Just wondering if this might be real and what mods might have been done on it...
 
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=7337975730&category=2384&ssPageName=WDVW&rd=1

The following is from a post by Michael (dela217) in a thread from February 2004:
 
Pan was a company that was distributed by L.D. Heater. The same folks that distributed Alembic back in 1973 and 74 before Rothchild stepped in. A Pan/Alembic is a Pan instrument that was modified by Alembic on a production line basis. At least that is what the Pan brochure says that I am taking this from. The Pan/Alembic instruments featured Alembic ceramic magnet hot-rod modification and some Alembic shielding. There was also some Alembic low end boost and low end cut switches. So....a Pan was a Pan, and a Pan/Alembic was just a knockoff with some uprated electronics.

Well Dave, that's a very interesting thread that you point to.  But I'm not sure it answers many questions.  What does it mean by production basis?  Did these instruments actually pass through the Alembic shop, or did they just buy parts from Alembic and install them themselves?
 
Even if isn't a great instrument, if it was customized on-site I would think it would have some collector value at least.  (Not what I would call a knockoff.)
 
On a related subject, someone on the thread you refer to thought it would be interesting if the people at Alembic bought some of the illegal copies and branding for their showroom.  I may receive a letter bomb from Mica for suggesting this but we all might consider buying them and donating them to the factory for that purpose, or for a bonfire!

No, the Pan/Alembics never passed through the Alembic shop.