Carnival Airlines.